Global Synthetic Leather Market by Type (Polyurethane (PU), Polyvinylchloride (PVC) and Bio-Based), by End Use (Footwear, Furniture & Upholstery, Automotive, Clothing, Accessories, Sports, Electronics, and Others) and by Region till 2023
Pune, India -- (SBWIRE) -- 03/28/2018 -- Asia Pacific, Europe, North America Latin America, and the Middle East & Africa are the five key regions in which the Global Synthetic Leathers Market is divided. Asia Pacific holds the major share of Global Synthetic Leather Market among them. The region accounts for ~45% share of the overall Synthetic Leathers Market. Countries namely India, Japan, and China are the major markets in this region due to the presence of leading key players and end use industries. Footwear industry is growing at the highest CAGR in this region owing to huge demand from India and China. Indian government in its recent annual economic survey emphasized the rejuvenation of its footwear and apparel industry. The labor intensive nature of these industry and growing demand around the world has driven the developing economies in the region to focus on their footwear making industry. The countries namely India, Myanmar, Indonesia, Taiwan, and Bangladesh are the major manufacturers of footwear and other accessories based on Synthetic Leather materials. Apart from this, the automotive industry in this region is constantly growing and is projected to fetch considerable share of overall demand for synthetic leather in this region. Furthermore, other industries such as building & construction, and sports are growing significantly to further propel the growth of regional Synthetic Leathers Market.
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Europe is an important region in the Global Synthetic Leather Market. U.K, Germany, France and Italy are leading the regional market. Automobile and aerospace industries are fetching maximum demand of Synthetic Leathers in this region, along with the footwear and accessories making industries. Growing demand of light weight and electric vehicles is projected to drive the growth of regional Synthetic Leathers Market, wherein the product is majorly used as an insulator and seat coverings. European Union contributed to a quarter of the total global motor vehicle production in 2016, which is estimated to grow even further during the forecast period.
North America is closely following Europe in terms of market size in the Global Synthetic Leathers Market. This is attributed to the presence of well-established end use industries such as aerospace and automotive along with sports industry. The U.S aerospace & defense industry generated over USD 600 billion revenue in 2015 which is growing at 2% year-on-year since then and expected to continue this trend throughout the forecast period. This is anticipated to fuel the maximum demand of Synthetic Leathers to boost growth of the regional market. Latin America is witnessing the rise of industrialization in countries namely Brazil and Argentina. The increasing number of end use industries is projected to propel growth of the market in this region.
In the Middle East & Africa, the opportunities for Synthetic Leather materials are likely to grow in coming years, which would help to propel the growth of the regional market.
DuPont Tate & Lyle Bio Products (U.S.)
Mayur Uniquoters Limited (India)
NAN YA PLASTICS CORPORATION (Taiwan)
KURARAY CO., LTD. (Japan)
SAN FANG CHEMICAL INDUSTRY CO., LTD. (Taiwan)
TEIJIN LIMITED (Japan)
R. Polycoats Pvt. Ltd. (India)
FILWEL CO.,LTD. (Japan)
Yantai Wanhua Synthetic Leather Group Co., Ltd. (China)
The Global Synthetic Leather Market is segmented on the basis of product, end use, and region Based on type the market is divided into polyurethane (PU), polyvinylchloride (PVC) and bio-based. On the basis of end use the Global Synthetic Leather Market is segmented into footwear, furniture & upholstery, automotive, clothing, accessories, and sports, among others. Regionally, there five major regions in which the market is divided. It includes, Asia Pacific, Europe North America, Latin America, and Middle East & Africa.
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