Asia-pacific Synthetic Leather Market 2023-2030
MARKET OUTLOOK
Triton’s research report on the Asia-Pacific synthetic leather market infers that the market is estimated to advance with a CAGR of 7.61% in value and 7.37% in volume during the forecast period 2023-2030. India, South Korea, China, Japan, Australia & New Zealand, ASEAN countries, and Rest of Asia-Pacific are studied in the region’s report.
In India, increased consumer spending has soared the adoption of synthetic leather. Estimates suggest that a significant percentage of all leather products are produced using synthetic materials. Presently, the nation exports synthetic leather products to the US, several Middle Eastern nations, Germany, and Russia. However, the availability of low-cost products from China poses a high growth risk for the country’s manufacturers. Nevertheless, the government’s step to offer various incentives to producers is estimated to support the expansion of the synthetic leather market over the forecast period.
Further, cheap labor is majorly facilitating the growth of the synthetic leather market in South Korea. Our analysis suggests that the production capabilities are set to expand in urban areas, further soaring new players’ entry. Along with this, the K-pop culture’s expansion has boosted the retail industry, influencing various international brands to set up operations. The automobile industry is also witnessing rapid growth, which may increase the demand for synthetic leather for various applications. Therefore, the rising industrial growth supports the studied market’s progression across the nation.
COMPETITIVE OUTLOOK
The key companies in the synthetic leather market include Teijin Limited, Toray Industries Inc, HR Polycoats Pvt Ltd, Nan Ya Plastics Corporation Inc, and BASF SE.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook