The Microfiber Synthetic Leather market for 2023-2033 is witnessing a rise in bio-based and PU-based variants, driven by modern consumers seeking animal-friendly alternatives. This shift underscores the need for businesses to invest in eco-friendly options to meet evolving consumer preferences.
NEWARK, Del., Oct. 5, 2023 /PRNewswire/ -- 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.
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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.
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.
"The market for microfiber synthetic leather has been significantly impacted by growing environmental and animal welfare consciousness. Genuine leather alternatives are waning in popularity as buyers look for greener options that don't use animal hides. An appealing eco-friendly alternative would be microfiber synthetic leather, especially if it uses bio-based materials." - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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.
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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.
Microfiber Synthetic Leather Market Research Report Coverage:
Attribute | Details | ||
Microfiber Synthetic Leather Market Estimated Size (2023) | US$ 3,203.2 million | ||
Projected Microfiber Synthetic Leather Market Value (2033) | US$ 5,787.8 million | ||
Value-based Microfiber Synthetic Leather Market CAGR (2023 to 2033) | 6.1 % | ||
Forecast Period of Microfiber Synthetic Leather Market | 2023 to 2033 | ||
Microfiber Synthetic Leather Market Historical Data Available for | 2018 to 2022 | ||
Industry Analysis | Value (US$ million) and Volume (000' square meters) | ||
Key Countries Covered in Microfiber Synthetic Leather Market |
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Key Segments Covered in Microfiber Synthetic Leather Market | Product Type, Application, and Region | ||
Key Companies Profiled in Microfiber Synthetic Leather Market |
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Microfiber Synthetic Leather Market Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Driver Restraints, Opportunity, and Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives | ||
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Get More Valuable Insights into the Microfiber Synthetic Leather Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global microfiber synthetic leather market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. The market is segmented based on product type, application, and region to understand the global market potential, growth, and scope.
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About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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