The GCC Synthetic Leather Market is anticipated to grow at a CAGR of around 4% during 2021-26 owing to snowballing user penetration in the footwear sector. Therefore, the growth of the footwear industry is likely to increase the demand for synthetic leather. Further, change in lifestyle coupled with burgeoning usage of synthetic leather-based accessorize by both men and women would drive the growth of the synthetic leather market. However, the surge in environmental concerns related to the use of PU and PVC is the biggest challenge to retrain the market growth. According to the MarkNtel Advisors’ research report, “The GCC Synthetic Leather Market Analysis, 2021”, the market is expected to grow at a CAGR of 4% during 2021-26.
Key questions answered in the study
Bio-Based Segment shows the fastest growth
Based on Type, the Bio-Based segment is projected to grow at the fastest rate during the forecasted period. Bio-based leather is produced using natural resources such as cotton, a mixture of corn, palm, soybean, and other plant-based oils. The growth of this segment is attributed to the escalating environmental concerns as bio-based synthetic leather is more sustainable and contains less carbon footprint. Along with this, it is softer and has a better scratch resistance as compared to pure leather. Thereby, increasing the demand for bio-based synthetic leather in the forthcoming timeline.
“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 success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Saudi Arabia holds the prominent market share
Based on Region, Saudi-Arabia has held the largest share in GCC Synthetic Leather Market in 2019. This was due to burgeoning consumer preference for luxury products owing to their high purchasing power and inclination towards living a modern lifestyle. In addition to this, due to the healthy growth of the automotive industry, the use of synthetic leather has increased for manufacturing automobile accessories to give a premium look to the vehicle thereby proliferating the growth of the synthetic leather market in GCC nations as revealed by MarkNtel Advisors’ 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.