Synthetic Leather Market by Product, End-user, and Geography - Forecast and Analysis 2021-2025

  • Published: Jan 2022
  • Pages: 120
  • SKU: IRTNTR41583
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The synthetic leather market share is expected to increase by USD 13.89 billion from 2020 to 2025 at a CAGR of 7.58%.

This 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 synthetic leather market segmentation by product (PU-based, PVC-based, and bio-based), end-user (footwear industry, furnishing industry, automotive industry, bags industry, and others), and geography (APAC, North America, Europe, South America, and MEA). The synthetic leather market report also offers information on several market vendors, including Alfatex Italia Srl, Air Water Inc., Anhui Anli Material Technology Co. Ltd., Asahi Kasei Corp., Kuraray Co. Ltd., Mayur Uniquoters Ltd., Nan Ya Plastics Corp., San Fang Chemical Industrial Co. Ltd., Teijin Ltd., and Toray Industries Inc. among others.

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

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Synthetic Leather Market: Key Drivers and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The high demand from developing economies is notably driving the synthetic leather market growth, although factors such as fluctuating raw material prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on 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 Synthetic Leather Market Driver

There is a high demand for synthetic leather in emerging economies such as China, India, Brazil, South Africa, and Indonesia, primarily due to its application in industries such as apparel, bags, and footwear. The rapid growth of industries such as automotive, footwear, and bags, which is driven by rising disposable income and increasing economic activities in emerging markets such as China, is boosting the demand for synthetic leather. Trends such as the increasing need for high productivity to cater to the demands of the growing population are expected to fuel the global synthetic leather market. Furthermore, rapid industrialization in economies such as Brazil, Russia, India, China, and South Africa (BRICS) is creating considerable demand for synthetic leather. Growing investments in the manufacturing sector, which includes manufacturers from industries in developing countries, are increasing the consumption of synthetic leather. Hence, rapid industrialization is expected to drive the demand for synthetic leather during the forecast period. 

Key Synthetic Leather Market Challenge

The prices of raw materials used in manufacturing synthetic leather are highly volatile due to the high dependence on the prices of crude oil and forest products. Substrates such as polymer film and silicone are mainly used for the production of synthetic leather. However, fluctuations in the prices of petroleum-based raw materials and the increasing competition from local manufacturers, especially in emerging economies, are posing a challenge to vendors. Fluctuations in the prices of raw materials, including polymers such as PVC (polyvinyl chloride) and PU, are directly related to fluctuations in the price of crude oil. 

This 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 2021-2025.

Who are the Major Synthetic Leather Market Vendors?

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

 

  • Alfatex Italia Srl
  • Air Water Inc.
  • Anhui Anli Material Technology Co. Ltd.
  • Asahi Kasei Corp.
  • Kuraray Co. Ltd.
  • Mayur Uniquoters Ltd.
  • Nan Ya Plastics Corp.
  • San Fang Chemical Industrial Co. Ltd.
  • Teijin Ltd.
  • Toray Industries Inc.

 

This statistical study of the synthetic leather market encompasses successful business strategies deployed by the key vendors. The synthetic leather market is fragmented and the vendors are launching new products to compete in the market.

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 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. 

Which are the Key Regions for Synthetic Leather Market?

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54% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for synthetic leather in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

The rapid growth of industries such as footwear, apparel, automotive, furnishing, and bags, which use synthetic leather will facilitate the 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.

What are the Revenue-generating Product Segments in the Synthetic Leather Market?

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The synthetic leather market share growth by the PU-based segment will be significant during the forecast period. PU-based synthetic leather is also known as bicast leather or split leather, depending on the manufacturing process. It is easy to maintain, waterproof, and soft when compared to other types of synthetic leather. These advantages are driving the growth of this segment. 

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

 

Synthetic Leather Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 7.58%

Market growth 2021-2025

$ 13.89 billion

Market structure

Fragmented

YoY growth (%)

4.04

Regional analysis

APAC, North America, Europe, South America, and MEA

Performing market contribution

APAC at 54%

Key consumer countries

China, US, France, Italy, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Alfatex Italia Srl, Air Water Inc., Anhui Anli Material Technology Co. Ltd., Asahi Kasei Corp., Kuraray Co. Ltd., Mayur Uniquoters Ltd., Nan Ya Plastics Corp., San Fang Chemical Industrial Co. Ltd., Teijin Ltd., and Toray Industries Inc.

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, Market condition analysis for the forecast period

Customization purview

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

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive synthetic leather market growth during the next five years
  • Precise estimation of the 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 synthetic leather industry across APAC, North America, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of synthetic leather market vendors

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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2020
  • Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product
  • PU-based - Market size and forecast 2020-2025
  • PVC-based - Market size and forecast 2020-2025
  • Bio-based - Market size and forecast 2020-2025
  • Market opportunity by Product

Market Segmentation by End-user

  • Market segments
  • Comparison by End-user
  • Footwear industry - Market size and forecast 2020-2025
  • Furnishing industry - Market size and forecast 2020-2025
  • Automotive industry - Market size and forecast 2020-2025
  • Bags industry - Market size and forecast 2020-2025
  • Others - Market size and forecast 2020-2025
  • Market opportunity by End-user

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2020-2025
  • North America - Market size and forecast 2020-2025
  • Europe - Market size and forecast 2020-2025
  • South America - Market size and forecast 2020-2025
  • MEA - Market size and forecast 2020-2025
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Alfatex Italia Srl
  • Air Water Inc.
  • Anhui Anli Material Technology Co. Ltd.
  • Asahi Kasei Corp.
  • Kuraray Co. Ltd.
  • Mayur Uniquoters Ltd.
  • Nan Ya Plastics Corp.
  • San Fang Chemical Industrial Co. Ltd.
  • Teijin Ltd.
  • Toray Industries Inc.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The synthetic leather market growth will increase by $13.89 billion during 2020-2025.
The synthetic leather market is expected to grow at a CAGR of 7.58% during 2020-2025.
Technavio has segmented the synthetic leather market by product (PU-based, PVC-based, and Bio-based) and geographic (APAC, North America, Europe, South America, and MEA).
Alfatex Italia Srl, Air Water Inc., Anhui Anli Material Technology Co. Ltd., Asahi Kasei Corp., Kuraray Co. Ltd., Mayur Uniquoters Ltd., Nan Ya Plastics Corp., San Fang Chemical Industrial Co. Ltd., Teijin Ltd., Toray Industries Inc. are a few of the key vendors in the synthetic leather market.
APAC will register the highest growth rate of 54.28% among the other regions. Therefore, the synthetic leather market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the synthetic leather market growth are:
  • High demand from developing economies
  • Growing number of M&A
The synthetic leather market vendors should focus on grabbing business opportunities from the pu-based segment as it accounted for the largest market share in the base year.
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