“Browse through 293 Market Data Tables and 58 Figures spread over 227 Pages and In-Depth TOC on ‘Synthetic Leather (Artificial Leather) Market'”
Synthetic Leather (Artificial Leather) Market by Type (Polyurethane, Polyvinyl Chloride, Bio-Based), End-Use Industry (Footwear, Home Furnishings, Automotive, Apparel, Bags, Purses & Wallets, Sports, Electronics) and Region
the synthetic leather market The size is estimated at USD 63.3 billion in 2020 and is expected to reach USD 78.5 billion by 2025, at a CAGR of 4.4% during the forecast period. Factors such as growing demand from footwear industry, lack of animal killing, advantages over pure leather, and growing demand for luxury cars and electric vehicles will drive the leather market synthetic. The main constraint for the market will be the harmful effects of PU and PVC on humans and the substitute of synthetic leather in the automotive industry. However, the focus on the development of bio-based synthetic leather will be an opportunity for the market.
Major market players profiled in the report are 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 NV (Belgium), HR Polycoats Pvt. ltd. (India) and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China).
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Players in the synthetic leather market are primarily focusing on new product launches, acquisition, and collaboration to meet the growing demand for synthetic leather for various applications. New product launches help companies strengthen their product portfolio and meet specific customer demands.
The growth of the synthetic leather market was largely influenced by new product launches that were undertaken between 2016 and 2020. Companies such as Kuraray Co. Ltd. and Teijin Limited adopted new product launches to strengthen their market position.
Kuraray Co.Ltd. is one of the major players in the synthetic leather market. In order to strengthen its product portfolio, the company is focusing on collaboration to meet customer requirements. For example, in November 2018, Kuraray’s CLARINO, a synthetic leather, was chosen for the surface layer of V200W, the official indoor volleyball tournament model produced by Mikasa Corporation for use in international sponsored games. by the Fédération Internationale de Volleyball Association. Similarly, in November 2020, Kuraray Co., Ltd. and Nissha Co., Ltd jointly developed the Material Insert technology using synthetic leather, CLARINO, and began selling the product targeting the mobility and consumer electronics markets.
Companies have also adopted acquisition as a strategy to increase their market share and market presence. For example, in September 2019, Air Eau Inc. acquired all shares of FILWEL Co., Ltd. Also, in October 2017, San Fang Chemical Industry Co. ltd. obtained the subsidiaries, Giant Tramp Limited and Dong Guan YuGuo Shoes Material Co., Ltd.
In February 2019, Seven Crashes, a fashion brand launched its innovative Quantus, a collection of futuristic urban streetwear outfits during New York Fashion Week Fall/Winter 2019. The collection, designed in collaboration with chemical company BASF and San Fang, enabled designs and avant-garde features. Also, in January 2017, Teijin Frontier, together with Katochu Co., Ltd., a specialized backpack manufacturer, launched high-quality RANDSELLIER backpacks for school children made of high-quality artificial leather.
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