Middle East And Africa Synthetic Leather Market 2023-2030
MARKET OUTLOOK
Triton Market Research’s report insinuates that the synthetic leather market in the Middle East and Africa is estimated to advance in value and volume at a compound annual growth rate of 6.95% and 6.70%, individually, during the forecast years 2023-2030. Turkey, Saudi Arabia, South Africa, the UAE, and Rest of Middle East & Africa are taken into consideration in the region.
The UAE possesses the most developed infrastructure that has aided economic expansion. This has led to a rise in spending on renovating homes, leading to a high demand for furniture. In this regard, heavy fabric and leather furniture items are preferred by consumers. Along with this, there is a growing demand for sustainable products to reduce carbon footprint, which has accelerated the adoption of synthetic leather. Therefore, these factors are anticipated to propel the synthetic leather market on a growth path.
Likewise, the growing real estate development has supported the expansion of the furniture industry in Saudi Arabia. Urbanization and economic development have generated demand for furniture across hotels, offices, and other sectors. Other than this, the manufacturing units of synthetic leathers have grown substantially owing to a rising population base and technological advancement. The booming automotive and footwear industry has also elevated the demand for artificial leather products. As a result, growing industries are boosting the synthetic leather market’s progression.
COMPETITIVE OUTLOOK
The major firms in the synthetic leather market comprise BASF SE, HR Polycoats Pvt Ltd, Achilles USA Inc, Teijin Limited, Toray Industries Inc, and Kuraray Co Ltd.
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