LONDON--(BUSINESS WIRE)--The synthetic leather market is expected to grow by USD 12.98 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
There is a high demand for synthetic leather from emerging economies such as China, India, Brazil, South Africa, and Indonesia, primarily due to its application in industries such as apparel, bags, and footwear. The rapid growth of these industries is driven by the rise in disposable income and increase in economic activities in emerging markets such as China. The annual disposable income per capita in China among urban and rural households grew by 46.30% and 55.01%, respectively, between 2013 and 2018. This growth in disposable income is fueling the repeat purchase of fashion products such as apparel, footwear, and bags as well as automotive accessories, including seat covers and steering covers. This will drive the demand for synthetic leather in developing countries.
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As per Technavio, the technological advances in synthetic leather manufacturing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Synthetic Leather Market: Technological Advances in Synthetic Leather Manufacturing
Manufacturing processes consume large amounts of water, chemicals, and energy, which leads to high discharge of effluents. Therefore, additional investments are required for wastewater treatment to meet the required standards. To address this issue, BASF SE developed Elastollan, a Thermoplastic Polyurethane (TPU) that is used in synthetic leather processing. It can be directly extruded onto the fabric with a non-solvent based technology and speeds up the production process. Similarly, DuPont de Nemours, Inc. offers Susterra propanediol, a plant-based substrate that is used in the manufacture of synthetic leather for different applications. The use of Susterra propanediol in synthetic leather makes products environment friendly and biodegradable. Such technological advances are expected to drive the growth of the market.
“Factors such as the increasing adoption of sustainable product manufacturing practices by vendors, and the growing demand for customization will have a positive impact on the growth of the synthetic leather market value during the forecast period,” says a senior analyst at Technavio.
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Synthetic Leather Market: Segmentation Analysis
This market research report segments the synthetic leather market by product (PU-based, PVC-based and bio-based), application (footwear industry, furnishing industry, automotive industry, bags industry and other industry), and geographic (APAC, Europe, MEA, North America and South America).
The APAC region led the synthetic leather market in 2019, followed by North America, Europe, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rapid growth of industries such as footwear, apparel, automotive, furnishing, and bags which use synthetic leather.
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Some of the key topics covered in the report include:
- Footwear industry
- Furnishing industry
- Automotive industry
- Bags industry
- Other industry
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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