New York, July 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Synthetic Leather/Artificial Leather Global Market Report 2023" - https://www.reportlinker.com/p06480029/?utm_source=GNW
Major players in the synthetic leather/artificial leather market are H.R.
Polycoats Pvt. Ltd., Kuraray Co. Ltd., Alfatex Italia SRL, Yantai Wanhua Synthetic Leather Group Co. Ltd., San Fang Chemical Industry Co. Ltd., Filwel Co. Ltd., Nan Ya Plastics Corporation, Teijin Limited, Zhejiang Hexin Industry Group Co. Ltd., Shandong Tongda Group, Jiaxing Hexin Chemical Industry Co. Ltd., Kunshan Xiefu New Material Co. Ltd., Huafeng Group, Wenzhou Huanghe Microfiber Co. Ltd., Zhejiang Meisheng New Material Co. Ltd., Xiamen Hongxin Microfiber Materials Co. Ltd., Fujian Huayang, Sanling Microfiber Leather Co. Ltd., and Wenzhou Hongdeli Synthetic Leather Co. Ltd.
The global synthetic leather/artificial leather market is expected to grow from $30.61 billion in 2022 to $33.25 billion in 2023 at a compound annual growth rate (CAGR) of 8.61%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The market is expected to reach $44.98 billion in 2027 at a CAGR of 7.85%.
The synthetic leather/artificial leather market consists of sales of faux leather and vegan leather.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Synthetic leather/artificial leather is a petroleum-based substitute for genuine leather. It is soft and resistant to abrasions, cuts, and water.
Asia-Pacific was the largest region in the synthetic leather/artificial leather market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the synthetic leather/artificial leather market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
The main types of synthetic leather/artificial leather are polyurethane (PU)-based, polyvinyl chloride (PVC)-based, and bio-based.PU-based synthetic leather refers to an artificial leather polymer made of polyurethane, a form of plastic.
They are available in high-grade and low-grade leather and are used in various applications such as footwear, furnishing, automotive, clothing, bags, purses, and wallets.
The rising athleisure trend significantly contributes to the growth of the synthetic leather /artificial leather market going forward.Athleisure refers to casual attire made to be worn both while exercising and in daily life.
Synthetic leather is a popular choice for athleisure since it is less expensive than genuine leather and can be manufactured to appear and feel like genuine leather.Synthetic leather manufacturing is also more environmentally friendly than actual leather manufacturing, making it a more ethical choice for customers.
For instance, according to February 2021 data released by True Fit, a US-based size advisor that gives shoppers the right size in apparel and footwear, athleisure sales orders increased by 84 percent from 2020 to 2021. Therefore, the rising athleisure trend will drive the synthetic leather/artificial leather market.
Product innovation is the key trend gaining popularity in the synthetic leather/artificial leather market.Major companies operating in the synthetic leather/artificial leather market are focusing on developing innovative artificial leather to increase their application in various fields.
For instance, in April 2023, General Silicones, a Taiwan-based manufacturer of silicone products launched Compo-SiL (SL series) silicone vegan leather products.It is created especially for companies that make consumer goods like bags, backpacks, shoes, wallets, belts, book bindings, and covers and are looking for vegan leather supplies with factory-applied fabric lining.
Customers can choose from a variety of SL series leather surface textures, including stripes, matte, lambskin, calf, and bovine. The unique features of silicone rubber and the Compo-SiL® technology provide producers searching for a source of excellent PETA-approved vegan leather with several advantages over leather products.
In April 2022, Coronet Group Spa, an Italy-based synthetic leather company acquired Synt3 Srl for an undisclosed amount.The acquisition expanded Coronet Group’s expertise in synthetic leather making.
Coronet’s manufacturing capacity reached 20 million linear meters as a result of this facility, which includes 8 coating and 4 coagulation lines, several finishing’s, and 5 R&D centers. Synt3 Srl is an Italy-based manufacturer of synthetic leather.
The countries covered in the synthetic leather/artificial leather market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The synthetic leather/artificial leather market research report is one of a series of new reports that provides synthetic leather/artificial leather market statistics, including synthetic leather/artificial leather industry global market size, regional shares, competitors with a synthetic leather/artificial leather market share, detailed synthetic leather/artificial leather market segments, market trends and opportunities, and any further data you may need to thrive in the synthetic leather/artificial leather industry. This synthetic leather/artificial leather market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06480029/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
