Global Synthetic Leather Market is expected to grow significantly by 2023
Issuing time:2017-12-20 19:46
Pune, India, December 2017 / MRFR Press Release/ - Market Research Future has published a semi-mature research report " Global Synthetic Leather Market Research Report - Forecast to 2023 " - Market Analysis, Scope, Equity, Progress, Trends and Forecast to 2023.
In many applications, synthetic leather is mainly used to replace natural leather. The synthetic leather market is estimated to witness moderate growth due to its immense use in the automotive and construction industries. It has a wide range of applications in the manufacture of footwear and carpets or coverings used in automobiles. Polyurethane-based synthetic leather products are estimated to grow at a healthy CAGR in applications due to their environmentally friendly nature compared to PVC. Among the end-use industries, the footwear industry is expected to grow at the highest CAGR due to the increase in disposable income per capita and the rising standard of living. Furthermore.
Geographically, Asia Pacific emerged as the largest market for synthetic leather in 2016, followed by Europe and North America. Asia Pacific held the largest market share in 2016 and is expected to dominate in the future due to the continued growth of automotive, footwear, and automotive. construction and building industry, especially in China, India, Japan, Vietnam, Thailand, Malaysia and South Korea. In addition, the growth of synthetic leathers is largely dependent on their use in passenger cars and other transportation vehicles. The increasing commercial, institutional and residential construction activities and the growing importance of synthetic leather in the construction industry are estimated to drive the growth of the market over the projected period. In addition, increasing investments from major operating companies and shift in synthetic leather manufacturing facilities along with fast growing end-use industries in the region are expected to drive the growth of the regional market for synthetic leather. The North American market is expected to witness moderate growth due to increased use in the automotive, aerospace and sports industries. In the synthetic leather market, the U.S. is a close second in terms of value and volume due to the high adoption rate in the end-use industry. Europe is expected to maintain steady growth due to increased demand from the footwear and automotive industries. The Middle East and Africa market is expected to achieve strong growth due to increasing construction activity in Qatar, Turkey, the United Arab Emirates and Saudi Arabia.