Report : Europe 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
Polyurethane Segment to Dominate Europe Synthetic Leather Market during 2021–2028
According to a new market research study on “Europe Synthetic Leather Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 9123.76 million by 2028 from US$ 5914.40 million in 2021. The market is estimated to grow at a CAGR of 6.4% from 2021 to 2028. The report provides trends prevailing in the Europe synthetic leather market along with the drivers and restraints pertaining to the market growth. Benefits of synthetic leather is the major factor driving the growth of the Europe synthetic leather market. However, issues associated with the harmful effects of PVC and PU and durability issues of synthetic leather hinder the growth of Europe synthetic leather market.
The Europe synthetic leather market is segmented into type, application and country. Based on type, the Europe 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 Europe 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, Europe synthetic leather market is classified into Germany, France, Italy, UK, Russia, and Rest of Europe.
In Europe, currently, France, the UK, and Russia are the worst-impacted countries by the COVID-19 pandemic. The massive outbreak of the pandemic has created a temporary distortion in operation efficiencies of industrial bases in the European market. The market for synthetic leather has been negatively impacted due to limited operational capabilities due to COVID-19 restrictions. The industries such as footwear and automotive have been affected by the pandemic. However, the various industries are resuming their operations, including the automotive industry. The rising demand for synthetic leather across diverse industrial applications is expected to substantially fuel the growth of the synthetic leather market in the region.
Alfatex Italia; BASF SE; 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 Europe 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.
Europe Synthetic Leather Market, By Country, 2020 and 2028 (%)
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