The global synthetic leather market is expected to grow at a moderate growth rate and register a CAGR of 4.2% during the period of assessment 2017-2027.
Albany, NY -- (SBWIRE) -- 12/21/2017 -- Nowadays synthetic leather has gained widespread popularity and is often used as a substitute for real leather because it is less expensive and does not require any real animal hide. Shoppers are moving their preference to luxury products, corrosion free leather products and shift from genuine to synthetic leather. This has contributed towards overall growth of the global synthetic leather market. To elaborate further on this rapidly growing market, a study titled "Synthetic Leather Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)" has been released to the wide repository of Market Research Hub (MRH), which clearly states that the global synthetic leather market is expected to grow at a moderate growth rate and register a CAGR of 4.2% during the period of assessment 2017-2027. Also, the global synthetic leather market is expected to be valued at US$ 56.3 Bn by the end of 2027 from its valuation of US$ 36.2 Bn in 2016.
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Synthetic leather is a man-made artificial leather that looks like natural leather. They are available in a variety of colors, leading to them being used in a wide number of industries such as footwear, automobile, garments, and fashion accessories such as bags, wallets, etc. One of the major facts about synthetic leather is that it is cheaper than natural leather and real leather in terms of its diversity in looks and use; hence it has become the popular choice for many manufacturers operating in the automobile and footwear industry. Analysts find that the footwear segment is expected to dominate the global market in terms of value as well as growth rate in the coming years.
Key Facts about Synthetic Leather Market
There has been significant growth in the automotive sector in the recent years and this growth continues to rise in the coming years as well. In automotive sector, synthetic leather is used in seat covers, door panels, steering cover, dashboard and rear shelves. Of these subcategories, seat covers and head rest use synthetic leather on a large scale as compared to other.
Rising demand for luxury goods, such as new leather footwear, leather bags, leather wallets, leather belts, leather clothing etc. has driven the growth of the synthetic leather market.
The global synthetic leather market finds Asia Pacific excluding Japan (APEJ) region to be the most lucrative region during the forecast period. The Asia Pacific excluding Japan (APEJ) region is expected to dominate the global synthetic leather market by reflecting a high value of US$ 16.5 Bn by the end of 2027 from US$ 10.2 Bn in 2017.
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In terms of material type, the market has been categorized into PVC, Bio-based and PU (Polyurethane). At present, PU the largest product category segment and is expected to observe the fastest growth owing to vast range of benefits offered by it. It has several unique properties such as it is water-resistant, softer & lighter than real leather and can be simply dry cleaned.
The last part of the report comprises the competition landscape, which features important players operating in the global organic milk powder market and contains important information about these companies. Few of them are Achilles Corp., Kolon Industries Inc., Daewon Chemical Co Ltd., Nan Ya Plastics Corporation, Mayur Uniquoters Ltd., Alfatex, Gruppo Mastrotto spa, Teijin Limited, Plastics Elche S.A, Comfort Int'l Co., Ltd and Asahi Kasei Corporation.
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