by Microfiber synthetic leather is a type of artificial leather that mimics genuine leather but is made using synthetic fibers to provide a softer, more pliable material. Microfiber synthetic leather is becoming a popular alternative to animal leather as it offers several advantages over both natural leather and traditional synthetic leather. It provides an authentic leather-like appearance and texture while being more durable and affordable. Its material composition makes it lightweight, breathable, water-resistant and easy to maintain.
The global Microfiber Synthetic Leather Market is estimated to be valued at US$ 25.38 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for sustainable faux leather alternatives is one of the major trends fueling the microfiber synthetic leather market. Customers are increasingly looking for products that avoid the use of animal skins but still provide the appearance and softness of real leather. Microfiber synthetic leather fits this demand well as it is made entirely from synthetic fibers without any animal by-products. Its production process also causes significantly less environmental harm than traditional leather tanning. Moreover, unlike leather, microfiber synthetic leather can be recycled at the end of its use phase, making it a more eco-friendly choice. This growing focus on sustainability and animal welfare is driving many brands and consumers to switch to microfiber synthetic leather over genuine leather products.
SWOT Analysis
Strength: Microfiber synthetic leather has superior durability, flexibility and softness compared to genuine leather. It is light in weight, water resistant and easy to clean and maintain.
Weakness: Microfiber synthetic leather lacks the premium look and feel of authentic leather. It does not age well over time and may look artificial.
Opportunity: Growing demand for vegan and eco-friendly substitutes to leather from automotive, footwear and fashion industries presents an opportunity. Increasing consumer awareness about animal welfare and environment protection boosts the market.
Threats: Stiff competition from leather and other synthetic materials may limit the market growth. Volatility in raw material prices is a concern.
Key Takeaways
The Global Microfiber Synthetic Leather Market Size is expected to witness high growth. Asia Pacific dominates the market currently due to presence of major manufacturers in countries like China, India and Japan. China alone accounts for over 50% of the global production.
Regional analysis comprises – The microfiber synthetic leather market in Asia Pacific is growing at over 8% annually owing to robust demand from end-use industries and support of government policies. Countries like India and Vietnam are emerging as fast growing markets in the region.
Key players related content comprises – Key players operating in the microfiber synthetic leather market are Toray Industries, Inc., Kuraray Co. Ltd., E-Leather Ltd., Mayur Uniquoters Ltd., Zhejiang Hexin Industry Group Co., Ltd., Yantai Wanhua Synthetic Leather Group Co., Ltd., Clarino (Asahi Kasei Corporation), San Fang Chemical Industry Co. Ltd., Anhui Anli Material Technology Co. Ltd., Nan Ya Plastics Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
