Microfiber synthetic leather is a durable and flexible man-made material used as a substitute for real leather in automotive, footwear, furniture and clothing industries. It offers superior properties like light-weight, water and dirt resistance along with low maintenance. The material provides a realistic leather-like appearance and feel at a lower cost compared to genuine leather.
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 key trends:
The increasing adoption of microfiber synthetic leather across various industries like automotive, footwear and fashion has been a key growth driver for the market. The material is increasingly being used as leather alternative in cars, shoes, jackets and bags due to its durability and affordable price point. The realistic finish and feel of microfiber matches the aesthetic requirement of end use products. With growing environmental and ethical concerns regarding animal leather, many brands are switching to synthetic leather to meet sustainability goals. The trend is expected to continue over the forecast period, thereby fueling the demand for microfiber synthetic leather.
Segment Analysis:
The global microfiber synthetic leather market is dominated by the apparel segment. Microfiber synthetic leather fabrics are extensively used in the production of clothing owing to their smooth texture and shear thinness that provides comfort. The increasing demand for synthetic leather clothing especially jackets and shoes has augmented the growth of the apparel segment.
Key Takeaways:
The Global Microfiber Synthetic Leather Market Size is expected to witness high growth over the forecast period owing to rising adoption in the apparel and automotive industries.
Regional Analysis:
Asia Pacific dominated the global microfiber synthetic leather market and accounted for over 45% share in 2023 led by China. The Chinese market is expanding rapidly due to increasing production and exports of clothing and footwear. Moreover, the presence of leading microfiber synthetic leather producers such as Toray Industries and Kuraray has strengthened market growth. North America is anticipated to witness robust growth due to rising demand for vegan and eco-friendly synthetic leather in footwear and bags.
Key Players:
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. Toray Industries and Kuraray capture over 40% share of the global market owing to their extensive production capacity and strong distribution networks across Asia Pacific, Europe and Americas.
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A detailed study by Fact.MR on the Microfiber Synthetic Leather market provides an in-depth evaluation of various growth drivers, trends, and opportunities, the prevailing regulatory landscape in various regions, and the competitive scenario amidst the COVID-19 pandemic.
This latest Fact.MR report states that global microfiber synthetic leather market is expanding fast and is expected to attain a rate of 4.9% CAGR growth for the forecast period 2017-2026.
The report provides insight into the major drivers and key restraining factors, emerging trends, and sources of new revenue streams over the assessment period.
It provides a detailed scenario of the existing demand and consumption patterns of various key product types.
Companies covered in the study includeHuafon GroupKurarayTorayWenzhou Imitation LeatherAlfatexZhejiang Hexin Industry Group Co., Ltd.Anhui Anli Material Technology Co., Ltd.Kunshan Xiefu Artificial Leather Co., LtdTo Know More Information about This Report, Ask The Analyst @ https://www.factmr.com/connectus/sample?flag=AE_id=398How Insights and Analysis by Fact.MR Make Difference?
The in-depth assessment of various growth dynamics of the Microfiber Synthetic Leather market and insights on market estimations help all market participants to stay ahead in the curve of growth with a worldwide economic impact of COVID-19.
In this report, our team offers a comprehensive analysis of Microfiber Leather market, SWOT analysis of the most prominent players in this landscape.
Along with an industrial chain, market statistics in terms of revenue, sales, price, capacity, regional market analysis, segment-wise data, and market forecast information are offered in the full study, etc.
Download Free Sample Report @ https://www.radiantinsights.com/research/global-microfiber-leather-market-2020-2026/request-sample This report focuses on top manufacturers in global market, Involved the assessment of Sales, price, revenue and market share for each manufacturer, covering• Huafon Group• Kuraray• Toray• Hexin Group• Tongda Island• Double Elephant• Topsun Micro Fiber• Teijin Cordley• Asahi Kasei• Xiangyu Xinghong• Kolon Industries• Sanfang• Wanhua Micro Fiber• Meisheng Group• FILWEL• Sanling Micro Fiber• SISA• NPC• Ecolorica On the basis of product, this report displays the Sales, revenue, price, market share and growth rate of each type, primarily split into• Co-Blending Spinning• Composite Spinning• Direct Spinning By Application, this report focuses on Sales, Market share and Growth Rate of each application, can be divided into• Shoes Industry• Furniture Industry• Automotive Industry• Case & Bag Industry• Other By Regions, this report splits global market into several key regions, with Sales, Revenue, Price and Gross Margin market share of top players in these regions, from 2014 to 2026 (forecast), like• China• USA• Europe• Japan• Korea• India• Southeast Asia• South America Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/global-microfiber-leather-market-2020-2026 Table of Contents Global Microfiber Leather Market Professional Survey Report 20191 Report Overview1.1 Definition and Specification1.2 Manufacturers and Region Overview1.2.1 Manufacturers Overview1.2.2 Regions Overview1.3 Type Overview1.3.1 Co-Blending Spinning1.3.2 Composite Spinning1.3.3 Direct Spinning1.4 Application Overview1.4.1 Shoes Industry1.4.2 Furniture Industry1.4.3 Automotive Industry1.4.4 Case & Bag Industry1.4.5 Other1.5 Industrial Chain1.5.1 Microfiber Leather Industrial Chain1.5.2 Upstream1.5.3 Downstream 2.1 The Overall Market Performance(Volume)2.1.1 Co-Blending Spinning2.1.2 Composite Spinning2.1.3 Direct Spinning2.2 The Overall Market Performance(Value)2.2.1 Co-Blending Spinning2.2.2 Composite Spinning2.2.3 Direct Spinning 3 Global Microfiber Leather Market Assessment by Application3.1 Overall Market Performance (Volume)3.2 Shoes Industry3.3 Furniture Industry3.4 Automotive Industry3.5 Case & Bag Industry3.6 Other Continued… Read all Reports of this category @ https://www.radiantinsights.com/catalog/consumer-goods About Radiant InsightsRadiant Insights is a platform for companies looking to meet their market research and business intelligence requirements.
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