Coating Agents for Synthetic Leather Market by End-user and Geography - Forecast and analysis 2022-2026

The coating agents for synthetic leather market share is expected to increase by USD 207.38 million from 2021 to 2026, at a CAGR of 7.12%.

This coating agents for synthetic leather market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers coating agents for synthetic leather market segmentation by end-user (automotive, footwear, furniture and domestic upholstery, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The coating agents for synthetic leather market report also offers information on several market vendors, including Abhilash Chemicals and Pharmaceuticals Pvt. Ltd., BASF SE, CHT Germany GmbH, Covestro AG, Elkem ASA, Evonik Industries AG, Jasch Industries Ltd., ROWA GROUP Holding GmbH, Santex Rimar Group, Stahl Holdings BV, The Dow Chemical Co., and Wacker Chemie AG among others.

What will the Coating Agents for Synthetic Leather Market Size be During the Forecast Period?

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Coating Agents for Synthetic Leather Market: Key Drivers, Trends, and Challenges

The shift of consumer preference from animal hide to synthetic leather products is notably driving the coating agents for synthetic leather market growth, although factors such as intense competition among vendors may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the coating agents for the synthetic leather industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Coating Agents for Synthetic Leather Market Driver

• The shift of consumer preference from animal hide to synthetic leather products is one of the key drivers fueling the coating agents for synthetic leather market growth.
• Footwear, apparel, and bags made of leather are considered premium or luxury products. However, mass products made of synthetic leather or fabric account for a major share of the sales in the apparel, accessories, and footwear industries.
• The prices of synthetic leathers are low. These products do not constitute leather as a raw material. The shift in consumer preference from animal-hide leather products to synthetic leather products is due to changing lifestyles and the availability of a wide range of synthetic leather products. 
• The footwear industry is one of the largest application industries for synthetic leather and animal-hide leather. It is witnessing a decline in demand for leather footwear and a shift in consumer preference from animal-hide to synthetic leather footwear. 
• The rising environmental concerns are encouraging the adoption of synthetic leather products over animal-hide leather and will, in turn, enhance the demand for coating agents for synthetic leather. 

Key Coating Agents for Synthetic Leather Market Trend

• Availability of a wide range of synthetic leather products is one of the key coating agents for synthetic leather market trends propelling the market growth.
• The widening product assortment is one of the major strategies followed by vendors in the global coating agents for the synthetic leather market. 
• Vendors have stock-keeping units (SKUs) of a wide range of synthetic leather products based on type, texture, color, and price ranges. 
•  Large SKUs enable vendors to cater to the varying demand from application industries. This provides them significant opportunities to focus on merchandising and increasing volume sales. Thus, the availability of a wide range of synthetic leather products will increase the demand for coating agents for synthetic leather during the forecast period.

Key Coating Agents for Synthetic Leather Market Challenge

• Intense competition among vendors is one of the factors hindering the coating agents for synthetic leather market growth.
• Although key players have captured a major share of the global coating agents for the synthetic leather market, the global coating agents for the synthetic leather market face intense competition. 
• The competition among key vendors as well as global, regional, and local vendors is high. Given this, vendors invest heavily in research and development (R&D) to introduce a wide range of synthetic leather products, such as apparel, footwear, and automotive accessories, for different applications. 
• Intense competition has triggered price wars, which have lowered the profit margins of vendors despite the improving global economy and increasing demand for coating agents for synthetic leather. 

This coating agents for synthetic leather market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global coating agents for the synthetic leather market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the coating agents for the synthetic leather market during the forecast period.

Who are the Major Coating Agents for Synthetic Leather Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Abhilash Chemicals and Pharmaceuticals Pvt. Ltd.
• BASF SE
• CHT Germany GmbH
• Covestro AG
• Elkem ASA
• Evonik Industries AG
• Jasch Industries Ltd.
• ROWA GROUP Holding GmbH
• Santex Rimar Group
• Stahl Holdings BV
• The Dow Chemical Co.
• Wacker Chemie AG

 

This statistical study of the coating agents for the synthetic leather market encompasses successful business strategies deployed by the key vendors. The coating agents for the synthetic leather market is concentrated and the vendors are deploying growth strategies such as launching new products to compete in the market.

Product Insights and News

• abhigroup.in - The company offers coating agents products such as acrylic systems, tanning auxiliaries, and fat liquors.
• cht.com - The company offers coating agents products such as amino silicones, polyether silicones, and reactive silicones.
• covestro.com - The company offers coating agents product brands such as Imprafix, Impranil, and Impraperm.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The coating agents for synthetic leather market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Coating Agents for Synthetic Leather Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the coating agents for the synthetic leather market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Coating Agents for Synthetic Leather Market?

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54% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for coating agents for synthetic leather in APAC. Market growth in this region will be slower than the growth of the market in the Middle East and Africa.

The high demand for low-priced leather imitation products such as bags, apparel, and automotive accessories will facilitate the coating agents for synthetic leather market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 hampered the businesses of vendors as various governments across the region imposed nationwide lockdowns and travel restrictions to prevent the spread of the disease. However, in 2021, the lockdown restrictions were lifted owing to the initiation of large-scale vaccination drives. This increased the demand for coating agents for synthetic leather in the region. Such factors are expected to drive the growth of the regional coating agents for the synthetic leather market during the forecast period.

What are the Revenue-generating End-user Segments in the Coating Agents for Synthetic Leather Market?

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The coating agents for synthetic leather market share growth by the automotive segment will be significant during the forecast period. An increase in demand for coating agents for synthetic leather in the automotive industry is mainly fueled by the growth of the global automotive industry and the shift of consumer preference from automotive components made of animal-hide leather to those made of synthetic leather. In the automotive industry, synthetic leather is used for seat covers and other car accessories, such as steering wheels, knob covers, indoor rims, gearbox covers, and headliners. These factors will drive the segment growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the coating agents for synthetic leather market size and actionable market insights on post COVID-19 impact on each segment.

 

Coating Agents for Synthetic Leather Market Scope
Report Coverage	Details
Page number	120
Base year	2021
forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 7.12%
Market growth 2022-2026	$ 207.38 million
Market structure	Concentrated
YoY growth (%)	8.21
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 54%
Key consumer countries	US, China, Japan, India, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Abhilash Chemicals and Pharmaceuticals Pvt. Ltd., BASF SE, CHT Germany GmbH, Covestro AG, Elkem ASA, Evonik Industries AG, Jasch Industries Ltd., ROWA GROUP Holding GmbH, Santex Rimar Group, Stahl Holdings BV, The Dow Chemical Co., and Wacker Chemie AG
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Coating Agents for Synthetic Leather Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive coating agents for synthetic leather market growth during the next five years
• Precise estimation of the coating agents for synthetic leather market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the coating agents for the synthetic leather industry across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of coating agents for synthetic leather market vendors

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