 |
| Global Microfiber Synthetic Leather Market Size |
Microfiber synthetic leather is a man-made material that mimics the appearance
and texture of real leather. It provides advantages like durability, stain
resistance, easy maintenance and lower cost compared to genuine leather.
Microfiber synthetic leather is widely used in furniture, automotive interiors
and footwear owing to its realistic leather-like appearance and
cost-effectiveness.
The global
Microfiber Synthetic Leather Market is estimated to be valued at US$ 29.24 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The rapid uptake of microfiber synthetic leather in the furniture and
automotive industries has been a key driver of market growth over the past few
years. Synthetic leather offers aesthetic and functional benefits over real
leather and is also more sustainable and eco-friendly. With rising
environmental consciousness, automotive and furniture manufacturers are
increasingly preferring microfiber synthetic leather over genuine leather to
cater to changing consumer preferences for green products. This trend is
expected to further increase the demand for microfiber synthetic leather over
the forecast period.
Segment
Analysis
The global microfiber synthetic leather market is dominated by the apparel
segment. Synthetic leather made from microfiber finds major application in
clothing such as jackets, pants, and shoes due to properties like lightweight,
flexibility, soft hand feel and high strength. Its water resistant yet
breathable nature makes it very suitable for various types of clothing and
fashion apparel. The apparel segment holds over 50% share of the overall microfiber
synthetic leather market owing to growing demand for synthetic leather in
clothing products.
Key Takeaways
Global
Microfiber Synthetic Leather Market Size is expected to witness high
growth over the forecast period of 2024 to 2031.
Regional analysis: Asia Pacific dominates the global microfiber synthetic
leather market and accounted for more than 35% of the global market share in
2024 owing to presence of major manufacturers in countries such as China, India
and Indonesia. This region is expected to continue its dominance during the
forecast period due to growing textile industry and rising demand for
affordable synthetic leather products from apparel and automotive industries.
Key players
operating in the microfiber synthetic leather market are Illumina, Inc.F.
Hoffmann-La Roche LtdPerkinElmer, Inc.Agilent Technologies, Inc.Bio-Rad
Laboratories, Inc.Danaher CorporationAbbottThermo Fisher ScientificStandard
BioTools. These players are focusing on developing innovative and sustainable
microfiber materials to strengthen their market position.
Get More Insights On This Topic: https://www.newsanalyticspro.com/microfiber-synthetic-leather-market-expected-to-be-flourished-by-rising-demand/
Explore More Related Article: https://www.timessquarereporter.com/business/the-global-concentrated-solar-power-market-growth-accelerated-by-rising-demand-for-clean-energy-solutions