Microfiber Synthetic Leather Market
Microfiber Synthetic Leather Market Analysis By Product Type (Bio-Based Leather, PU Synthetic Leather & PVC-Based Microfiber Synthetic Leather) By Application & Regions Till 2032
Microfiber Synthetic Leather Market Outlook
The global microfiber synthetic leather market is expected to grow with a CAGR of 4.9% and estimated to surpass the market value of US$ 1.8 Bn by the end of FY-2032. The microfiber synthetic leather market accounts for around 17% of synthetic leather market, the share of microfiber synthetic leather market is expected to bolster on the back of growing concern and shifting consumer preference for environmental friendly products.
Asia Pacific is the most lucrative region for microfiber synthetic leather market owing to ramping end-use industries including automobile, apparel and furniture. Further East Asia is presumed to be pivot point for manufacturers across the globe owing to robust manufacturing facilities and ample end-use industries. Moreover, South Asia & Oceania is awaited to corner a populous industries over coming years which is likely to create economy of agglomeration.
Positive network externalities is expected to preserve the growth rate over a long period, this impact has been observed across multitude end-use vertical in past two decades and probable to possess similar aftermath on demand trajectory.
|Microfiber Synthetic Leather Market Size Value in 2022||US$ ~1.1 Bn|
|Project Microfiber Synthetic Leather Market Forecast Value in 2032||US$ ~1.8 Bn|
|Global Microfiber Synthetic Leather Market Growth Rate (2022-2032)||~4.9%|
|Microfiber Synthetic Leather Market Share of Top 5 Companies||~15%|
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Microfiber Synthetic Leather Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
The global microfiber synthetic leather market has register a growth of around 0.6% CAGR in past half decade amidst Covid-19. A decline of -8.2% has been witnessed in FY-2020 which hinders the growth equilibrium of market during 2017-2021.
However, Fact.MR- consumer goods team has scrutinize the market indicators, key factors and consumer behavior to extract the growth potential of global microfiber leather market over the coming decade. It is been stated that global market will cultivate at a CAGR of 4.9% and surpass the pre-Covid-19 forecast growth curve.
Emerging economies including China, South Korea, Japan, India, Indonesia, and Malaysia are poised to expand at a thriving growth rate of more than 5.5% CAGR during the time frame of 2022-2032. Whereas, matured economy like US, Germany & UK will account for a substantial market share and portray a moderate growth of around 4.5% CAGR is same period.
After examining the key trends and consumer preferences, Fact.MR estimates the market value to reach around US$ 1.8 Bn by the end of forecast period.
What are the Key Factors which may aid Microfiber Synthetic leather to Evolve as a Prominent Substitute?
Certainly the natural leather are preferred by significant population of customers due to its admirable properties, permeability, hygroscopicity and wearing comfort. Owing to the limited resource of natural leather, the prices shoot and it tends to be more expensive, value based pricing has brunt the reachability of customers.
Therefore, the emergence of synthetic leather providing distinguished performance and has gained traction, become a widely adopted substitute. The microfiber synthetic leather is came up as an ideal substitute for natural leather and exponentially emerged over the past few years. Continuous development in microfiber synthetic leather has bring some unparalleled upper edge and improve the mechanical behavior better than natural leather.
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How Microfiber Synthetic Leather is Minimizing the Environmental Hazards?
Production of natural leather is hazardous to environment, numerous toxins including coal-tar derivatives, formaldehyde, oils, mineral salts, dyes, sulfides, lime sludge and acids emitting from leather tanneries has endangered ecological health by polluting waterways and air.
On the other side of coin, leather production require enormous amount of energy retaining from the consumption of fossil fuels in logistics, skinning, raising and other vital procedures. Whereas, synthetic leather requires comparatively less petroleum product in manufacturing. Thus, aid to emerge as a potential option across multiple end-use industries.
How End-Use Industries will Shape the Business Sphere?
Prominent application of microfiber synthetic leather is in apparel, automobile, furniture and footwear industry. While determining the material for aforementioned application, the factors which are primarily considered is the ability to uphold the shape and versatility to be tailored in different style. This is where microfiber synthetic leather comes into picture, it is extensively used for upholstery and furniture cover. Durability and appearance is trump card which propels the demand from apparel industry, this makes an excellent choice for both children’s apparel and adult apparel.
Resistant to stain is the driving force from footwear and automobile industry. Microfiber synthetic liquid allows to bead over the surface and gently wiped off. Wicking moisture is an added advantage which led to widely adopt in warm regions.
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Which Region Showcase Exceptional Growth during Assessment Period?
The comprehensive analysis on global microfiber synthetic leather market shed light on six crucial regions across the globe including; North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa. Considering the regional cluster and market landscape, the North America is screened to be most dominant in terms of market share followed by Europe.
Whereas, The East Asia and South Asia & Oceania is likely to exhibit exponential growth rate over the projection period. MEA & Latin America is expected to illustrate a minimal growth rate and stands on beneath in market share ranking.
Why US holds the Notable Market Share?
Microfiber Synthetic leather finds prominence across multitude established industries which edifies ground for rapid escalation. Statically, the prime end-use industry has a robust presence in US, which pave ways for surged utilization. Considering the past pattern followed by industries, technological advancement, manufacturing capabilities, trade fairs will have a subsequent response on microfiber synthetic leather.
Why China is on Focal Point of Manufacturers?
China is the keen option for manufacturers across the globe owing to labor intensive benefits, propelling organizational and technological ventures. Attaining favorable trade affairs, lower raw material prices, worldwide connectivity and minimal labor expenses has intensify the profit margin and subsidize to cater the wide spectrum of industries.
Why Bio Based Leather is Evolving Rapidly?
The manufacturing of bio based leather has minimal environmental effect as compared to PU and PVC synthetic leather, this led to shift the consumer preference over bio based synthetic leather. Analytically, it is been registered that consumer behavior has been drastically shifted over biodegradable products and sustainability. Moreover, prominent players have scrutinize this whitespace in market and further recapitalize this by employing fibers of cotton, soybean, palm and flax as raw material.
Majority of companies discussed in the report have focused on product launches and expanding their manufacturing units in developing regions. Strategies include innovation, collaborations with key players, partnerships, strategic alliances, and strengthening of regional and global distribution networks.
Microfiber Synthetic Leather Report Scope
|Historical Data Available for||2017-2021|
US$ Bn for Value
Tons for Volume
|Key Regions Covered||
|Key Countries Covered||
|Key Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Key Segments Covered
- Bio-Based Leather
- PU Synthetic Leather
- PVC-Based Synthetic Leather
- Bags, Purses & Wallets
- Other Applications
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