The Synthetic Leather Market in North America is expected to grow from US$ 5096.85 million in 2021 to US$ 7937.78 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028.
Synthetic leather is extremely popular these days. It is used in various industries, including footwear, clothing, furniture, and automotive. The most common use of synthetic leather is in clothing, luggage, and cases. There is increasing use of synthetic leather in jackets, coats, handbags, purses, belts, etc. Moreover, there is a high demand for synthetic leather in the footwear industry. In the footwear industry, synthetic leather is frequently used in shoes. Synthetic leather is suitable for shoes due to its low cost, abrasion resistance, and water resistance. It has become more popular for furniture items. This is used for upholstery purposes, such as covering chairs, lining the tops of writing desks and tables. It is commonly used in sofas, chairs, headboards, etc.
Market Segmentation
By Type
- Polyurethane
- Polyvinyl Chloride
- Silicone
- Others
By Application
- Footwear
- Furniture
- Automotive
- Clothing
- Stationery Goods
- Others
By Country
- US
- Canada
- Mexico
Companies Mentioned
- BASF SE
- Fujian Polytech Technology Corp.,Ltd.
- H.R.Polycoats Pvt. Ltd.
- KURARAY CO., LTD.
- Mayur Uniquoters Limited
- Nan Ya Plastics
- San Fang Chemical Industry Co., Ltd
- Teijin Limited
Market Growth Drivers:
- Versatility and Aesthetics: Synthetic leather’s wide range of colors, styles, textures, and patterns makes it highly desirable for interior design in both residential and commercial spaces.
- Automotive Industry Demand: The automotive sector, particularly for interior applications like car seating, is a major consumer of synthetic leather due to its cost-effectiveness. The expanding automotive industry directly fuels demand for these materials.
- Diverse End-Use Applications: Growth is further propelled by increasing demand from various sectors, including footwear, furnishings, and clothing.
Impact of COVID-19 on the North American Market:
- The COVID-19 pandemic significantly disrupted the North American synthetic leather market. Manufacturing and raw material sourcing faced major challenges, leading to decreased demand.
- Industries like footwear, clothing, and furniture experienced substantial setbacks, impacting their consumption of synthetic leather.
- The automotive industry, a key market driver, was also severely affected.
- However, the market is showing signs of recovery due to government initiatives like vaccination drives and renewed business confidence.
- Many companies are restarting previous investment plans, expecting consumer demand to grow.
Future Market Outlook:
- Innovation and technological advancements are expected to attract new customers and expand market reach in emerging areas.
- The North American synthetic leather market is projected to achieve strong CAGR growth during the forecast period.
Strategic Insights:
- Data-driven analysis of the industry landscape, including current trends, key players, and regional variations, is crucial for strategic decision-making.
- These insights enable businesses to identify untapped market segments and develop unique value propositions, gaining a competitive edge.
- Leveraging data analytics helps anticipate market shifts, allowing stakeholders to position themselves for long-term success.
- These insights allow for informed decisons to drive profitability and achieve business objectives.
Regional Insights:
- Understanding local market nuances, such as consumer preferences, economic conditions, and regulatory environments, is essential for tailoring effective strategies.
- Identifying underserved areas and adapting product offerings to meet local demands can expand market reach.
- A focused market approach allows for efficient resource allocation, targeted marketing, and improved competitive positioning.
- This regional focus drives growth within specific targeted areas.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights