Global Synthetic Leather Market 2023-2030
MARKET OUTLOOK
Based on Triton’s analysis, the global synthetic leather market is deemed to progress in revenue and volume at a CAGR of 7.48% and 7.26%, respectively, during the forecast period 2023-2030.
Factors such as an affordable alternative to original leather and a shift towards animal-free products are fueling the studied market’s growth. Other than this, the rising popularity of bio-based synthetic leather is anticipated to create numerous growth opportunities for the synthetic leather market.
However, on the contrary, the market’s growth is restricted due to the different characteristics of synthetic leather and processing concerns about PU and PVC.
REGIONAL OUTLOOK
The global synthetic leather market encompasses Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa regions.
North America is anticipated to witness the fastest growth over the forecast period in terms of revenue. The region’s growth can be attributed to the growing innovation pertaining to bio-based leather and rising concerns about animal safety. Further, the growing demand for footwear and vegan fashion has elevated the use of this leather material. From vegan boots to outdoor skates, the growing vegan culture has influenced manufacturers to opt for synthetic leather to produce products, thus driving the region’s market.
COMPETITIVE OUTLOOK
The major companies thriving in the synthetic leather market are BASF SE, HR Polycoats Pvt Ltd, Nan Ya Plastics Corporation Inc, Achilles USA Inc, Toray Industries Inc, Alfatex Italia SRL, Teijin Limited, Mayur Uniquoters Limited, San Fang Chemical Industry Co Ltd, and Kuraray Co Ltd.
BASF SE develops and commercializes products and solutions across agriculture, energy, nutrition, paints & coatings, pharmaceuticals, etc. Its business segments include chemicals, materials, surface technologies, and agriculture solutions. Its product line includes Haptex, a synthetic leather solution for footwear, furniture, etc. The company serves clients across multiple regions, including North America, the Middle East, Europe, Latin America, and Africa. BASF is headquartered in Germany.
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