South America 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) 

South America 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 SAM is expected to grow from US$ 1,360.24 million in 2021 to US$ 1,946.85 million by 2028; it is estimated to grow at a CAGR of 5.3% 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 high plants content. Plant-based leather is a new and emerging subset of synthetic leather created from plants, typically 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 polyurethane segment led the SAM synthetic leather market, based on type, in 2020. Polyurethane-based leather is created by coating a fabric such as polyester or cotton with a flexible polymer. It is then treated by various processes to make it look like real leather. Polyurethane-based leather is waterproof, lightweight, and soft. It does not fade or crack when exposed to sunlight. This synthetic leather does not require additional plasticizers as it is made by using soft polymers. Polyurethane upholstery is the realistic imitation of genuine leather in terms of surface feel and overall appearance. There is a high demand for polyurethane-based leather in the automotive and clothing industries.

Brazil has been ranked the third-most affected economy due to the COVID-19 pandemic globally. In South America, Brazil has the highest number of COVID-19 cases, followed by Argentina, Colombia, Peru, and Chile. The governments in South America have taken various actions to protect their citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. The synthetic leather market has been affected by the economic downturn. The pandemic has had an immense impact on the economic sector, including automotive and footwear industries. However, many countries have restarted their economic activities. In some areas of Brazil, vehicle production levels are almost back to the levels of prior years.

The overall SAM 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 SAM 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 SAM synthetic leather market. BASF SE; KURARAY CO., LTD.; San Fang Chemical Industry Co., Ltd; and Teijin Limited are among the players operating in the market.

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