Synthetic Leather Market: Introduction
· Theglobal synthetic leather market was valued at ~US$ 85.5Bn in 2018. It is anticipated to expand at a CAGR of ~7% duringthe forecast period.
· Based onproduct type, the polyurethane segment held a dominant share of the globalsynthetic leather market in 2018, due to its superior characteristicssuch as soft texture, abrasion resistance, resemblance to traditional leatherproducts, and ease in cleaning
· In termsof end user, the automobile segment accounted for a major share of the globalsynthetic leather market in 2018. Demand for synthetic leather isconsiderably high in automobile industries, as synthetic leather has similarappearance and feel as that of traditional leather.
· Thesynthetic leather market in Asia Pacific is likely to expand at a substantialpace during the forecast period, owing to rapid urbanization andindustrialization in the region
Key Drivers of Synthetic LeatherMarket
· Syntheticleather is more cost-effective as compared to traditional leather, which isboosting the synthetic leather market across the globe. Products manufacturedfrom synthetic leather are usually inexpensive as compared to their traditionalcounterparts, as they are based on fibers rather than animal hides, whichgreatly reduces their prices. Various costs are involved in the production oftraditional leather. Animals need to be taken care of, in terms of livingconditions in order to avoid any damage to their skin. Any such damage canreduce the value of their hides. The animal-rearing activity requires a lot ofinvestment, in terms of time and money, which increases the overall price oftraditional leather.
· Currently,very low amount of hide & skin qualify for high quality leather production,which restraints the supply of good quality traditional leather in the marketand further escalates the prices of traditional leather. Once an animal isslaughtered, its hide is transported to the tannery. Processing of hides withchemicals involves considerable capital investment. Moreover, proper treatmentof the waste generated from the leather industry also incurs high costs.
· The costof transformation of naturally processed leather into various productscontributes to the final selling price of the product. However, syntheticleather does not involve high labor costs or costs related to the maintenanceof animals. Synthetic leather also has significantly low preparation costs atvarious stages of manufacturing, which reduces the final selling price of thefinished product in comparison with that of traditional leather. Thus, highercost-effectiveness of synthetic leather as compared to its traditionalcounterpart, is expected to drive the demand for synthetic leather during theforecast period.
· Syntheticleather is preferred over traditional leather for use in various applications,due to its resemblance to traditional leather, along with higher waterresistance capability and availability over a wide range of colors, as comparedto that of traditional leather
· Noanimals are harmed or killed in the manufacturing of synthetic leather andhence, it is highly popular among animal right activists. Thus, enhanceddurability and similar appearance of synthetic leather, as compared to that oftraditional leather, are likely to drive the global synthetic leather marketduring the forecast period.
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Asia Pacific to Lead Synthetic Leather Market
· AsiaPacific led the global synthetic leather market in 2018, dueto rapid industrialization and the presence of well-established manufacturingunits of major players of automotive and footwear industries in Asia Pacific.Consequently, the region is anticipated to witness high demand for syntheticleather during the forecast period.
· India andChina are leading economies in Asia Pacific. These countries are expected tooffer immense opportunities to the synthetic leather market in the regionduring the forecast period.
· Chinaaccounts for a major share of the total global production of synthetic leather.Countries such as India, Thailand, Indonesia, and South Korea are alsoprominent production hubs for synthetic leather.
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Major Developments in Synthetic Leather Market
· In January2018, Toray Industries, Inc. announced its decision to expand productionfacilities of its Ultrasuede product. The company declared its plans to installnew equipment and upgrade production facilities at its Shiga Plant (Otsu, ShigaPrefecture) and Gifu Plant (Anpachi-gun, Gifu Prefecture) in Japan. TorayIndustries, Inc. expects to bring the additional capacity online by the end of September2019. The expansion would raise the total annual production capacity of itsUltrasuede product to 10 million square meters per year.
· In December2017, Mayur Uniquoters Limited announced that it had invested around US$19 Mn to set up a new PU artificial leather manufacturing plant/PUcoated textile plant in Gwalior, Madhya Pradesh, India. The plant is expectedto have five production lines with total production capacity of around 1million meters per month. The project is likely to be executed in twophases and completed by 2021.
· In April2016, the company announced that it had developed a new high-gradetraditional leather substitute named Maestley. The product has texture andrichness equivalent to traditional leather. It also possesses other superior characteristicsas that of traditional leather.
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Competition Landscape
· Theglobal synthetic leather market is led by multinational players operatingacross the globe
· Prominentplayers operating in the global synthetic leather market are Asahi Kasei Corporation, Kuraray Co., Ltd,Teijin Limited, Nan Ya Plastics Corporation, Toray Industries, Inc., and MayurUniquoters Limited
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