Latin America Synthetic Leather Market 2023-2030
MARKET OUTLOOK
Triton Market Research’s report infers that the synthetic leather market in Latin America is anticipated to advance with a compound annual growth rate of 7.05% in value and 6.81% in volume during the forecast period 2023-2030. Brazil, Mexico, and Rest of Latin America are evaluated in the region’s market.
In the Rest of Latin America, the market is characterized by the abundant raw material supply from neighboring nations, extensive footwear production, and strong ties with the US market. Additionally, the rising housing sector has elevated the adoption of synthetic leather for furnishing purposes. Besides this, the demand for furniture in hotels, offices, and the industrial sector has elevated the adoption of artificial leather, thereby creating numerous opportunities for the synthetic leather market.
In Mexico, the rising globalization, consumer spending, and changing lifestyles have increased the preference for luxury products. Leather goods, in this regard, are a primary part of luxurious fashion goods. However, there is a growing demand for bio-based and vegan products, which has elevated the use of synthetic leather to produce handbags, footwear, and other accessories in order to meet the demand. Hence, the developing fashion industry widens the scope and growth of the synthetic leather market.
COMPETITIVE OUTLOOK
The key companies in the synthetic leather market include BASF SE, Nan Ya Plastics Corporation Inc, Achilles USA Inc, Toray Industries Inc, and Teijin Limited.
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