The global synthetic leather market was valued at USD 22.13 billion in 2015 and is projected to reach USD 33.54 billion by 2021, at a CAGR of 7.20% from 2016 to 2021. The global synthetic leather market is segmented on the basis of type, end-use industry, and region.
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PU-based synthetic leather accounted for the largest share of the overall synthetic leather market in 2015. It is also projected to register the highest CAGR from 2016 to 2021. The major factor driving the demand for PU-based synthetic leather is, its environment friendliness as compared to PVC-based leather. The processing of PU-based synthetic leather does not release harmful toxic compounds, unlike PVC-based leather. The use of PVC is regulated in various countries in Europe and North America.
The demand for synthetic leather in the footwear industry is projected to register the second highest CAGR during the forecast period. The positive economic growth, and flourishing fashion industry in the Asia-Pacific region and some regions of Africa and South America is expected to drive the demand for synthetic leather in this industry. The growing automotive, and clothing industry due to growing disposable incomes of consumers around the world, is expected to drive the global synthetic leather market.
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The Asia-Pacific region is expected to be the largest and fastest-growing synthetic leather market. Growing end-use industries in the Asia-Pacific region, accompanied by the development of new technologies and products, is projected to make it a major synthetic leather market.
Some of the major players operating in the global synthetic leather market are, Kuraray Co. Ltd. (Japan), San Fang Chemical industry Co. Ltd (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Ltd. (India), Nan Ya Plastics Co. Ltd. (Taiwan), Filwel Co. Ltd. (Japan), Zhejiang Hexin Industry Group Co., Ltd. (China), Alfatex (Italy), H.R. Polycoats Pvt. Ltd. (India), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China). Most of the companies have adopted new product development as their development strategy to strengthen their positions in the global synthetic leather market.
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