Global Synthetic Microfiber Leather Market Research Report 2023
Synthetic Microfiber Leather Market Size
According to new survey, global Synthetic Microfiber Leather market is projected to reach US$ 3521.9 million in 2029, increasing from US$ 2122.3 million in 2022, with the CAGR of 5.5% during the period of 2023 to 2029.
Synthetic Microfiber Leather Market
Synthetic Microfiber Leather made by a combination of microfiber non-woven fabric coated with a layer of high-performance polyurethane (PU) resins. It closely mimics the construction of real leather but with microfiber instead of skin fibers.
In the ordinary PU market, due to the low technical threshold, severe excess capacity, fierce competition, product shrinkage and material reduction, it is incompatible with the constantly upgrading consumption concept, and the market prospect is worrying. Due to the high technical threshold and limited production capacity, microfiber leather is more and more recognized by consumers, and the market still has a large room for growth.
From the perspective of product market application, Apparel & Footwear, Furniture, and Automotive Interior are the three main application types, accounting for 89.73% of the global market in 2022. However, with the development of the new energy vehicle industry, the proportion of Automotive Interior applications will increase year by year.
At present, major global manufacturers include TORAY, Alcantara SpA, Kuraray, HUAFENG GROUP, Asahi Kasei, etc. The share of the top five major manufacturers will reach 42.36% by 2022. It is expected that industry competition will become more intense in the next few years, especially in China, Japan, and South Korea.
WINIW ‘s Microfiber faux leather in China
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