Global Synthetic Leather Market Forecast 2023-2032

Global Synthetic Leather Market Forecast 2023-2032

KEY FINDINGS

The global synthetic leather market is expected to propel with a 7.11% CAGR in revenue and a 6.89% CAGR in volume during the forecast years, 2023-2032. Increasing demand from end use industries and growing adoption of animal-free and sustainable products drive the market growth.

MARKET INSIGHTS

Synthetic leather is used in various industries, including clothing, furniture, footwear, and automotive. Synthetic leather is most common in cases, luggage, and clothing. They are also used in handbags, jackets, belts, coats, purses, etc. Moreover, there is a high demand for synthetic leather in the footwear industry. In the footwear industry, synthetic leather is frequently used in shoes. Synthetic leather is suitable for shoes due to its abrasion resistance, low cost, and water resistance.

Synthetic leather is used for upholstery purposes, such as covering chairs and lining the tops of writing desks and tables. It is commonly used in headboards, sofas, chairs, etc. As synthetic leather is available in various styles, textures, colors, and patterns, it is increasingly used in decorating residential or commercial interiors. This is further fueling the growth of the synthetic leather market.

REGIONAL INSIGHTS

The global synthetic leather market growth evaluation entails the assessment of Asia-Pacific, Europe, North America, and Rest of World. North America is predicted to lead the market during the forecast period owing to rising innovations and a growing number of working professionals in the region.

COMPETITIVE INSIGHTS

The rivalry is expected to intensify and remain high during the forecast period based on the competitors’ pricing strategies. Numerous manufacturers and medium to high production capacities characterize the market. Large players have a wide geographic presence as well as backward integration. These players are also strategically diverse.

Some of the market players include Kuraray Co Ltd, Toray Industries Inc, BASF SE, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments