Microfiber Synthetic Leather Market Outlook by Size, Share, Demand & Growth from 2033

-

 In 2018, the size of the global microfiber synthetic leather market was US$ 2,737.3 million. In 2023, it’s predicted to be worth US$ 3,203.2 million.


The global market for microfiber synthetic leather is anticipated to expand at a 6.1% CAGR from 2023 to 2033. By the end of 2033, the microfiber synthetic leather market is anticipated to reach US$ 5,787.8 million.

Microfiber synthetic leather is often promoted as a vegan and eco-friendly alternative to genuine leather, attracting consumers who prioritize ethical and sustainable choices. Global demand for microfiber synthetic leather is increasing due to its rising applications in footwear, fashion, apparel, and automotive industries.

Technological advances have paved the way to develop novel microfiber synthetic leather products with enhanced qualities and functionality. These technological advances are serving as catalysts, boosting market expansion.

The market is expected to have considerable investment opportunities by 2033, owing to rising fashion and footwear industry demand. Both the footwear and fashion industries have gradually embraced microfiber synthetic leather in producing shoes, purses, and clothing items. This material offers a wide range of design possibilities and can accurately mimic the appearance & texture of natural leather.

As environmental awareness develops, so does the need for sustainable and eco-friendly products. This trend is likely to help bolster demand for microfiber leather, which is frequently regarded as a more environmentally friendly alternative to classic leather.

Consumers are increasingly looking for products with a low environmental impact, such as those made from recycled materials or manufactured using procedures that limit waste and chemical usage. Microfiber leather manufacturers are reacting by inventing novel, sustainable materials to meet this need.

To gain insight into the Comprehensive Research Report, please download the Sample PDF Summary! https://www.futuremarketinsights.com/reports/sample/rep-gb-17995

As a result of these factors, the market for microfiber synthetic leather continues to rise, aided by its efficiency and versatility. Its alignment with the growing desire for sustainable practices in various industries also augments demand.

Key Takeaways from the Microfiber Synthetic Leather Market Study

  • The microfiber synthetic leather industry witnessed a CAGR of 2.6% over the historical period from 2018 to 2022.
  • The United States is projected to create a total financial potential worth US$ 474.1 million by 2033.
  • The market in China is expected to elevate at a CAGR of 5.2% during the forecast period.
  • By application, the footwear segment is expected to surge at a CAGR of 6.6% during the forecast period.
  • The bio-based product type segment is anticipated to surge at a considerable CAGR of 8.5% from 2023 to 2033.

Competitive Landscape

A competitive landscape, including established players and creative newcomers characterize the global market. Key players such as Kuraray, Toray Industries, and Teijin Limited dominate the market with their vast product portfolios and global reach.

They are set to compete based on product quality, technological breakthroughs, and environmental initiatives. Furthermore, new entrants such as Nan Ya Plastics Corporation and others are gaining traction by providing specialized solutions and encouraging innovation.

Key market participants are positively engaged in the expansion of their offerings and development activities for microfiber synthetic leather to cater to the rising demand of end-users. Pursuing eco-friendly materials, personalization, and addressing varied demands, particularly in the fashion, automotive, and upholstery sectors, drive competitiveness in this market.

For instance,

  • General Silicones (GS) debuted its newest Compo-SiL (SL series) silicone vegan leather product in April 2023. It is a manufacturer of silicone goods with a base in Taiwan. The new series is intended for companies that produce consumer goods such as wallets, book bindings, backpacks, belts, handbags, and covers for books. It is perfect for anyone looking for factory-applied fabric lining and vegan leather accessories that have received PETA approval.
  • Sage-ONF began manufacturing Silicone Synthetic leather in China in July 2022. It is a synthetic leather supplier with 29 years of experience in research, development, production, and sales. By providing Silicone Synthetic leather as a cutting-edge, non-carbon-based, and petroleum-free alternative, this new initiative builds on Sage-ONF’s history of sustainability. This cutting-edge substance stays away from plasticizers and DMF since it is strongly committed to continued innovation and environmentally friendly business practices.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:       

Nandini Singh Sawlani  

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

Comments

Post a Comment

Popular posts from this blog

Thionyl Chloride Market Size, Share, Revenue Demand & Growth by 2034

-
Heightening concerns related to water treatment are likely to further fuel its growth engine in the near term. According to the latest report by FMI, the global  thionyl chloride market  is expected to reach a valuation of US$ 829.9 million by 2034. The industry is expected to experience revenue growth at a moderate CAGR of 4.8% during the forecast period. Thionyl chloride is used in various end-use industries such as agrochemicals, pharmaceuticals, dyes & pigments, and organic synthesis. The rising adoption of pesticides in developing countries and developments in the pharmaceutical industry are expected to drive the growth of the thionyl chloride market over the forecast period. However, a majority of end users of thionyl chloride are facing a massive slowdown due to the coronavirus (COVID-19) pandemic. This is substantially widening the supply-demand gap, and, as such, straining the revenue pool of the thionyl chloride market. Further, China – the epicenter of the ...
Read more

Bonded Magnet Market Size, Share, Revenue Demand & Growth by 2034

-
  The  bonded magnet market size  is projected to be around US$ 2,597.40 million in 2024. The demand for bonded magnets is anticipated to expand at a CAGR of 4.80% through 2034. The industry is projected to surpass US$ 4,150.99 million by 2034. The bonded magnet industry is primarily driven by the increasing demand for miniaturization and lightweight components in various applications such as automotive, consumer electronics, and medical devices. The rising focus on sustainability and environmental concerns has propelled the adoption of bonded magnets, which are manufactured using environmentally friendly processes and materials. One of the latest trends in the bonded magnet industry is the development of hybrid magnet systems combining bonded magnets with other materials like plastics or composites. These hybrid systems offer unique properties and performance characteristics, catering to specific application requirements such as weight reduction or thermal stability. ...
Read more

Construction Chemicals Market Potential Growth, Size, Share, Demand And Analysis Of Key Players – Research Forecasts To 2031

-
 The essential nature of construction chemicals in the construction and engineering sector is expected to support market growth for the duration of the assessment period from 2021 to 2031. In a new market report, Future Market Insights (FMI) has stated the valuation of the market at US$ 39 Bn in 2020.  Construction chemicals  play critical roles in construction projects including coatings, additives, sealants and more. Affordable housing and smart city projects are major influencers of demand. Strong demand for concrete admixtures, plasticizers in particular is driving the growth of the construction chemicals market. The high degree of workability in areas requiring high levels of reinforcement in high rise buildings and public infrastructure projects will support sales prospects in the coming years. The Asia Pacific excluding Japan region is expected to remain dominant. Major urbanization projects and substantial manufacturing facilities in China are likely to aid ex...
Read more