Synthetic leather is a human-made fabric manufactured using artificial materials like polyurethane & polyvinyl chloride and processed & dyed to look exactly like original leather.
According to the MarkNtel Advisors’ research report, “GCC Synthetic Leather Market Analysis, 2021," the market is likely to grow at a CAGR of around 4% during 2021-26 primarily due to the burgeoning demand for synthetic leather from various industries, such as footwear, automotive, furnishing, etc. Besides, stringent government regulations and rising awareness regarding 'no animal killing' further increase its demand. Synthetic leather is more advantageous over pure leather due to its high durability and resistance to stain & weather conditions, thereby propelling the growth of the Synthetic Leather market across the GCC nations.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Countries Covered||Saudi Arabia, Qatar, UAE, Kuwait, Oman, Bahrain|
|Key Companies Profiled||Bayer, Syngenta Ag, BASF Se, Fmc Corporation, Nufarm, Adama Agricultural Solutions Ltd., UPL Limited, Novozymes A/S, Eastman Chemicals Ltd, Plant Health Care, Corteva Agriscience, Germains Seed Technology, Precision Laboratories, Llc, Valent USA, Rhizobacter Argentina|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The outbreak of the global COVID-19 pandemic has adversely impacted the synthetic leather market due to lockdown imposition and stringent prevention measures. It has reduced the demand and trade of synthetic leather due to a sudden halt to manufacturing activities. Further, various end-user sectors like the automotive industry have also been negatively affected due to its temporary shutdown. However, as the market resumes, the demand for synthetic leather is likely to increase steadily in the future.
Polyurethane (PU) Based Segment Accounted for the Largest Market Share
Based on Type, Polyurethane Based segment has acquired the largest share in the GCC Synthetic Leather Market in the previous few years due to its product quality, high yield, and assortment. Polyurethane-based synthetic leather is waterproof, softer, and lighter than original leather. It also remains unaffected by the sunlight, thereby augmenting the demand for Polyurethane-Based Synthetic Leather in the coming years, reveals MarkNtel Advisors in their research report, "GCC Synthetic Leather Market Analysis, 2021."
Footwear Industry Acquires Highest Share in Synthetic Leather Market
Based on End-Users, the Footwear sector dominated the GCC synthetic leather market in the previous few years owing to its high durability. The surging demand for aesthetic footwear due to rising income levels and economic growth has fueled the need for synthetic leather-based footwear. Moreover, it is used widely for manufacturing sports shoes due to its cost-effectiveness. Its wide usage is primarily because synthetic leather-based shoes look like those made from pure leather and offer various other additional benefits like resistance to water & climatic conditions.