The global synthetic leather market was valued at USD 22.13 billion in 2015 and is projected to reach USD 33.54 billion by 2021, at a CAGR of 7.20% from 2016 to 2021. The major players adopted new product developments as a key strategy to increase their market shares and revenues, by providing customized and upgraded products to customers.
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The major players operating in the global synthetic leather market are Kuraray Co., Ltd. (Japan), San Fang Chemical industry Co., Ltd (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Ltd. (India), Nan Ya Plastics Corporation (Taiwan), Filwel Co. Ltd. (Japan), Zhejiang Hexin Industry Group Co., Ltd. (China), Alfatex (Italy), H.R. Polycoats Pvt. Ltd. (India), Yantai Wanhua Synthetic Leather Group Co., Ltd. (China).
New product development is the major strategy followed by the players in the global synthetic leather market. Kuraray Co. Ltd. (Japan), is one of the leading synthetic leather manufacturers, globally. The company has been focusing on new product developments to maintain its leading position in the market. For instance, in October 2015, Kuraray developed a new variation of CLARINO, a synthetic leather to be used in the high fashion industry. It is a high-end synthetic leather, which has a fine texture that resembles natural leather. This will increase the demand for CLARINO in various end-use industries such as clothing, bags, purses, & wallets.
Teijin Limited (Japan) is another major player in the synthetic leather market. The company is also focusing on supply contracts as a part of its strategic development activities. In April 2016, Teijin announced the development of “Maestley”, a new substitute for natural leather. This new product has a richness and texture similar to real leather, and its demand is growing in the footwear and bag industries.
This report provides a detailed analysis of the synthetic leather market and segments the same on the basis of type, end-use industry, and region. Based on type, the market has been segmented into PU-based, PVC-based, and bio-based. Based on end-use industry, the market has been segmented into footwear, furnishing, automotive, clothing, bags purses & wallets, and others. Based on region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The global synthetic leather market was valued at USD 22.13 billion in 2015 and is projected to reach USD 33.54 billion by 2021, at a CAGR of 7.20% from 2016 to 2021. The global synthetic leather market is segmented on the basis of type, end-use industry, and region.
PU-based synthetic leather accounted for the largest share of the overall synthetic leather market in 2015. It is also projected to register the highest CAGR from 2016 to 2021. The major factor driving the demand for PU-based synthetic leather is, its environment friendliness as compared to PVC-based leather. The processing of PU-based synthetic leather does not release harmful toxic compounds, unlike PVC-based leather. The use of PVC is regulated in various countries in Europe and North America.
The demand for synthetic leather in the footwear industry is projected to register the second highest CAGR during the forecast period. The positive economic growth, and flourishing fashion industry in the Asia-Pacific region and some regions of Africa and South America is expected to drive the demand for synthetic leather in this industry. The growing automotive, and clothing industry due to growing disposable incomes of consumers around the world, is expected to drive the global synthetic leather market.
The Asia-Pacific region is expected to be the largest and fastest-growing synthetic leather market. Growing end-use industries in the Asia-Pacific region, accompanied by the development of new technologies and products, is projected to make it a major synthetic leather market.
Some of the major players operating in the global synthetic leather market are, Kuraray Co. Ltd. (Japan), San Fang Chemical industry Co. Ltd (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Ltd. (India), Nan Ya Plastics Co. Ltd. (Taiwan), Filwel Co. Ltd. (Japan), Zhejiang Hexin Industry Group Co., Ltd. (China), Alfatex (Italy), H.R. Polycoats Pvt. Ltd. (India), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China). Most of the companies have adopted new product development as their development strategy to strengthen their positions in the global synthetic leather market.
This research study also includes a detailed segmentation of the global synthetic leather market based on type, end-use industry, and region. Apart from the market segmentation, this report also adopts the Porter’s Five Forces analysis for an in-depth analysis of the market dynamics such as drivers, restraints, and opportunities.
