Report : South America 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 SAM Synthetic Leather Market during 2021–2028
According to a new market research study on “SAM Synthetic Leather Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 1946.85 million by 2028 from US$ 1360.24 million in 2021. The market is estimated to grow at a CAGR of 5.3% from 2021 to 2028. The report provides trends prevailing in the SAM synthetic leather market along with the drivers and restraints pertaining to the market growth. Ascent in demand for various end use industries is the major factor driving the growth of the SAM synthetic leather market. However, issues associated with the harmful effects of PVC and PU and durability issues of synthetic leather hinder the growth of SAM synthetic leather market.
The SAM synthetic leather market is segmented into type, application and country. Based on type, the SAM 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 SAM 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, SAM synthetic leather market is classified into Brazil, Argentina, and Rest of SAM.
Brazil has been ranked the third-most affected economy due to the COVID-19 pandemic globally. In South America, Brazil has the highest number of COVID-19 cases, followed by Argentina, Colombia, Peru, and Chile. The governments in South America have taken various actions to protect their citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. The synthetic leather market has been affected by the economic downturn. The pandemic has had an immense impact on the economic sector, including automotive and footwear industries. However, many countries have restarted their economic activities. In some areas of Brazil, vehicle production levels are almost back to the levels of prior years.
BASF SE; KURARAY CO., LTD.; San Fang Chemical Industry Co., Ltd; and Teijin Limited are among the leading companies in the SAM 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.
SAM Synthetic Leather Market, By Country, 2020 and 2028 (%)
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