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Market Overview
Synthetic Leather is a man-made fabric that is processed and dyed to look exactly similar to real leather. It is manufactured using artificial materials such as polyurethane and polyvinyl chloride.
According to the MarkNtel Advisors’ research report, “GCC Synthetic Leather Market Analysis, 2021”, is expected to grow at a CAGR of around 4% during 2021-26. The growth of the GCC Synthetic Leather Market is attributed to the burgeoning demand for synthetic leather from various industries such as footwear, automotive, furnishing, etc. Apart from this, stringent government regulations and rising awareness regarding no animal killing increases the demand for synthetic leather. Synthetic leather is more advantageous over pure leather as it is highly durable and resistant to stain and whether. Thereby, propelling the growth of the synthetic leather market across the GCC nations.
Impact of COVID-19
The outbreak of the global COVID-19 pandemic has adversely impacted the synthetic leather market owing to the imposition of lockdown and stringent prevention measures. It has led to reducing the demand and trade of synthetic leather due to a sudden halt to manufacturing activities. Further, various end-user sectors such as the automotive industry have also been negatively affected owing to the temporary shutdown of the industry. However, as the market resumes, the demand for synthetic leather would increase steadily in the near future.
Market Segmentation
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 2019 owing to its product quality, high yield, and assortment. Polyurethane-based synthetic leather is waterproof, softer, and lighter than real leather and also remains unaffected by the sunlight. Thus, augmenting the demand for Polyurethane-Based Synthetic Leather in the coming years as revealed by the MarkNtel Advisors’ research report “GCC Synthetic Leather Market Analysis, 2021”.
Footwear Industry Acquires Highest Share in Synthetic Leather Market
Based on End-Users, the Footwear sector has dominated the GCC synthetic leather market in 2019 owing to its high durability. The surge in demand for aesthetic footwear due to rising income level and economic growth has fueled the demand for synthetic leather-based footwear. Moreover, due to its cost-effectiveness, it is widely used in manufacturing sports shoes as synthetic leather-based shoes look similar to those made from pure leather and possess various other additional benefits such as resistance to water and climatic conditions.
Regional Landscape
Market in UAE Grows at Considerable Rate
UAE is anticipated to be the fastest-growing country in the GCC synthetic leather market owing to the high demand for premium leather products. The surge in the establishment of manufacturing and processing sectors of synthetic leather is leading to make UAE a hub for exporting the product. The rising population coupled with technological advancement and high demand for synthetic leather-based products is projected to drive the market in the near future. The booming automotive and footwear industry entwined with consumer inclination towards luxury and aesthetic products at low cost is increasing the demand for synthetic leather-based products.
Market Driver
The surge in Usage of synthetic leather in Furniture Upholstery Applications
The use of Polyurethane (PU) and polyvinyl chloride (PVC)-based synthetic leather in furniture and domestic upholstery is augmented due to the properties offered by it such as high dispersion ability and high matting efficiency. Moreover, the rising demand for attractive furniture coupled with mounting disposable income and living standards has led to increasing the demand for synthetic leather.
Competitive Landscape
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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions:
Q. What is the historical year, base year and forecast year considered in the research report on GCC Synthetic Leather Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million and Million Meter.
Q. What would be the growth rate or CAGR of GCC Synthetic Leather Market during 2021-26?
A. The GCC Synthetic Leather Market is forecast to grow at a CAGR of 4% during 2021-26.
Q. Who are the key competitors or players operating in GCC Synthetic Leather Market?
A. 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. are few of the leading players in the GCC Synthetic Leather Market.
Q. Which types segment would emerge as an opportunity area for players in GCC Synthetic Leather Market?
A. Polyurethane (PU) based leather is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which country would emerge as an opportunity area for players in GCC Synthetic Leather Market?
A. UAE continue to grow at a highest CAGR, presenting immense opportunities for market players of GCC Synthetic Leather Market.
