Press Release

GCC Synthetic Leather Market Is Expected to Grow at a CAGR of 4% During 2023-28

The GCC Synthetic Leather Market size is expected to grow at a CAGR of around 4% during the forecast period, i.e., 2023-28, cites MarkNtel Advisors in the recent research report, essentially due to the snowballing user penetration in the footwear sector. Therefore, the growth of the footwear industry is likely to increase the demand for synthetic leather.

Additionally, lifestyle changes and the burgeoning usage of Synthetic leather-based accessories by both men & women would further drive the market growth. However, the surging environmental concerns related to the use of PU and PVC are the biggest challenge to retrain the market growth, and growth over the forecast period, further states the research report, “GCC Synthetic Leather Market Analysis, 2023”.

GCC Synthetic Leather Market Segmentation Analysis

Polyurethane (PU) Segment shows the fastest growth

Based on Type, the Polyurethane (PU) segment dominated the GCC Synthetic Leather Market in recent years, securing the largest share. This is due to its superior quality, high yield, and diverse range. Polyurethane-based synthetic leather offers waterproof, softer, and lighter characteristics than genuine leather. Additionally, its resilience to sunlight is expected to drive the demand for Polyurethane-Based Synthetic Leather in the future. ⁸.

UAE Holds A Prominent Market Share

The UAE holds a prominent share of the GCC synthetic Leather Market due to the high demand for premium leather products. More manufacturing and exports in the UAE are boosting the market. The growing population, tech advancements, and popularity of affordable luxury goods will further drive demand for synthetic leather in the GCC country.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including 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., and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?