ALBANY, New York, December 3, 2018
ALBANY, New York, December 3, 2018 /PRNewswire/ --
The global synthetic leather market is expected to grow significantly in the coming years, as key leading companies in the market are focusing on developing new products. Few players in the market have strong manufacturing and distribution infrastructure, among whom the major revenue is divided. Moreover, the development of bio-based, customized, and upgraded products are providing numerous growth opportunities for the manufacturers operating in the synthetic leather market. Product offerings and prices are the key factors on which players are competing in the global market. SAN FANG CHEMICAL INDUSTRY CO., LTD., Kuraray, Toray Coatex Co. Ltd., Asahi Kasei Corporation, and ALFATEX, FILWEL CO., LTD. are some of the key players functioning in the global synthetic leather market.
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According to the report developed by Transparency Market Research, the global synthetic leather market is anticipated to rise at steady a 6.9% CAGR over the forecast tenure between 2017 and 2022. The market valuation is estimated to reach US$136.7 bn by the end of 2022 progressing from US$74.6 bn earned in 2016.
In terms of end user, the automobile segment is leading the market by holding more than 40% share in the market. Strict government regulation on the emission of carbon dioxide in the natural leather tanning industry is the key factor responsible for the growth of this segment. Based on geography, Asia Pacific is expected to lead the market due to rapidly growing automobile and footwear industry. Rising disposable income and growing population in the region are some of the other factors driving Asia Pacific synthetic leather market.
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Rising Popularity in Automotive Industry to Fuel Market Performance
Application of synthetics leather is largely seen in footwear and automotive industry. Its significance in the footwear industry is high because of rising population demanding better and sophisticated footwear made on synthetic leather that looked like leather. Moreover, rising initiatives by the government in reducing animal killings and growing customer knowledge about the benefits of synthetic leather over pure leather have also boosted the demand for synthetic leather. Synthetic leather has also gained popularity in the automotive industry as it widely used for manufacturing seats, belts, airbags, steering cover, seat covers, door panels, rear shelves, dashboard, and other interior trim. These factors are expected to provide a fillip in the global synthetic leather market.
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Rising Pollution Level Due to Polyurethane Foam to Deter Market Growth
On the contrary, the harmful effects of polyvinylchloride (PVC) and polyurethane (PU) on human as well as on the environment might hamper the growth of the synthetic leather market. When polyurethane is exposed to heat and humidity, it can slowly lead to de-polymerization. This will result in flaking and brittle surface. Moreover, polyurethane is very difficult to recycle and is non-degradable. Even if it is recycled, the end product does not meet the expectation of the customers. This is projected to deter the growth of the market. Furthermore, there are various rules and regulations on polyurethane because of polyurethane foam increases pollution might impede the market's growth.
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The information presented in this review is based on a TMR report, titled "Synthetic Leather Market (Type - Polyurethane, Polyvinylchloride; End-user - Automobile, Furnishings, Sporting Goods, Garments, Footwear, Industrial Fabrics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2025."
The Global Synthetic leather Market has been segmented as presented below:
Global Synthetic leather Market - Product Type Analysis
Global Synthetic leather Market - End-user Type Analysis
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