The key market players in Synthetic Leather (Artificial Leather) Market include Kuraray Co. Ltd. (Japan), San Fang Chemical Industry Co. Ltd. (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Limited (India), NAN YA plastics corporation (Taiwan), Filwel Co. Ltd. (Japan), Zhejiang Hexin Industry Group Co., Ltd. (China), Alfatex N.V. (Belgium), H.R. Polycoats Pvt. Ltd. (India), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China).

Northbrook, IL -- (SBWire) -- 11/16/2021 --The synthetic leather market size is estimated to be USD 63.3 billion in 2020 and is expected to reach USD 78.5 billion by 2025, at a CAGR of 4.4% during the forecast period. Factors such as growing demand from footwear industry, no animal killing involved, advantages over pure leather, and increasing demand for luxury cars and electric vehicles will drive the synthetic leather market. The major restraint for the market will be harmful effects of PU and PVC on humans and substitute for synthetic leather in the automotive industry. However, focus on development of bio-based synthetic leather will act as an opportunity for the market.

The key market players profiled in the report include Kuraray Co. Ltd. (Japan), San Fang Chemical Industry Co. Ltd. (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Limited (India), NAN YA plastics corporation (Taiwan), Filwel Co. Ltd. (Japan), Zhejiang Hexin Industry Group Co., Ltd. (China), Alfatex N.V. (Belgium), H.R. Polycoats Pvt. Ltd. (India), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China).

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=6616309

Players in the synthetic leather market are mainly concentrating on new product launches, acquisition, and collaboration to meet the growing demand for synthetic leather for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.

The growth of the synthetic leather market has been largely influenced by new product launches that were undertaken between 2016 and 2020. Companies such as Kuraray Co. Ltd. and Teijin Limited have adopted new product launches to enhance their market position.

Kuraray Co. Ltd. is one of the major players in the synthetic leather market. In order to strengthen their product portfolio, the company is focusing on collaboration for meeting client's requirements. For instance, in November 2018, Kuraray's CLARINO, a synthetic leather, was chosen for the surface layer for V200W, the official tournament model indoor volleyball produced by Mikasa Corporation for use in the international games sponsored by the Federation Internationale de Volleyball Association. Similarly, in November 2020, Kuraray Co., Ltd. and Nissha Co., Ltd jointly developed the Material Insert technology using the synthetic leather, CLARINO, and started selling the product targeting the mobility and the consumer electronics markets.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=6616309

The companies also adopted acquisition as a strategy to increase their share and market presence. For instance, in September 2019, Air Water Inc. acquired all shares of FILWEL Co., Ltd. Similarly, in October 2017, San Fang Chemical Industry Co. ltd. obtained the subsidiary companies, Giant Tramp Limited and Dong Guan YuGuo Shoes Material Co., Ltd.

In February 2019, Seven Crash, a fashion label launched its innovative Quantus, a collection of futuristic urban streetwear outfits at the Autumn/Winter New York Fashion Week 2019. The collection, designed in collaboration with the chemical company BASF and San Fang, enabled fashion-forward designs and functionality. Similarly, In January 2017, Teijin Frontier, along with Katochu Co., Ltd., a specialized maker of backpacks, launched RANDSELLIER high-quality backpacks for school children made of high-grade artificial leather.

Impact of COVID-19 on Synthetic Leather Market

Asia Pacific is the largest manufacturer of leather and synthetic leather. The leather industry has been adversely affected during COVID-19 which has, opened up avenues of opportunities for synthetic leather. According to the Financial Express, industry experts gradually realize that the focus should now be on non-leather footwear exports, as varieties of non-leather footwear accounts for 86% of the total footwear consumption. This was the observation of a cross-section of domestic footwear makers. Recently, there has been a rise in demand for synthetic leather from the makeshift hospitals and healthcare institutes all around the world for beds and furniture to facilitate various patients suffering from COVID-19 and other diseases. These beds and other furniture mostly have medical-grade synthetic leather coverings and are antibacterial or antifungal in nature. In the case of the automotive industry, it has faced a major setback as the sales of the cares have dropped in the first half of the year, which has indirectly affected the demand for synthetic leather as it is mostly used in making the interiors of the cars. In addition, the fluctuation in the raw material prices of synthetic leather has also affected its market.

Get 10% Customization on this Report @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=6616309

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com