Global Synthetic Leather Market Size to grow USD 66.2 Billion by 2030 | CAGR of 7.8%

By 2030, the global synthetic leather market will  be worth $ 66.2 billion.

According to a research report published by Spherical Insights & Consulting, Synthetic Leather MarketThe size is expected to grow from USD 33.7 billion in 2021 to USD 66.2 billion by 2030 , at a CAGR of 7.8% during the forecast period . The rapidly increasing demand from the footwear industry is expected to be a significant factor in the growth of the overall market. The price of natural leather is another reason why people are looking for cheaper alternatives.

Explore key industry insights across 198 pages with 110 market data tables and figures & charts in the report Global Synthetic Leather Market Size, Share and COVID-19 Impact Analysis by Type (PU, PVC and Bio-based), Application (Footwear, Apparel, Furniture, Automotive, Wallets, Bags and Purses) and Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021-2030.”  Detailed TOC at   https://www.sphereinsights.com/reports/synthetic-leather-market

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PU segment accounting for the largest market size during the forecast period

Based on type, the synthetic leather market is segmented into PU, PVC, and bio-based . PU segment accounts for the largest market size during the forecast period. Polyurethane can be cleaned with solvents for dry cleaning and is less prone to tearing than real leather. It's also more comfortable and lighter than real leather. It's also waterproof. Also, the sun's rays do not affect it. They also do not emit dioxins, making them a better choice for the environment than products made from vinyl. When all of this works together, demand is expected to increase even further.

Footwear segment to account for largest market size during forecast period

Based on application, the synthetic leather market is segmented into footwear, clothing, furniture, automobiles, wallets, bags, and wallets. The footwear segment will maintain a higher CAGR during the forecast period. Its uses are increasingly similar to real leather, and it is gradually being replaced in wallets, briefcases, car seats, clothing, etc. Its uses are increasingly approaching those of real leather. Rising incomes and overall economic growth, especially in developing countries, are making more people want to buy shoes. The industry is also developing due to weather changes in different regions, which necessitates the creation of different types of shoes.

The Asia Pacific region is expected to hold the highest market share in 2021.

The global synthetic leather market is segmented into five major regions: Asia Pacific, Europe, APAC, Latin America, and MEA. China, India, and South Korea are expected to have the fastest-growing economies in the APAC region. With people having more money to spend and the population continuing to grow, there will be many industry opportunities. China is one of the most important markets for leather, both in terms of how much leather it produces and how much it sells. On the other hand, the coronavirus pandemic has had a major impact on the number of products being manufactured in the country. Several factories have shut down or significantly slowed down production to prevent the virus from spreading further. In the near future, the limited production in the manufacturing industry due to shutdown or slowdown in operations, limited supply and transportation in the country, and slow infrastructure are expected to hurt the demand for synthetic leather in end-use applications. North America is expected to maintain a higher CAGR during the forecast period.

Key vendors in the global synthetic leather market include Kuraray Co., Ltd., HR 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, Teijin Limited and Nan Ya Plastics Corporation.

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Market Segment

The study forecasts revenue at global, regional and country levels from 2021 to 2030. Spherical Insights has segmented the global synthetic leather market based on the segments mentioned below.

Global Synthetic Leather Market, By Type

• Could
• PVC
• bio based

Global Synthetic Leather Market by Application

• footwear
• clothes
• furniture
• automobile
• wallet
• Bags & Wallets

Global Synthetic Leather Market, Regional Analysis

• North America
  • USA
  • Canada
  • Mexico
• europe
  • germany
  • uk
  • france
  • Italy
  • Spain
  • russia
  • Rest of Europe
• Asia Pacific
  • china
  • japan
  • India
  • korea
  • australia
  • Rest of Asia Pacific
• South America
  • brazil
  • Argentina
  • The rest of South America
• Middle East and Africa
  • United Arab Emirates
  • Saudi Arabia
  • catarrh
  • South Africa
  • Rest of Middle East and Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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