Global Synthetic Leather Market 2017-2021
About Synthetic Leather
Artificial leather or synthetics is gaining prominence due these reasons such as it is a manmade fabric and looks exactly like leather. It has a surface which is similar to leather, and this is achieved through various dyes and treatment to get a look and feel similar to genuine leather. Synthetic leather is man-made leather and has properties similar to genuine leather. It is also known as artificial leather or faux leather.
Technavio’s analysts forecast the global synthetic leather market to grow at a CAGR of 7.13% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global synthetic leather market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Synthetic Leather Market 2017-2021
Technavio recognizes the following companies as the key players in the global synthetic leather market: KURARAY, Mayur Uniquoters, NAN YA PLASTICS, TEIJIN, and TORAY INDUSTRIES.
Other Prominent Vendors in the market are: Achilles USA, ALFATEX, ARORA VINYL, DAEWON Chemicals, FILWEL, H.R. Polycoats, Lederplast, MarvelVinyls, SAN FANG CHEMICAL INDUSTRY, Sisa, and Suzhou Star New Material.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is focus on development of bio-based synthetic leather. The need for sustainability is impelling the various stakeholders, such as customers, manufacturers, and the governments, to implement the production and adoption of bio-based products. Almost 9-11% of all the chemical-based products have their raw materials sourced from renewable sources, thus, making them more environment-friendly.”
According to the report, one driver in the market is regulations against animal killing. Animal lovers across the globe are turning toward vegan leather. The major reason being to reduce animal killing for their hides for manufacturing of leather. India is one of the major producers and exporters of leather in the world and accounts for around 13% of the world’s leather production. It ranks second for the manufacturing of leather footwear and garments in the world. Recently, there has been a ban on cattle slaughter in India.
Further, the report states that one challenge in the market is harmful environmental effects of PVC processing. PU and PVC are the most common materials that are used to make synthetic leather. Among these two materials, PVC is preferred more as it is much cheaper than PU. However, in recent times, the use of PVC is being reduced as it releases dioxins, which are hazardous chemicals. Another factor is the use of plasticizers known as phthalates. PVC, in the original form, is a very rigid substance and plasticizers must be added to make it more flexible and malleable.
KURARAY, Mayur Uniquoters, NAN YA PLASTICS, TEIJIN, and TORAY INDUSTRIES, Achilles USA, ALFATEX, ARORA VINYL, DAEWON Chemicals, FILWEL, H.R. Polycoats, Lederplast, MarvelVinyls, SAN FANG CHEMICAL INDUSTRY, Sisa, and Suzhou Star New Material