Valuation of Synthetic Leather Market to Climb to ~US$ 157.3 Bn by 2027; Companies Harness Sustainable Production Processes to Expand Horizon: TMR
ALBANY, New York, July 8, 2020 /PRNewswire/ -- Synthetic leather products are being adopted in a wide range of applications such as footwear, interior designing, furnishing, automotive interiors, and luxury goods. The cost-effectiveness and environmentally sustainability are compelling propositions for their uptake. Around the world, animal cruelty concerns in traditional leather industry have come under the scanner, spurring manufacturing advances in synthetic leather market. These advances have enabled producers to unveil synthetic leather whose properties are comparable to traditional ones.
https://mma.prnewswire.com/media/1085206/Transparency_Market_Research_Logo.jpg
In 2018, the global valuation of the synthetic leather market stood at ~US$ 85.5 Bn. Garnering a CAGR of 7% from 2019 to 2027, the worth is projected to reach a whopping ~US$ 157.3 Bn by 2027.
Download PDF Brochure - https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=22364
"Market players should aim at expanding their product portfolio and will engage in mergers and acquisition with regional players to strengthen their positions," analysts at Transparency Market Research affirm. To this end, they will engage in research and development activities to create economically sustainable products.
Key Findings of Synthetic Leather Market Report
-- Of all product types, polyurethanes accounted for the top share in the
synthetic leather market, mainly due to superior performance
characteristics
-- Of the various end-use industries, extensive application in automobile
industry has led it to become the leading share holder in the synthetic
leather market in 2018
-- Among the various regional markets, Asia Pacific to rise at remarkably
high pace during the forecast period, fueled by sheer pace of
industrialization
Explore 385 pages of top-notch research, incisive insights, and detailed country-level projections on Synthetic Leather Market (Product Type: Polyurethane and Polyvinylchloride; and End User: Footwear [Performance Footwear and Fashion Footwear], Furnishing [Couch & Sofa and Chairs], Interior [Interior décor & Surfacing and Wall Tiles], Automobiles [Seats, Doors, Dashboard, Steering Cover, and Others], Sporting Goods, Garments [Fashion Apparel, Fashion Accessories, and Performance Apparel], Luxury Goods [Hard Luxury and Soft Luxury], and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/pressrelease/synthetic-leather-market.htm
Synthetic Leather Market: Key Driving Factors and Promising Avenues
-- The drive for synthetic leather market comes from the growing shift from
traditional leather to synthetic leather as they are considered as
animal cruelty-free.
-- Another crucial trend that has resulted in synthetic leather to gather
steam especially in the automobile industry is the rapid rise in demand
for leather products. In the wake of various countries taking animal
rights seriously, supply of good quality traditional leather falls short
of meeting the burgeoning demand, thus boosting the prospects in the
synthetic leather market.
-- The overall cost involved in the traditional tanning industry is
substantial, which includes the upkeep of livestock. This has created a
large prospects in the synthetic leather market.
-- The overall consumer proclivity toward products of the synthetic leather
market has gathered steam on the back of the wide variety of design and
colors these can be produced.
-- Over the past few years, the growth dynamics of the synthetic leather
market has been dotted by growing body of research and development
activities taken collaboratively by companies.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/22364
Key Impediments for Synthetic Leather Market Stakeholders
Despite incredible prospects in the synthetic leather market, a few factors restrain the pace of commercialization. The foremost factor that there is lack of quality control by manufacturers. Next, end users have to grapple with the shorter lifespan than the traditional ones, making the products unattractive.
On the other hand, players are in search for eco-friendly materials. A case in point is recycled polyester ultra-fine microfibers. Such strategies tend to reduce the carbon footprints. They are also adopting methods of products that eliminate the emission of volatile organic compounds. An example is direct spinning method
Synthetic Leather Market: Regional Assessment
North America and Europe are lucrative markets. The proliferation of manufacturing facilities has cemented the potential of these regional markets. Meanwhile, the generation of opportunities will be more attractive in Asia Pacific, fueled by sustainable and eco-friendly materials. The growth is also propelled by the rise in demand for PVC synthetic leather in several countries such as Vietnam and India.
Purchase Premium Research Report on Global Synthetic Leather Market @ https://www.transparencymarketresearch.com/checkout.php?rep_id=22364<ype=S
The Synthetic Leather market can be segmented as follows:
Product Type
-- Polyurethane (PU)
-- Polyvinylchloride (PVC)
End User
Footwear
-- Performance Footwear
-- Fashion Footwear
Furnishing
-- Couch & Sofa
-- Chairs
Interior
-- Interior décor & Surfacing
-- Wall Tiles
Automobiles
-- Seats
-- Doors
-- Dashboard
-- Steering Cover
-- Others
Sporting Goods
Garments
-- Fashion Apparel
-- Fashion Accessories
-- Performance Apparel
Luxury Goods
-- Hard Luxury
-- Jewelry
-- Watchstraps
-- Soft Luxury
-- Handbags
-- Luggage
-- Wallets
-- Others
Explore Transparency Market Research's award-winning coverage of the global Chemicals and Materials Industry,
Lignosulfonates Market - Global lignosulfonates market is projected to grow at a CAGR of more than 3.5% between 2019 and 2027. Expansion of the global is driven by the strong demand from the concrete admixtures market, globally.
Adhesives Market - Global adhesives market is primarily driven by growth of automotive and building & construction industries and rise in the need to improve quality of construction. Developing as well as developed economies across the globe are carrying out infrastructure development activities to sustain economic growth.
Sodium Lauryl Sulfate Market - The linear alkylbenzene sulfonate (LAS) segment held a major share of the global sodium lauryl sulfate market in 2018. The sodium lauryl ether sulfate (SLES) segment is expected to remain moderately attractive during the forecast period. It is expected to expand at a CAGR of more than 4% between 2019 and 2027.
Silicone Solutions for Leather and Textile Market - Significant factors driving the silicone solutions for leather and textile market are demand for various fabric with features like stain resistance, comfort, softness, and wrinkle resistance. This will push the market growth in coming years. Sweat absorption, comfort in sports apparel and active wear are another factor that will drive the market.
Specialty Synthetic Graphite Market - Rise in demand for smart phones owing to the increase in competition among mobile phone players is propelling the specialty synthetic graphite market. Furthermore, growth in demand for electronics is also augmenting the market. Incorporation of specialty synthetic graphite in electric vehicles is also anticipated to drive the specialty synthetic graphite market during the forecast period.
Gain access to Market Ngage, an AI-powered, real-time business intelligence that goes beyond the archaic research solutions to solve the complex strategy challenges that organizations face today. With over 15,000+ global and country-wise reports across 50,000+ application areas, Market Ngage is your tool for research on-the-go. From tracking new investment avenues to keeping a track of your competitor's moves, Market Ngage provides you with all the essential information to up your strategic game. Power your business with Market Ngage's actionable insights and remove the guesswork in making colossal decisions.
About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
Mr. Rohit Bhisey
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
View original content:http://www.prnewswire.com/news-releases/valuation-of-synthetic-leather-market-to-climb-to-us-157-3-bn-by-2027-companies-harness-sustainable-production-processes-to-expand-horizon-tmr-301089912.html
SOURCE Transparency Market Research
