The synthetic leather market size is estimated to be USD 63.3 billion in 2020 and is projected to reach USD 78.5 billion by 2025, at a CAGR of 4.4% between 2020 and 2025

Factors such as growing demand from footwear industry, no animal killing involved, advantages over pure leather, and increasing demand for luxury cars and electric vehicles will drive the synthetic leather market.

New York, March 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Synthetic Leather Market by Type, End-Use Industry and Region - Global Forecast to 2025" - https://www.reportlinker.com/p04815056/?utm_source=GNW
The major restraint for the market will be harmful effects of PU and PVC on humans and substitute for synthetic leather in the automotive industry. However, focus on development of bio-based synthetic leather will act as an opportunity for the market.

PU-based leather is the largest type for synthetic leather market in 2019
PU-based leather is generally made using PU and different fabrics.It is made by coating a fabric such as polyester or cotton with a flexible polymer.

It is further treated by various processes to look like animal hide-based leather.PU-based synthetic leather is made by using soft polymers, hence does not require additional plasticizers.

It offers various advantages such as waterproof, lightweight, and softness.In some cases, PU-based leather may tear easily, but does not fade or crack in sunlight.

It is widely preferred in the automotive and clothing industries. PU-based leather is considered more environment-friendly than vinyl-based leather, as it does not create dioxins. PU-based leather is more expensive than PVC-based leather due to its extensive manufacturing process.

Footwear is estimated to be the largest end-use industry in synthetic leather market between 2020 and 2025.
Synthetic leather is widely used in the footwear industry due to its excellent properties and high durability.It is used in shoe linings, shoe uppers, and insoles to make different types of footwear such as sports shoes, shoes & boots, and sandals & slippers.

The increasing demand for footwear in developed and emerging countries is expected to drive the demand for synthetic leather.Synthetic leather is widely used to manufacture sports shoes for various games around the world due to its cost-effectiveness.

Sports shoes made from synthetic leather look similar to those of pure leather and are offer various other properties such as resistance to water, heat, and rigid climatic conditions.It is used to make formal men’s and women’s footwear for official purposes, boots for women and men in the fashion industry, and for those living in the cold regions around the world.

Boots made out of real leather tear when exposed to snow and water, but synthetic leather offers excellent resistance to water and snow.

APAC is expected to be the largest synthetic leather market during the forecast period, in terms of value and volume.

The APAC comprises major emerging nations such as China and India.Hence, the scope for the development of most industries is high in this region.

The synthetic leather industry is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest synthetic leather market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
The increasing population in the region accompanied with development of new technologies and products are projected to make this region an ideal destination for the growth of the synthetic leather industry.However, establishing new plants, implementing new technologies, and creating a value supply chain between raw material providers and manufacturing industries in the emerging regions of the APAC are expected to be a challenge for industry players as there is low urbanization and industrialization.

Booming footwear and automotive sectors and advances in process manufacturing are some of the key drivers for the market in the APAC. Countries such as India, Indonesia, and China are expected to witness high growth in the synthetic leather market due to the increasing demand from the automotive industry.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
• By Company Type: Tier 1 - 45%, Tier 2 - 30%, and Tier 3 - 25%
• By Designation: C-Level - 46%, Director Level - 25%, and Others - 29%
• By Region: North America - 27%, Europe - 27%, APAC - 33%, South America - 7%, and Middle East & Africa - 6%,

The key market players profiled in the report include Kuraray Co. Ltd. (Japan), San Fang Chemical Industry Co. Ltd. (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Limited (India), NAN YA plastics corporation (Taiwan), Filwel Co. Ltd. (Japan), Zhejiang Hexin Industry Group Co., Ltd. (China), Alfatex N.V. (Belgium), H.R. Polycoats Pvt. Ltd. (India), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China).

Research Coverage
This report segments the market for synthetic leather on the basis of type, end-use industry, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for synthetic leather.

Reasons to buy this report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the synthetic leather market; high-growth regions; and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on synthetic leather offered by top players in the global synthetic leather market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the synthetic leather market
• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for synthetic leather across regions
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global synthetic leather market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the synthetic leather market
• Impact of COVID-19 on synthetic leather Market

Read the full report: https://www.reportlinker.com/p04815056/?utm_source=GNW

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