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To understand the opportunities and trends in this market, the report is categorically divided into three sections namely on the basis of product type, application, and region. The report analyzes global microfiber synthetic leather in terms of value (US$) and volume (‘000 units).
Microfiber leather is a type of synthetic leather where ultra-fine microfiber bundles and high grade polyurethane resin are combined together to imitate the infinitesimal structure of leather. The procedure used to create microfiber leather gives the final product a similar amino structure almost identical to genuine leather. Microfiber leather is a comparatively new technology in the market that has only recently been incorporated into several applications. Global microfiber synthetic leather market is anticipated to witness significant revenue growth over the forecast period. Rapid changes in lifestyle has led to shift in consumer preference from animal leather to microfiber synthetic leather. As a result, domestic and international companies are making major investments in synthetic leather instead of real leather. Because of magnificent performance, microfiber synthetic leather has been the best vegan leather, the optimal substitute of real leather and the best leather alternative materials, can replace leather perfectly.
However, high cost price of microfiber synthetic leather is a prime challenge for leather substitute industries.
Microfibers are 100 times finer than human hair. The fineness of microfibers creates durability and flexibility in the fabric. Leather is made from the hide of a cow or other animal that has undergone a tanning process before being upholstered onto a sofa. Microfiber is purchased by the yard. Leather is purchased by the hide. This in turn, significantly increases costs associated with microfiber synthetic leather.
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The section that follows includes analysis of global microfiber synthetic leather market by product type, application, and region.
The three sections evaluate the global microfiber synthetic leather market on the basis of various factors covering present scenario and future prospectus.
The report also provides region-wise data of local and international companies, new install base of Microfiber synthetic leather.
The global microfiber synthetic leather market is segmented as follows:
On the basis of product type the market is segmented into the following:
- Bio-Based Leather
- PU Synthetic Leather
- PVC-Based Synthetic Leather
PVC-Based Synthetic Leather accounts for one-third of total microfiber synthetic leather market. However, Microfiber Synthetic Leather market is expected to expand at a CAGR of 4.9% over the forecast period.
On the basis of Application, the market is segmented as follows:
- Bags, Purses & Wallets
- Other Applications
Furnishing segment is expected to dominate microfiber synthetic leather market over the forecast period. However, rapidly growing number of automotive requirements are creating high growth opportunities for microfiber synthetic leather market.
Regions covered in the report are as follows:
- North America
- Latin America
- Asia Pacific excluding Japan
- Middle East & Africa
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the microfiber synthetic leather space. Key players in the global microfiber synthetic leather market includes Huafon Group, Kuraray, Toray, Wenzhou Imitation Leather, Alfatex, Zhejiang Hexin Industry Group Co., Ltd., Anhui Anli Material Technology Co., Ltd., Kunshan Xiefu Artificial Leather Co., Ltd., Shandong Tongda Textile Machinery (group) Co.,Ltd., Tongda Island, Double Elephant, Topsun Micro Fiber, Yantai Wanhua Synthetic Leather Group Co., Ltd., Teijin Cordley, Asahi Kasei Mayur Uniquoters Limited, Xiangyu Xinghong, Clarino, Kolon Industries, San Fang Chemical Industry Co., Ltd., Wanhua Micro Fiber, Jeongsan International, Meisheng Group, FILWEL, Huafeng Group, Fujian Tianshou, Ecsaine, Sanling Micro Fiber, SISA, NPC, Ecolorica, H.R.Polycoats Pvt. Ltd., others.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR but also analyze on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities.
Also, another key feature of this report is the analysis of all key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global microfiber synthetic leather market.
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