Synthetic leather market set to bring dizzying returns to investors by end of forecast to 2030 – The Greater Binghamton Business Journal

The global synthetic leather market the size should go from 63.3 billion USD in 2020 at $82.5 billion by 2027, at a CAGR of 4.79% from 2021 to 2027. Global increase in demand for footwear industry products is a key factor propelling the overall market growth. Consisting of a fabric base coated with a synthetic resin, artificial leather is a suitable alternative, which is also increasing its demand in various applications, including fabrics, footwear, garments, upholstery and textiles. others where a leather-like finish is required, and the material is unusable, unsuitable, and prohibitively expensive. Over the past few years the production process has evolved so that the shell coating goes on top of the synthetic polymer blend.

Moreover, the growing scope of application in various segments, such as home furnishings, automotive, apparel, bags, and others, will drive the market growth. Manufacturers have expanded their sourcing, especially turning to Asian suppliers, such as China and Vietnam, due to the abundance of raw materials and the availability of low-cost labor.

However, the global Covid-19 pandemic has adversely affected the synthetic leather market demand due to numerous preventive measures taken by various governments to limit the spread of the disease. This has led to decline in demand and trade of synthetic leather across the world and is expected to negatively impact the growth of the market in the coming years.

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Impact of COVID-19 on the Global Synthetic Leather Market

Asia-Pacific is the largest manufacturer of leather and synthetic leather. The leather industry has been affected by COVID-19 which has opened up opportunities for synthetic leather. According to the Financial Express, industry experts are gradually realizing that the focus should now be on non-leather footwear exports, as non-leather footwear varieties account for 86% of total footwear consumption. This was the observation of a representative sample of domestic shoe manufacturers. Recently, there has been an increase in the demand for synthetic leather from makeshift hospitals and health institutes around the world for beds and furniture for various patients suffering from COVID-19 and other diseases. These beds and other furniture mostly have medical grade synthetic leather upholstery and are antibacterial or antifungal in nature. In the case of the automotive industry, it suffered a major setback as care sales fell in the first half of the year, which indirectly affected the demand for synthetic leather as it is mainly used in manufacturing. car interiors. In addition, the price fluctuation of synthetic leather raw materials has also affected its market.

Global synthetic leather market dynamics

Emerging regional markets, such as China, India, Brazil, Malaysia, Thailand, and Vietnam, are expected to play a major role in the growth of the global market due to strong product demand. The extensive use of the products in the footwear industry in these and several other Asian markets is expected to contribute to the growth of the global industry over the coming years.

How will bio-based synthetic leather sales affect the overall market growth?

With growing demand and strict international regulations to combat animal cruelty, manufacturers are switching from natural leather to bio-based or vegan synthetic leather for the manufacture of shoes and bags.

These new types of leathers are free from any toxic and harmful manufacturing and usage traits and are synthesized from natural fibers like flax or cotton fibers mixed with palm, soy, corn and other plants. .

A new class of plant-based synthetic leather has emerged called “Pinatex”, produced from pineapple leaves. Pineapple leaf fibers have excellent strength and flexibility, which are essential qualities required for leather making. The manufacturing process itself consumes limited resources and thus helps reduce carbon emissions.

Organic leather products have already started to hit the market. For example, Bucha Bio launched plant-based leather, which is entirely lab-produced in July 2021, to push the boundaries towards introducing a sustainable leather alternative that can be used for footwear, clothing, accessories, etc With increasing international pressure to reduce the use of toxic chemicals, these new alternatives may provide a major opportunity for the growth of the synthetic leather market.

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Report scope

The study categorizes the type and application based on the Synthetic Leather market regionally and globally.

By Type (Revenue, USD Billion, 2017-2027)

  • PU based
  • PVC based
  • Bio-sourced

By Application (Revenue, USD Billion, 2017-2027)

  • Shoe
  • Furnishing
  • Automotive
  • Clothes
  • Bags, purses and wallets
  • Others

By Region (Revenue, USD Billion, 2017-2027)

  • North America (United States, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
  • The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)

PU-based leather is the most important type for the synthetic leather market in 2020, by type

PU leather is usually made from PU and different fabrics. It is made by coating a fabric such as polyester or cotton with a soft polymer. Various processes additionally treat it to look like leather made from animal skin. PU based synthetic leather is made using soft polymers; therefore, it does not require additional plasticizers. It offers various advantages, such as being waterproof, light and soft.

In some cases, PU-based leather may tear easily but will not fade or crack in the sun. It is widely preferred in automotive and clothing industries. PU-based leather is considered more environmentally friendly than vinyl-based leather because it does not create dioxins. PU-based leather is more expensive than PVC-based leather due to its extensive manufacturing process.

Asia-Pacific accounts for the highest CAGR during the forecast period

Based on region, the global synthetic leather market has been segmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa. Asia-Pacific dominated the market, accounting for the peak revenue share of over 42% in 2020. The regional market will grow further at the fastest CAGR from 2021 to 2027. China, India, and South Korea South should be the main income. generate savings in Asia-Pacific. The increase in disposable income coupled with the increase in population will provide many growth opportunities for market players. China is one of the main markets in terms of manufacturing and selling products.

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However, the global pandemic has hurt the country’s manufacturing output. Several manufacturers have shut down or slowed operations to contain the spread of the disease. Limited production in the manufacturing industry due to a halt or slowdown in operations, in-country supply and transportation limitations, and infrastructure slowdown is expected to negatively affect demand for the application’s products end use in the near future.

Main market players

The synthetic leather market is slightly concentrated in nature with few global players operating in the market such as Kuraray Co. Ltd., San Fang Chemical Industry Co. Ltd., Teijin Limited, Mayur Uniquoters Limited, NAN YA plastics corporation , Filwel Co. Ltd., Zhejiang Hexin Industry Group Co., Ltd., Alfatex NV, HR Polycoats Pvt. ltd. and Yantai Wanhua Synthetic Leather Group Co. Ltd. These players have adopted various winning strategies to gain higher shares or retain leading positions in the market.

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MSG has identified Asahi Kasei, Nan Ya Plastics Corporation, Toray Industries, Teijin Limited, Kuraray Co., Ltd., Daewon Chemical Co Ltd., Kolon Industries Inc., Achilles Corp and Mayur Uniquoters as prominent players in the synthetic leather. They collectively represent more than 30% of the global market share in 2021.

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