Report : Asia Pacific Synthetic Leather Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Polyurethane, Polyvinyl Chloride, Silicone, and Others) and Application (Footwear, Furniture, Automotive, Clothing, Stationery Goods, and Others)Â
Footwear Segment to Dominate APAC Synthetic Leather Market during 2021–2028
According to a new market research study on “APAC Synthetic Leather Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 20072.20 million by 2028 from US$ 12699.78 million in 2021. The market is estimated to grow at a CAGR of 6.8% from 2021 to 2028. The report provides trends prevailing in the APAC synthetic leather market along with the drivers and restraints pertaining to the market growth. Growing demand for footwear industry is the major factor driving the growth of the APAC synthetic leather market. However, issues associated with the harmful effects of PVC and PU and durability issues of synthetic leather hinder the growth of APAC synthetic leather market.
The APAC synthetic leather market is segmented into type, application and country. Based on type, the APAC synthetic leather market is segmented into polyurethane, polyvinyl chloride, silicone and others. The polyurethane segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. Based on application, the APAC synthetic leather market is segmented into footwear, furniture, automotive, clothing, stationery goods and others. The footwear segment dominated the market in 2020 and furniture segment is expected to be the fastest growing during the forecast period. Based on country, APAC synthetic leather market is classified into Australia, China, India, Japan, South Korea, and Rest of APAC.
The COVID-19 pandemic is anticipated to cause a significant economic loss in Asia Pacific. The Asian economies have been hit hard due to the pandemic. The governments of various Asia Pacific economies are taking possible steps to restrict the spread of the virus by announcing a country-wide lockdown, which directly impacts the growth of industrial sectors. This may impact the demand for synthetic leather. Various industries such as automotive, footwear, and furniture have been hit hard by the pandemic, impacting the consumption of synthetic leathers in the region. The growth of the synthetic leather market has been severely affected by dwindling sales of vehicles amid the COVID-19 pandemic. Quarantine measures and the closure of retail stores have suppressed consumer demand. However, the market is expected to witness an increase in investment by players to tap the prevailing opportunities and cater to expanding demand for synthetic leather in post-pandemic times. The business activities are expected to improve further in the coming months.
BASF SE; FILWEL Co., Ltd.; Fujian Polytech Technology Corp.,Ltd.; H.R.Polycoats Pvt. Ltd.; KURARAY CO., LTD.; Mayur Uniquoters Limited; Nan Ya Plastics; San Fang Chemical Industry Co., Ltd; and Teijin Limited are among the leading companies in the APAC synthetic leather market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Teijin cordley limited announced that it had developed antibacterial and antiviral synthetic leather that is good for functional materials used in sports and outdoor wore.
APAC Synthetic Leather Market, By Country, 2020 and 2028 (%)
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