The global Microfiber Synthetic Leather Market is estimated to be valued at US$ 25.38 Bn 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 is a man-made material that looks and feels similar to real leather. It is made using polyester or polyurethane and is durable, stain-resistant, lightweight and affordable alternative to animal-derived leather. These properties make microfiber synthetic leather an ideal choice for various industrial applications including furniture, automotive interiors, shoes, bags and clothing.
Market key trends:
One of the key trends in the microfiber synthetic leather market is the growing preference for sustainable and environment-friendly alternatives to animal-derived leather. Microfiber synthetic leather is produced without harming animals and has lower environmental impact compared to genuine leather. Moreover, rapid urbanization and rising disposable income in developing economies are fueling the demand for home furniture, automotive and fashion accessories. This is positively impacting the consumption of microfiber synthetic leather which is cost-effective and easy to maintain. Furthermore, ongoing technological advancements are helping manufacturers develop microfiber synthetic leather with premium aesthetics and superior performance characteristics closer to real leather.
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Market key trends:
One of the key trends in the Microfiber Synthetic Leather Market Demand is the rising preference for high-quality faux leather that provides a close resemblance to real leather but is cruelty-free and more durable. Microfiber synthetic leather mimics the smoothness and texture of genuine leather and offers advantages like water resistance and ease of cleaning. It is increasingly being used as a sustainable alternative to leather in various apparel, upholstery and footwear applications.
SWOT Analysis
Strength: Microfiber synthetic leather is durable, water resistant and easy to clean. It provides close resemblance to leather but is cruelty-free.
Weakness: Initial costs of microfiber synthetic leather are higher than leather. It lacks the premium look and feel of real leather.
Opportunity: Increasing demand for faux leather and animal welfare drives growth opportunities. Rising fashion consciousness boosts synthetic leather demand.
Threats: Fluctuating raw material costs and established substitution threat from other synthetic materials.
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 preference for faux leather and sustainability concerns regarding animal welfare.
The Asia Pacific region currently dominates the microfiber synthetic leather market and is expected to maintain its lead over the forecast period, with China and India being the major markets. Developing nations in the region provide numerous growth opportunities owing to increasing disposable incomes, western influence on fashion trends, and rising living standards.
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.
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