Synthetic leather is man-made artificial leather that is manufactured by treating and dying the material with certain additives to give similar look to that of real leather. The demand for synthetic leather is growing astronomically owing to its extensive applications in footwear, clothing, furnishing, accessorize, and the automobile industry. The high cost and rising demand-supply gap associated with pure leather have led to a shift in customer preference towards the adoption of synthetic leather.
According to the MarkNtel Advisors’ research report, “The GCC Synthetic Leather Market Analysis, 2021”. The market is expected to grow at a CAGR of 4% During 2021-2026.
The
overall leather industry has witnessed adverse impact due to the
outbreak of the COVID-19 pandemic. However, there were few new
opportunities opened up for the synthetic leather market in the
healthcare sector. The demand for synthetic leather was high during the
spread of COVID-19 by the hospitals and other institutes to manufacture
beds and furniture using medical-grade synthetic leather coverings that
are antibacterial and antifungal in nature.
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On the basis of Type, the synthetic leather market is classified into Polyvinylchloride (PVC) based synthetic leather, Polyurethane (PU) synthetic leather, and bio-based leather. Polyurethane (PU) synthetic leather dominates the largest share in the synthetic leather market owing to its superior quality such as it is waterproof, softer, and lighter than real leather. It has high sunlight-resistance which makes it the best fit for the automobile industry for manufacturing accessories such as seat covers and the clothing industry. Along with this, Polyurethane (PU) synthetic leather is considered to be more environment-friendly as compared to Polyvinylchloride (PVC) based synthetic leather as it does not release dioxins. Thereby, increasing the demand for Polyurethane (PU) synthetic leather.
The major leading players in the GCC Synthetic Leather Market are Kuraray Co., Ltd., H.R. Polycoats Pvt. Ltd., Nan Ya Plastics Corporation, Teijin Limited, Yantai Wanhua Synthetic Leather Group Co., Ltd., Alfatex Italia SRL, San Fang Chemical Industry Co. Ltd, Filwel Co. Ltd, Mayur Uniquoters Limited, Zhejiang Hexin Industry Group Co., Ltd.
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