Global Synthetic Leather Market Size to grow USD 66.2 Billion by 2030 | CAGR of 7.8%Category: Chemicals & Materials
Global Synthetic Leather Market worth $66.2 billion by 2030
According to a research report published by Spherical Insights & Consulting, the 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.
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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 2021 – 2030. ” in detail along with the table of contents. https://www.sphericalinsights.com/reports/synthetic-leather-market
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.
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.
Asia-Pacific is estimated to account for the highest market share in 2021
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The Global Synthetic Leather Market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. 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. North America to hold a higher CAGR during the forecast period.
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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Frequently Asked Questions (FAQ)
What is the market size of the Synthetic Leather market?As per Spherical Insights, the size of the Synthetic Leather market was valued at USD 33.7billion in 2021 to USD 66.2 billion by 2030.
What is the market growth rate of the Synthetic Leather market?The Synthetic Leather market is growing at a CAGR of 7.8% from 2021 to 2030.
Which country dominates the Synthetic Leather market?Asia- Pacific emerged as the largest market for Synthetic Leather.
Who are the key players in the Synthetic Leather market?Key players in the Synthetic Leather market are 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.
Which factor drives the growth of the Synthetic Leather market?No animal killing involved is expected to drive the market's growth over the forecast period.
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