by 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 durable synthetic alternative to real leather that is lightweight, breathable, and water-resistant. Microfiber uses short filaments that mimic the texture of leather to produce material that is soft yet strong and flexible. It is used in various end-use industries like footwear, clothing, furniture and automotive interiors.
Market key trends:
One of the key trends fueling the growth of the microfiber synthetic leather market is its increasing adoption in the sports industry. Sports microfibers offer properties like stretchability, breathability and quick-dry functionality making them suitable for various sportswear and athletic gear. The growing health and fitness enthusiast population has been increasing the demand for high-performance athletic apparel. Moreover, microfiber leather imparts a premium look and feel at an affordable cost which has also been supporting its rising preference over genuine leather for various sports and workout outfits.
Segment Analysis
The Microfiber Synthetic Leather Market Demand can be segmented on the basis of application and material. Based on application, the automotive segment dominates the market. The growing demand for high-quality and long-lasting upholstery materials from automakers is fueling the demand for microfiber synthetic leather in the automotive segment. Based on material, polyester microfiber accounts for the largest share in the market. Polyester microfiber synthetic leather offers properties similar to real leather, making it a popular alternative to leather. Its lightweight and durable nature has increased its adoption over other materials.
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 eco-friendly substitutes to real leather from various end-use industries.
Regional analysis- Asia Pacific dominates the global microfiber synthetic leather market and is expected to continue dominating over the forecast period. Rapid industrialization and growth of end-use industries such as automotive, footwear, and furniture in China, India, and other Asian countries are driving market growth in the region.
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. These players are focusing on expanding their production capacities and geographic reach to strengthen their positions in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
