According to the MarkNtel Advisors’ research report, "The GCC Synthetic Leather Market Analysis, 2021," the market is likely to grow at 4% CAGR during 2021-26, 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 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.
Key questions answered in the study
Bio-Based Segment shows the fastest growth
Based on Type, the Bio-Based segment is likely to soar at the fastest rate during the forecast period primarily due to the escalating environmental concerns as bio-based synthetic leather is more sustainable and contains fewer carbon footprints. Bio-based leather gets produced using natural resources, such as cotton, a mixture of corn, palm, soybean, and other plant-based oils. Further, it is softer and has a better scratch resistance than pure leather, thereby increasing the demand for bio-based synthetic leather in the forecast period.
“The GCC Synthetic Leather Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for synthetic leather providers across the countries. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Saudi Arabia holds the prominent market Share
Based on Region, Saudi-Arabia held the largest share in GCC Synthetic Leather Market in the previous few years due to the burgeoning preference of customers for luxury products because of their high purchasing power and inclination toward living a modern lifestyle.
Additionally, the healthy growth of the automotive industry has surged the usage of synthetic leather for manufacturing automobile accessories to achieve a premium look in vehicles. Hence, this factor crucially propels the growth of the Synthetic Leather market in GCC nations, reveals MarkNtel Advisors in their research report, "The GCC Synthetic Leather Market Analysis, 2021."
According to MarkNtel Advisors, 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.