New York, United States , Oct. 31, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Synthetic Leather Market Size to grow from USD 33.7 billion in 2021 to USD 66.2 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period. It is expected that the rapidly growing demand in the footwear industry will be a major factor in the growth of the market as a whole. The price of natural leather is another reason why people are looking for cheaper alternatives. North America is expected to grow the fastest during the forecast period followed by Asia Pacific and Europe.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The PU segment to account for the largest market size during the forecast period
Based on type, the synthetic leather market is categorized into PU, PVC, and Bio-based. The PU segment accounts for the largest market size during the forecast period. Polyurethane can be cleaned with a solvent for dry cleaning and is easier to tear than real hides. It is also more comfortable and lighter than real leather. It is also waterproof. Also, the sun's rays have no effect on it. It is also a better choice for the environment than goods made from vinyl because it doesn't give off dioxins. It is expected that when all of these things work together, the demand will go up even more.
Browse key industry insights spread across 198 pages with 110 market data tables and figures & charts from the report "Global Synthetic Leather Market Size, Share, and COVID-19 Impact Analysis, By Type (PU, PVC, and Bio-based), By Application (Footwear, Clothing, Furnishing, Automotive, Wallets, and Bags & Purses), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2030.”, in detail along with the table of contents.
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The footwear segment to account for the largest market size during the forecast period
Based on application, the synthetic leather market is categorized into Footwear, Clothing, Furnishing, Automotive, Wallets, and Bags & Purses. The footwear segment is to hold a higher CAGR during the forecast period. Its uses are getting more and more like those of real leather, which is slowly replacing it in purses, briefcases, car seats, and clothes. Its uses are getting closer and closer to those of real leather. Rising incomes and overall economic growth, especially in developing countries, have made more people want to buy shoes. The industry also moves forward because of changes in the weather in different places, which make it necessary to make different kinds of shoes.
North America to hold a higher CAGR during the forecast period.
The Global Synthetic Leather Market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. Asia-Pacific is estimated to account for the highest market share in 2022. China, India, and South Korea are expected to have the fastest-growing economies in the APAC region. When people have more money to spend, and the population keeps growing, this will open up many industry opportunities. China is one of the most important markets for leather, both in terms of how much leather it makes and how much it sells. On the other hand, the coronavirus epidemic has greatly affected the number of things made in the country. To stop the virus from spreading, even more, several factories have shut down or slowed their production by a lot. In the not-too-distant future, it is expected that the limited production in the manufacturing industry due to a stop or slowdown in operations, limited supply and transportation in the country, and slowing infrastructure will hurt the demand for synthetic leather from the end-use application.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global synthetic leather market include Kuraray Co., Ltd., H.R. Polycoats Pvt. Ltd., Alfatex Italia SRL, Filwel Co., Ltd., Yantai Wanhua Synthetic Leather Group Co., Ltd., San Fang Chemical Industry Co., Ltd, Mayur Uniquoters Limited, Teijin Limited, and Nan Ya Plastics Corporation.
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