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Vendors are deploying growth strategies such as launching new products to compete in the market
NEW YORK , Sept. 15, 2022 /PRNewswire/ -- One of the key vendors operating in the synthetic leather market is Air Water Inc. The company offers synthetic leather which is equipped with various functions such as suppleness and lightweight which is later used for the non-woven fabric binder. The market also has the presence of a few other major players, such as Akea Srl, Asahi Kasei Corp., GLOBAL SALES Corp., H.R. Polycoats Pvt. Ltd., and Jasch Industries Ltd.
The synthetic leather market is fragmented. Competition in the market is intense due to the presence of several global, regional, and local vendors. Moreover, factors such as fluctuating raw material prices may impede market growth.
Key strategies used by vendors to overcome the above challenges have been identified by Technavio. Global vendors must concentrate on product portfolio expansions and product innovations to stay ahead of their competitors.
Technavio's reports provide key strategic initiatives used by vendors, along with key news and the latest developments. View our FREE PDF Sample Report Now
The synthetic leather market size is expected to grow by USD 15.64 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 7.77% during the forecast period.
Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format
Vendors in the synthetic leather market can take advantage of a few factors that will work in their favor. The high demand from developing economies is one of these factors. Industries such as automotive, footwear, and bags are growing rapidly, which is driven by the rising disposable income and increasing economic activities in emerging markets. This, in turn, is fueling the demand for synthetic leather. Furthermore, growing investments in the manufacturing sector, including manufacturers from industries in developing countries, are propelling the consumption of synthetic leather. Moreover, rapid industrialization in economies such as Brazil , Russia , India , China , and South Africa (BRICS) is leading to considerable demand for synthetic leather. Trends such as the increasing need for high productivity to cater to the demands of the growing population are also expected to drive the global synthetic leather market.
Technavio has identified key trends, drivers, and challenges in the market, which will help vendors improve their strategies to stay ahead of their competitors. View our FREE PDF Sample Report
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Accelerate at a CAGR of 7.77%
APAC, North America, Europe, South America, and Middle East and Africa
US, China, Japan, India, Germany, and France
Leading companies, Competitive strategies, Consumer engagement scope
Air Water Inc., Akea Srl, Asahi Kasei Corp., GLOBAL SALES Corp., H.R. Polycoats Pvt. Ltd., Jasch Industries Ltd., Kolon Industries Inc., Kuraray Co Ltd, Lederplast Spa, Marvel Vinyls Ltd., Mayur Uniquoters Ltd., Nan Ya Plastic Corp, Premier Polyfilm Ltd., San Fang Chemical Industrial Co. Ltd., Taiwan PU Corp., Teijin Ltd., Toray Industries Inc., United Decoratives Pvt. Ltd., Vortex Flex Pvt. Ltd, Winner Nippon Leatherette Pvt. Ltd., and Zhejiang Yongfa Synthetic Leather Co. Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
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Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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