Henan Bensen Industry Co.,Ltd

New trend of synthetic leather market

SAN FRANCISCO, May 31, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Synthetic Leather Market – Global Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast Report 2022 – 2028” research database.

“According to the latest research, the global synthetic leather market size and share demand value was valued at USD 63.17 billion in 2021 and is expected to cross the approximately USD 80.55 billion mark by 2028, at a compound annual growth rate (CAGR) ) during the period from 2022 to 2028 About 4.01% over the forecast period.”

Synthetic leather is a man-made fabric mainly composed of polyvinyl chloride (PVC) or polyurethane (PU) . This is a synthetic leather that looks like real leather. Synthetic leather is dyed and processed to look like real leather. This leather is called vegan leather, artificial leather, faux leather and leather.

Durability, color resistance, and weather resistance are all advantages of synthetic leather. It has no layers or seams; therefore, water cannot leak inside and damage the material.

Growing demand for synthetic leather in end-use industries such as footwear, furniture, automotive, apparel, bags, wallets, and others is driving the market. The synthetic leather market will be driven by factors such as growing demand from the footwear industry, animal slaughter, advantages over pure leather, and growing demand for luxury and electric vehicles. Synthetic leather is chemically treated to make it resistant to sunlight, scratches, and fire; but due to wear and tear, it becomes weak and prone to degradation.

Synthetic leather is inexpensive; however, it requires a high level of care and maintenance, as well as protection from direct sunlight to extend its lifespan. Therefore, customers and end users in the commercial industry consider advantages over disadvantages when making purchasing decisions.

The leather industry has been adversely hit by COVID-19, which has created opportunities for synthetic leather. Synthetic leather has recently been in high demand for beds and furniture in makeshift hospitals and medical facilities around the world to help patients with COVID-19 and other illnesses. These mattresses and other furniture are often covered with antibacterial or anti fungal medical-grade synthetic leather. The decline in car sales in the first half of the year indirectly affected the demand for synthetic leather, which is mainly used in automotive interiors.

The entire research report examines the synthetic leather market from both qualitative and quantitative perspectives. Both supply and demand sides of the market have explored.Demand-side analysis first looks at market revenue in different regions and then compares it with revenue in all major countries. Supply-side research looks at the industry’s key competitors, their regional and global presence, and their strategies. Every major country in North America, Europe, Asia Pacific, Middle East and Africa, and Latin America is exhaustively explored.

The report contains qualitative and quantitative research on the global Synthetic Leather market along with detailed insights and development strategies employed by key competitors. The report also provides an in-depth analysis of key competitors in the market and provides information on their competitiveness. The study also identifies and analyzes important business strategies such as mergers and acquisitions (M&A), affiliates, collaborations, and contracts used by these key market players.Among other things, the study looked at each company’s global reach, competitors, service offerings and standards.

Asia Pacific dominates the global market in 2021. The regional market will grow at the fastest rate from 2022 to 2028.The largest revenue-generating economies in the Asia-Pacific region are expected to be China, India and South Korea. There are several expansion prospects for market players as disposable income increases along with population growth. China is one of the most important markets in terms of product manufacturing and sales.

On the other hand, the global pandemic has had a negative impact on the country’s manufacturing production. To stop the spread of the disease, some manufacturers have closed or slowed down their activities. The limited manufacturing output due to cessation or slowdown of operations and supply and transportation constraints and infrastructure slowdown in the country is expected to negatively impact product demand for end-use applications in the near future.

Bensenleather


Post time: Jul-21-2022

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