Asia Pacific Synthetic Leather Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Polyurethane, Polyvinyl Chloride, Silicone, and Others) and Application (Footwear, Furniture, Automotive, Clothing, Stationery Goods, and Others) 

Asia Pacific Synthetic Leather Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Polyurethane, Polyvinyl Chloride, Silicone, and Others) and Application (Footwear, Furniture, Automotive, Clothing, Stationery Goods, and Others) 

The synthetic leather market in APAC is expected to grow from US$ 12,699.78 million in 2021 to US$ 20,072.20 million by 2028; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028. There is a growing focus on making synthetic leather from natural resources. Many companies across the region are focusing on developing a new product that contains less plastic and more plants content. Plant-based leather is a new and emerging subset of synthetic leather, typically created by waste plant material from other industries. It is made from various materials, such as pineapple, cactus, apple skins, grape, and cork. Plant-based leather promises to be a sustainable leather choice as it is conflicting cruelty-free, focuses on low environmental impact, minimizes plastic usage, and uses organic waste. Additionally, many consumer brands are investing in plant-based leather. Thus, the increasing focus on the development of bio-based leather would emerge as a trend in the synthetic leather market during the forecast period.

The footwear segment led the APAC synthetic leather market, based on application, in 2020. Synthetic leather is increasingly being used in the footwear industry as a replacement of traditional leather. It is used in shoe uppers, sandals, shoe lining, and insoles. There are several benefits of wearing synthetic leather shoes instead of actual leather. Synthetic leather shoes exhibit great waterproof qualities, as it is combined with a few chemicals that impart waterproof features to this leather. The synthetic leather manufacturing is a straightforward and automated process, which lowers the cost of shoes made from synthetic leather. Thus, there is a high demand for synthetic leather in the footwear industry. Many footwear brands are focusing on developing plant-based or vegan leather shoes. For instance, Adidas is working on vegan shoes made from a biodegradable fungi-based leather alternative, in partnership with Bolt Threads, a biotech company that produces leather. Adidas wants to bring vegan shoes made of mushroom leather to the market.

The COVID-19 pandemic is anticipated to cause a significant economic loss in Asia Pacific. The Asian economies have been hit hard due to the pandemic. The governments of various Asia Pacific economies are taking possible steps to restrict the spread of the virus by announcing a country-wide lockdown, which directly impacts the growth of industrial sectors. This may impact the demand for synthetic leather. Various industries such as automotive, footwear, and furniture have been hit hard by the pandemic, impacting the consumption of synthetic leathers in the region. The growth of the synthetic leather market has been severely affected by dwindling sales of vehicles amid the COVID-19 pandemic. Quarantine measures and the closure of retail stores have suppressed consumer demand. However, the market is expected to witness an increase in investment by players to tap the prevailing opportunities and cater to expanding demand for synthetic leather in post-pandemic times. The business activities are expected to improve further in the coming months.

The overall APAC synthetic leather market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the APAC synthetic leather market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the APAC synthetic leather market. BASF SE; FILWEL Co., Ltd.; Fujian Polytech Technology Corp.,Ltd.; H.R.Polycoats Pvt. Ltd.; KURARAY CO., LTD.; Mayur Uniquoters Limited; Nan Ya Plastics; San Fang Chemical Industry Co., Ltd; and Teijin Limited are among the players operating in the market.

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