Synthetic Leather Market to See Highest CAGR in APAC, States M&M in Its Topical Research Study Recently Uploaded at MarketPublishers.com14 Apr 2017 • by Natalie Aster
LONDON – The value of the world’s market for synthetic leather stood at around USD 22.13 billion as of 2015, and is expected to reach USD 33.54 billion by the year 2021, exhibiting growth at a 7.2% CAGR over 2017-2021.
In the next 5 years, robust market growth will likely be encouraged primarily by escalating demand from the key end-use sectors like furnishing, footwear and automotive, and also lucrative advantages over pure leather and enhancing awareness of animal killing. Meantime, the major challenge lays in various harmful environmental effects associated with the processing of PVC and PU.
PU-based synthetic leather sector is anticipated to increase at the highest CAGR in the next five years.
APAC is likely to be the biggest and the most rapidly growing market for synthetic leather through 2021, majorly due to robust uptake in the regional automotive and construction industries. The synthetic leather market in South America is also expected to see considerable growth owing to continuous expansion in the footwear, furnishing and automotive industries.
In-demand report “Synthetic Leather (Artificial Leather) Market by Type, End-Use Industry - Global Forecast to 2021” elaborated by MarketsandMarkets offers a comprehensive analysis of the global market scenario as well as investigates the present situation in the major geographical markets. It contains reliable statistics and estimates, provides data on the key growth drivers and restraints, points out top challenges and opportunities, as well as discusses the prevailing market trends. The study highlights the competitive landscape, profiles top companies, touches upon regulative norms and outlines future growth prospects. Additionally, a future outlook through 2021 is at hand.
Follow to the MarketsandMarkets catalogue at MarketPubishers.com to find other insightful research studies by the publisher.