Synthetic Leather Market, Application Potential & Regional Outlook by 2024
Global Synthetic Leather Market size may witness strong gains as it is used as a substitute for conventional product derived from livestock, does not require animal hide for production and is available at competitive price.
Global leather goods market may surpass USD 95 billion by 2024, with gains at over 5%. Change in lifestyle along with rise in men and women’s accessories demand including gloves may drive industry growth. U.S. exports skins and hides and generated over USD 3.5 billion in 2015.
Global furniture market may register close to 5% gains. Increasing home and office furniture demands due to rising public infrastructures and improved economic standards should favor industry growth. Synthetic leather is widely used in sofas, chairs and bean bags in furnishing application contributing in product demand.
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Footwear industry may witness steady gains and accounts for a major chunk in synthetic leather market size. Global footwear market may surpass USD 375 billion in business by 2024 with registering over 5% gains. Changing consumer lifestyle and increasing fashion trends may favor industry growth. Rise in demand for stylish, better fit and comfortable shoes should drive synthetic leather demand.
Global automotive interior leather market was valued at over USD 25 billion in 2015 and may exceed USD 40 billion in business by 2024, and register close to 5.5% growth. Low cost, ease to use & clean characteristics and easy availability promotes its use in seats, belts, airbags and covers thereby contributing towards industry growth in automobile applications.
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Global furniture market may register close to 5% gains. Increasing home and office furniture demands due to rising public infrastructures and improved economic standards should favor industry growth.
North America, driven by the U.S. synthetic leather market may witness moderate growth rates. Positive application outlook in footwear, furnishing and automotive industries should drive regional growth. Rising concerns regarding animal killing may reduce pure skins consumption and favor regional demand.
Key players operating in global synthetic leather market share include Kuraray, Tejin, Toray, Favini, Mayur Uniquoters, Filwel and San Fang Chemicals. Other prominent companies include Alflatex, HR Polycoats, Dunksung and Daewon Chemicals.
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About Global Market Insights: Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services.