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| Microfiber Synthetic Leather Market Demand |
The global Microfiber Synthetic Leather Market is estimated to be valued at US$ 25.38 Bn in 2023 and is expected to
exhibit a CAGR of 7.5% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Microfiber synthetic leather is a man-made leather that mimics the appearance and
feel of real leather but is considerably thinner. It is made from polyester
microfibers that are woven to resemble real animal leather. Microfiber
synthetic leather resembles suede or nubuck in texture and is durable,
flexible, water resistant and easy to clean and maintain. Due to its low cost
and eco-friendly nature compared to animal leather, microfiber synthetic
leather is used in various applications including footwear, clothing, furniture
and automotive interiors. The growing footwear and apparel industries and
increasing demand for sustainable and cost-effective alternatives to animal
leather are major factors driving growth of the global microfiber synthetic
leather market.
Market key trends:
The key trends influencing growth of the Microfiber
Synthetic Leather Market Demand include growing demand for eco-friendly
products and emphasis on animal welfare. With increasing awareness of
cruelty-free and sustainable materials, demand for microfiber synthetic leather
is growing as it causes no harm to animals. Manufacturers are also focusing on
developing innovative production technologies to make microfiber synthetic
leather with better texture, feel and durability similar to genuine leather.
Rise in blended fabrics integrating microfiber synthetic leather with other
materials is another emerging trend. Growing automotive production in
developing countries also provides new opportunities for microfiber synthetic
leather manufacturers.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate in microfiber
synthetic leather market due to the requirement of high investments for
production facilities and the dominance of established players.
Bargaining power of buyers: The bargaining power of buyers is high due to the
presence of many established manufacturers and product substitutes. Buyers can
negotiate for prices easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate in
microfiber synthetic leather market due to the availability of substitute raw
materials.
Threat of new substitutes: The threat of new substitutes is high due to the
availability of leather and other synthetic materials that can be used as
alternatives.
Competitive rivalry: High.
Key Takeaways
The global microfiber synthetic leather market is expected to witness high
growth, exhibiting CAGR of 7.5% over
the forecast period, due to increasing demand for affordable and durable
substitute to real leather.
The Asia Pacific region is expected to dominate the global microfiber synthetic
leather market over the forecast period. China, Japan, and India are major
producers and consumers of microfiber synthetic leather due to presence of
established manufacturing facilities and rapid growth of end-use industries.
Key players operating in the microfiber synthetic leather market are Toray
Industries, Inc., Kuraray Co. Ltd., E-Leather Ltd., Mayur Uniquoters Ltd.,
Zhejiang Hexin Industry Group Co., Ltd., Yantai Wanhua Synthetic Leather Group
Co., Ltd., Clarino (Asahi Kasei Corporation), San Fang Chemical Industry Co.
Ltd., Anhui Anli Material Technology Co. Ltd., Nan Ya Plastics Corporation.
Read More: https://www.trendingwebwire.com/microfiber-synthetic-leather-market-demand/