" Synthetic Leather Market Projected to Reach $104.9 Billion by 2031”
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Synthetic Leather Market 2024-2031
Meticulous Research®—a leading global market research company, has published a research report titled, ‘Synthetic Leather Market by Material Type (Polyurethanebased, Microfiber Leather, Bio-based), End-use Industry (Automotive Industry, Fashion & Apparel, Consumer Goods, Oil and Gas Industry, Healthcare), and Geography - Global Forecast to 2031.’ Download Sample Report Here @ https://www.meticulousresearch.com/downloadsample-report/cp_id=5974 According to the latest publication by Meticulous Research®, the synthetic leather market is projected to reach $104.9 billion by 2031, growing at a CAGR of 6.3% from 2024 to 2031. The market's growth is driven by the increasing demand for sustainable materials, rising applications in the automotive and footwear industries, and the cost-effectiveness of synthetic leather. However, consumer preferences for natural products and limited availability of synthetic materials restrain market growth. Furthermore, the versatility, customization options, and growing demand for bio-based materials are expected to present significant growth opportunities for companies in the synthetic leather market. However, the complex manufacturing process and performance limitations of synthetic leather remain major challenges. Market Segmentation The synthetic leather market is segmented based on material type and end-use industry, as well as geography, and includes an in-depth analysis of industry competitors. Material Type The market is categorized into: •
Polyurethane (PU)-based synthetic leather
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Microfiber leather
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Polyvinyl chloride (PVC)-based synthetic leather
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Bio-based synthetic leather
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Other material types
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Synthetic Leather Market 2024-2031
In 2024, the PU-based synthetic leather segment is expected to dominate, accounting for over 61.0% of the market. This segment's large market share can be attributed to PU leather's cost-effectiveness, resemblance to genuine leather, and durability. Additionally, PU-based synthetic leather offers water, scratch, and fade resistance, extending product lifespan. Its ability to be manufactured in various colors, textures, and finishes makes it a preferred choice across industries. This segment is also projected to register the highest CAGR during the forecast period. End-use Industry The market is segmented into: •
Automotive Industry (upholstery and accessories)
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Fashion & Apparel (footwear, clothing, bags, and accessories)
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Consumer Goods (furniture, electronics, and home goods)
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Oil and Gas Industry (safety gear and seating)
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Healthcare (medical equipment and prosthetics)
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Industrial Manufacturing (gaskets, seals, and conveyor belts)
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Aerospace and Marine Industries (upholstery and wall panels)
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Other end-use industries
In 2024, the fashion & apparel segment is expected to account for over 48.0% of the market. Synthetic leather’s affordability, sustainability, and versatile design applications drive its widespread use in this segment. Common uses include footwear, jackets, bags, and accessories. However, the consumer goods segment is anticipated to register the highest CAGR during the forecast period due to synthetic leather’s resistance to wear and tear, scratches, and fading, along with its ability to mimic genuine leather or explore innovative designs. Regional Insights Geographically, the synthetic leather market is segmented into:
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Synthetic Leather Market 2024-2031
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
In 2024, Europe is projected to account for over 44.0% of the market share, driven by the region’s demand for affordable, fashionable, and sustainable materials. Europe’s automotive and consumer appliances sectors also contribute significantly to this growth. Additionally, growing environmental consciousness and government focus on eco-friendly products bolster the market in this region. Europe is also forecasted to register the highest CAGR of 8.0% during the forecast period, supported by the region’s expanding adoption of synthetic leather across various industries. Key Players Prominent companies operating in the synthetic leather market include: •
Kuraray Co., Ltd (Japan)
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San Fang Chemical Industry Co., Ltd. (Taiwan)
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Teijin Limited (Japan)
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Mayur Uniquoters Limited (India)
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Nan Ya Plastics Corporation (Taiwan)
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FILWEL Co., Ltd. (Japan)
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H.R. Polycoats Private Limited (India)
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Covestro AG (Germany)
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ALFATEX ITALIA Srl (Italy)
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Synthetic Leather Market 2024-2031
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Yantai Wanhua Huayi Polyurethane Products Co., Ltd. (China)
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Asahi Kasei Corporation (Japan)
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Shanghai Hexin International Co., Ltd. (China)
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Toray Industries, Inc. (Japan)
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Wanhua Chemical Group Co., Ltd. (China)
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Fujian Polytech Technology Co., Ltd. (China)
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Synthetic Leather Market 2024-2031
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