Global Synthetic Leather Market Research Report—Forecast till 2025

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Global Synthetic Leather Market is anticipated to witness significant growth during the forecast period, exhibiting a CAGR of 6.74% to surpass a value of USD 38,251.72 Million by the end of the forecast period.

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Global Synthetic Leather Market Research Report—Forecast till 2025

Market Dynamics
Global Synthetic Leather Market is anticipated to witness significant growth during the forecast period, exhibiting a CAGR of 6.74% to surpass a value of USD 38,251.72 Million by the end of the forecast period. The massive demand for synthetic leather from the footwear industry across the world is expected to drive the market during the review period. Synthetic leather is finding wide areas applications at the place of natural leather. As per the research, the footwear market globally is anticipated to generate a revenue of over USD 135 billion with a user intrusion of 43.1% by 2025.
Global Synthetic Leather Market is anticipated to register substantial market expansion during the forecast period. The major factor driving the growth of the market is the rising demand for synthetic leather in the footwear industry. The global market growth is attributed to the rising application of synthetic leather in the automotive industry owing to its high elasticity, breathability, and heat-resistant properties. moreover, the rising adoption of bio-based materials to manufacture synthetic leather is expected to create growth opportunities for the major market players during the research period. However, the environmental effect of PU-based and PVC-based synthetic leather is a prime factor expected to hinder the global market growth during the review period.

Market Segmentation
Global Synthetic Leather Market has been classified into Type, Application, and Region.
Based on the type segment, the synthetic leather market is divided into PU, PVC, and biobased. The PU-based is estimated to register a CAGR of over 6% during the forecast period.
In terms of the Application segment, the global synthetic leather market has been classified into furnishing, automotive, footwear, accessories, clothing, electronics, and others. The footwear segment is expected to dominate the global synthetic leather market owing to the largest market share of around 35% by value in 2019 owing to the increasing consumption across Asia-Pacific.
Regional Analysis
Global Synthetic Leather Market has been divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific is expected to lead the market to register a notable CAGR OF 7.0% during the review period. The regional market growth is attributed to the rapid industrialization rate and growing per-capita income in these countries.
North America is expected to register the second-largest market share of the global synthetic leather having a market value of around USD 6,500 million in 2019. The US contributes a leading market share of the regional market and is expected to register a higher CAGR during the forecast period.
Prominent Players
The Major Players operating in the Global Synthetic Leather Market are Kuraray Co. Ltd, H.R. Polycoats Pvt. Ltd, Alfatex Italia SRL, Filwel Co. Ltd, Yantai Wanhua Synthetic Leather Group Co. Ltd, San Fang Chemical Industry Co. Ltd, Mayur Uniquoters Limited, Nan Ya Plastics Corporation, Zhejiang Hexin Industry Group Co. Ltd, Teijin Limited, DuPont Tate & Lyle Bio Products Company, LLC, Gruppo Mastrotto SPA, Asahi Kasei Corporation, and Toray Group.
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.

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