COVID-19 Impact on Synthetic Leather Market Topmost Companies, Size Estimation, Growth Trends and Upcoming Forecasts 2025
Global Synthetic Leather Market was valued at USD 26.2 billion in 2018 and is estimated to register a robust CAGR of 7.1% during the forecast period
Pune, India – June 17, 2020 /MarketersMedia/ —
Overview:
Synthetic Leather is a look-alike to real leather made from a combination of resin and cloth base. It has become a replacement for genuine leather in various industries like clothing, automobile, automotive, footwear, and others. On observing the current market trends, the Global Synthetic Leather Market is expected to touch a 08 % annual growth rate during the survey period. Synthetic Leather is a durable material, which is weather and stain-resistant at the same time. It is also known as faux leather or human-made leather.
The surface of Synthetic Leather goes under the dying and other treatments to look and feel like the real leather.Degrading demands for animal-based products and increasing awareness about the characteristics of Synthetic Leather are driving the market. Synthetic Leather is a seamless product, which nullifies the porosity to water, which makes it useful in making the footwear used in different climatic conditions. The footwear and automotive are the major industries using Synthetic Leather and contributing to the maximum growth of this market.
This leather comprises features like high ultraviolet (UV) resistance, strength, maintenance, and others, which makes it more demanding, useful, and acceptable in making furniture, footwear, and car seat covers.As it is made using polyvinyl chloride (PVC) and polyurethane (PU), the manufacturing of these materials has high damaging capabilities to the environment and human life, which are the top factors responsible for the limited growth of the Global Synthetic Leather Market.
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Segments of the Global Synthetic Leather Market:
Global Synthetic Leather Market is segmented into two parts:
Material Based: Synthetic leather is of three types, namely, PU, PVC, and bio-based.
Applications Based: Footwear, automotive, accessories, electronics, and other industries are the major employers of this market.
Recent Industry News:
Global Synthetic Leather Market is coming out stronger due to shifting interest from real leather, but environmental damages from the manufacturing of PU and PVC are the significant factors holding the market’s pace. Continuous efforts in the shape of research & development programs are being made to develop bio-based Synthetic Leather, which will help in securing the market’s future and currently helping in the expansion of market shares. The Asia Pacific region is the current market leader and will be on the top due to the highest growth rates during the survey periods.
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Regional Market Summary:
Asia Pacific, Europe, America, and The Middle East & Africa are the major regions observed for the Global Synthetic Leather Market.
The Asia Pacific region is the current market leader and will maintain this position during the projected period. Factors like huge population, expanding automotive industry, furnishing industry, rise in per capita income, and others are propelling the market towards better future and present conditions. The European region is the second-largest industry due to the vast fashion industry, the presence of key automotive manufacturers, and others. The American region is the next market in this tally due to rising awareness against animal brutality, large automotive and footwear industries, and other factors.
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NOTE: Our teams of researchers are studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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