North America Synthetic Leather Market 2023-2030
MARKET OUTLOOK
Triton Market Research’s report denotes that the synthetic leather market in North America is estimated to garner a compound annual growth rate of 7.83% in revenue and 7.64% in volume over the forecasting years from 2023 to 2030. Canada and the United States are studied in the given region.
In the US, the majority of the leather manufactured is made from the skins of pigs, sheep, goats, calves, etc. Other animals, such as alligators, ostriches, and snakes, are hunted to produce highly-priced leather. Synthetic leather is much more cost-effective with a high-end appearance. In recent years, there has been a high awareness and regulations imposed against animal cruelty, which has fueled the adoption of artificial leather. Therefore, these factors are anticipated to support the expansion of the synthetic leather market.
Further, there is a high demand for footwear with new designs, especially sneakers made of synthetic leather in Canada. This has increased the availability of various footwear and bags. In this regard, various brands are striving to launch new products to meet the rising demand for vegan and eco-friendly products. Besides this, the stringent regulations against animal cruelty have soared the production of synthetic leather to meet growing demand. Hence, the above-stated factors offer lucrative opportunities to the studied market.
COMPETITIVE OUTLOOK
The major firms in the synthetic leather market include BASF SE, Achilles USA Inc, Toray Industries Inc, and Nan Ya Plastics Corporation Inc.
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