Market Overview
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.
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.
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 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.
Regional Landscape
Market in UAE Grows at Considerable Rate
UAE is likely to be the fastest-growing country in the GCC synthetic leather market owing to the high demand for premium leather products. The establishments of manufacturing & processing sectors of synthetic leather are rapidly surging, thereby making UAE a hub for product exports. The rising population coupled with technological advancement and high demand for synthetic leather-based products is projected to drive the market in the future. The booming automotive and footwear industries and the rising inclination of customers towards low-priced luxury & aesthetic products are essential factors increasing the demand for synthetic leather-based products.
Market Driver
Surging Usage of Synthetic Leather in Furniture Upholstery Applications
The surging use of Polyurethane (PU) and polyvinyl chloride (PVC)-based synthetic leather in furniture & domestic upholstery is primarily due to properties offered by them like high dispersion ability & matting efficiency. Moreover, the rising demand for attractive furniture, mounting disposable income, and living standards have also increased 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 are historical, base, and forecast years considered in the research report on GCC Synthetic Leather Market?
The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
Q. What are the units or denomination for measuring market value and volume in the report?
The measuring units of market size/industry size or the market value are USD Million and Million Meter.
Q. What would be the growth rate or CAGR of GCC Synthetic Leather Market during 2021-26?
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?
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 'segment type' would emerge as an opportunity area for players in GCC Synthetic Leather Market?
Polyurethane (PU) based leather is likely 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?
UAE continues to grow at the highest CAGR, thereby offering immense opportunities for market leaders of the GCC Synthetic Leather Market.
