AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Global Synthetic Leather Market 2020-2024| High Demand from Developing Economies to Boost Market Growth | Technavio

March 3, 2020 GMT
Technavio has announced its latest market research report titled Global Synthetic Leather Market 2020-2024 (Graphic: Business Wire)
Technavio has announced its latest market research report titled Global Synthetic Leather Market 2020-2024 (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--Mar 3, 2020--

The synthetic leather market is expected to grow by USD 12.98 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200303005422/en/

Technavio has announced its latest market research report titled Global Synthetic Leather Market 2020-2024 (Graphic: Business Wire)

There is a high demand for synthetic leather from emerging economies such as China, India, Brazil, South Africa, and Indonesia, primarily due to its application in industries such as apparel, bags, and footwear. The rapid growth of these industries is driven by the rise in disposable income and increase in economic activities in emerging markets such as China. The annual disposable income per capita in China among urban and rural households grew by 46.30% and 55.01%, respectively, between 2013 and 2018. This growth in disposable income is fueling the repeat purchase of fashion products such as apparel, footwear, and bags as well as automotive accessories, including seat covers and steering covers. This will drive the demand for synthetic leather in developing countries.

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR41583

As per Technavio, the technological advances in synthetic leather manufacturing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Synthetic Leather Market: Technological Advances in Synthetic Leather Manufacturing

Manufacturing processes consume large amounts of water, chemicals, and energy, which leads to high discharge of effluents. Therefore, additional investments are required for wastewater treatment to meet the required standards. To address this issue, BASF SE developed Elastollan, a Thermoplastic Polyurethane (TPU) that is used in synthetic leather processing. It can be directly extruded onto the fabric with a non-solvent based technology and speeds up the production process. Similarly, DuPont de Nemours, Inc. offers Susterra propanediol, a plant-based substrate that is used in the manufacture of synthetic leather for different applications. The use of Susterra propanediol in synthetic leather makes products environment friendly and biodegradable. Such technological advances are expected to drive the growth of the market.

“Factors such as the increasing adoption of sustainable product manufacturing practices by vendors, and the growing demand for customization will have a positive impact on the growth of the synthetic leather market value during the forecast period,” says a senior analyst at Technavio.

Register for a free trial today and gain instant access to 17,000+ market research reports

Technavio’s SUBSCRIPTION platform

Synthetic Leather Market: Segmentation Analysis

This market research report segments the synthetic leather market by product (PU-based, PVC-based and bio-based), application (footwear industry, furnishing industry, automotive industry, bags industry and other industry), and geographic (APAC, Europe, MEA, North America and South America).

The APAC region led the synthetic leather market in 2019, followed by North America, Europe, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rapid growth of industries such as footwear, apparel, automotive, furnishing, and bags which use synthetic leather.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.Request a free sample report

Some of the key topics covered in the report include:

Product

  • PU-based
  • PVC-based
  • Bio-based

Application

  • Footwear industry
  • Furnishing industry
  • Automotive industry
  • Bags industry
  • Other industry

Geographic Segmentation

  • APAC
  • Europe
  • MEA
  • North America
  • South America

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200303005422/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email:media@technavio.com

Website:www.technavio.com/

KEYWORD:

INDUSTRY KEYWORD: RETAIL TEXTILES MANUFACTURING FASHION

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 03/03/2020 08:00 AM/DISC: 03/03/2020 08:01 AM

http://www.businesswire.com/news/home/20200303005422/en