11 September 2019
Visiongain’s new report the Synthetic Leather Market Report 2019-2029: Forecasts by Type (Normal PU, PVC, Microfiber PU, Ecological Function PU), by Application (Sport Shoes, Bags, Furniture, Car Interiors, Sports Goods), by Region and Analysis of Leading Companies Operating in This Industry. The worldwide market size of synthetic leather is anticipated to cross USD 28.63 billion in 2019 and is expected to increase from 2019 to 2029 at a CAGR of 7.6%.
The rising worldwide demand for footwear coupled with a growing population is boosting global growth in the synthetic leather market. In addition, raising awareness of animal security that further prevents the use of true leather is fuelling the development across the industry. During the manufacturing phase, however, dangerous impacts of polyvinyl chloride (PVC) and polyurethane (PU) on the human body are anticipated to curb market growth.
Synthetic leather products provide superior characteristics such as durability, high gloss finish, resistance to UV and simple maintenance. In addition, fake leather goods are cheaper and thus continue to attract customers, particularly from middle-and high-income groups. However, the product faces competition from Fumikodata in nations such as Japan, which is a replica of true leather and is a cruelty-free material. PU was the largest product contributing segment in 2017 and similar trend is anticipated over the forecast period.
Due to its characteristics, such as sticky finish and less durability, PVC is anticipated to experience sluggish development. The application segment of footwear is anticipated to see a co-significant development in the coming years. Cheaper costs and fluctuating climatic conditions create needs for different types of footwear in several regions. Increasing rates of disposable income in developing areas are also fuelling demand in the footwear segment for synthetic leather. In addition, the trend to incorporate athletic shoes in the daily lifestyle further increases the demand for the item.
Synthetic leather's main end-use sectors are footwear, furniture, automotive, clothing, bags, wallets, and others. Footwear is synthetic leather's biggest end-use sector. In the footwear sector, the demand for synthetic leather is also expected to record the second largest CAGR over the forecast period. Growth is motivated by rising incomes and economic growth in this sector.
Asia Pacific dominated the global synthetic leather market in 2017 and is expected to continue to expand as the footwear and automotive industries grow quickly. The main growth-driving economies in APAC are anticipated to be China, India, and South Korea. Rising disposable income combined with rising population will provide the market with countless possibilities.
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