Middle East and Africa Synthetic Leather Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Polyurethane, Polyvinyl Chloride, Silicone, and Others) and Application (Footwear, Furniture, Automotive, Clothing, Stationery Goods, and Oth

Middle East and Africa Synthetic Leather Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Polyurethane, Polyvinyl Chloride, Silicone, and Others) and Application (Footwear, Furniture, Automotive, Clothing, Stationery Goods, and Others) 

The synthetic leather market in MEA is expected to grow from US$ 2,462.44 million in 2021 to US$ 3,662.07 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2021 to 2028. The footwear industry is one of the significant segments of the synthetic leather industry. The high demand for trendy shoes is providing opportunities for the footwear industry to develop and grow. In the footwear industry, synthetic leather is frequently used in shoes. Synthetic leather material is suitable for shoes due to its low cost and abrasion resistance. Also, synthetic leather shoes offer great waterproof qualities. Synthetic leather can be mixed with a few chemicals to add waterproof features. There is a high demand for synthetic leather in the footwear industry. Moreover, many footwear brands are focusing on developing plant-based leather shoes and vegan leather shoes. This is further contributing to the high demand for synthetic leather. Thus, growing demand from the footwear industry will offer more opportunities for the growth of the synthetic leather market.

The footwear segment led the MEA synthetic leather market, based on application, in 2020. Synthetic leather is increasingly being used in the footwear industry as a replacement of traditional leather. It is used in shoe uppers, sandals, shoe lining, and insoles. There are several benefits of wearing synthetic leather shoes instead of actual leather. Synthetic leather shoes exhibit great waterproof qualities, as it is combined with a few chemicals that impart waterproof features to this leather. The synthetic leather manufacturing is a straightforward and automated process, which lowers the cost of shoes made from synthetic leather. Thus, there is a high demand for synthetic leather in the footwear industry. Many footwear brands are focusing on developing plant-based or vegan leather shoes. For instance, Adidas is working on vegan shoes made from a biodegradable fungi-based leather alternative, in partnership with Bolt Threads, a biotech company that produces leather. Adidas wants to bring vegan shoes made of mushroom leather to the market.

In the Middle East & Africa, South Africa is among the major countries with many COVID-19 confirmed cases and deaths. The COVID-19 pandemic has had a severe impact on the Middle East & Africa economy. The region comprises many growing economies, which are prospective markets for synthetic leather vendors. The pandemic has significantly slowed down the growth of the synthetic leather market in the region due to negative impacts upon the growth of industries such as footwear and many others.

The overall MEA synthetic leather market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the MEA synthetic leather market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the MEA synthetic leather market. BASF SE; H.R.Polycoats Pvt. Ltd.; KURARAY CO., LTD.; Mayur Uniquoters Limited; San Fang Chemical Industry Co., Ltd; and Teijin Limited are among the players operating in the market.

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