The Microfiber Synthetic Leather Market is estimated to be valued at US$ 25.38 Bn or in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Microfiber synthetic leather, also known as faux leather, is a fabricated material that looks and feels similar to real leather but is made from microfiber. It closely mimics the appearance and feel of real leather but is more affordable and durable than genuine leather. Microfiber synthetic leather is widely used in various applications such automotive interiors and covers, upholstery, footwear, clothing, suitcases and handbags owing to its durability, light weight, and easy cleaning properties.
Market Dynamics:
The growth of the microfiber synthetic leather market is driven by the increasing adoption of microfiber synthetic leather in the automotive interiors. Synthetic leather is preferred material for automotive interiors owing to its light weight and durable properties. It offers a luxurious look and feel similar to real leather at lower cost making it an ideal material for automotive seat covers and door panels. In addition, the demand for eco-friendly synthetic leather alternatives is also fueling the market growth. Microfiber synthetic leather produces less waste and requires fewer resources to produce compared to real leather, which makes it a sustainable option. However, availability of low-cost alternatives such as polyurethane leather and polyvinyl chloride leather can hinder the market growth over the forecast period.
Segment Analysis
The Microfiber Synthetic Leather Market Demand can be segmented by material type, application and end user. By material type, the polyester segment dominates the market as it offers durability, flexibility and ease of dyeing. It accounts for over 50% of the market share owing to its price advantage over other materials like polyurethane.
By application, the footwear segment is the major contributor to the microfiber synthetic leather market. Microfiber synthetic leather is extensively used in the production of shoes, boots and sandals due to its low cost and water resistance property. The footwear segment holds more than 30% share of the global market.
PEST Analysis
Political: No significant trade restrictions on the import and export of microfiber synthetic leather across major countries.
Economic: Growing disposable incomes in developing nations is propelling the sales of fashion accessories and footwear made from microfiber synthetic leather.
Social: Changing lifestyle and fashion trends are increasing the demand for synthetic leather over real leather among the young population due to growing animal rights concerns.
Technological: New production technologies are being adopted to manufacture thinner, stronger and comfortable microfiber synthetic leather with improved aesthetics resembling real leather.
Key Takeaways
The global microfiber synthetic leather market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing urbanization and purchasing power. The market size for 2023 is projected to reach US$ 25.38 Bn.
Regionally, Asia Pacific dominates the global market led by China, India and other Southeast Asian countries. This region accounts for over 50% share due to availability of raw materials and cheap labor.
Key players operating in the microfiber synthetic leather market are Toray Industries, Inc., Kuraray Co. Ltd., E-Leather Ltd., Mayur Uniquoters Ltd., Zhejiang Hexin Industry Group Co., Ltd., Yantai Wanhua Synthetic Leather Group Co., Ltd., Clarino (Asahi Kasei Corporation), San Fang Chemical Industry Co. Ltd., Anhui Anli Material Technology Co. Ltd., Nan Ya Plastics Corporation. These players are focusing on new product development and capacity expansions to strengthen their market presence.
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A detailed study by Fact.MR on the Microfiber Synthetic Leather market provides an in-depth evaluation of various growth drivers, trends, and opportunities, the prevailing regulatory landscape in various regions, and the competitive scenario amidst the COVID-19 pandemic.
This latest Fact.MR report states that global microfiber synthetic leather market is expanding fast and is expected to attain a rate of 4.9% CAGR growth for the forecast period 2017-2026.
The report provides insight into the major drivers and key restraining factors, emerging trends, and sources of new revenue streams over the assessment period.
It provides a detailed scenario of the existing demand and consumption patterns of various key product types.
Companies covered in the study includeHuafon GroupKurarayTorayWenzhou Imitation LeatherAlfatexZhejiang Hexin Industry Group Co., Ltd.Anhui Anli Material Technology Co., Ltd.Kunshan Xiefu Artificial Leather Co., LtdTo Know More Information about This Report, Ask The Analyst @ https://www.factmr.com/connectus/sample?flag=AE_id=398How Insights and Analysis by Fact.MR Make Difference?
The in-depth assessment of various growth dynamics of the Microfiber Synthetic Leather market and insights on market estimations help all market participants to stay ahead in the curve of growth with a worldwide economic impact of COVID-19.
