According to the latest research report by The Insight Partners “Synthetic leather Market to was valued at US$ 27,533.71 million in 2021 and is projected to reach US$ 42,742.65 million by 2028; it is expected to register a CAGR of 6.5% from 2021 to 2028.

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Strong Growth of Synthetic Leather Industry in Developing Countries Drives Synthetic Leather Market

Raw materials including polyurethane, polyvinyl chloride, and colour pigments are used to create synthetic leather. It is often significantly less expensive and less expensive than genuine leather. The growing demand from numerous end-use sectors, including furniture, footwear, and automotive, is the key driver of the synthetic leather industry.

Polyurethane, polyvinyl chloride, and colour pigments are used as raw materials in the production of synthetic leather. It is often much less expensive than genuine leather and costs a lot less. The demand for synthetic leather is steadily rising from a variety of end-use industries, including the furniture, footwear, and automobile sectors.

Impact of COVID-19 Pandemic on Synthetic Leather Market

The growth of the synthetic leather market has been negatively impacted by the ongoing COVID-19 pandemic. The sudden distortion has impacted industries such as footwear, automotive, and clothing in operational efficiencies and disruptions in the value chains. The demand for synthetic leather in the global market has been significantly impacted by the decline in the growth of several industrial sectors.             

The market for Synthetic Leather is concentrated with some very well-established players. Some of the key players in the Synthetic Leather Market include

1.       Avena Foods, Limited

2.       Blue Lake Milling

3.       Glanbia Plc

4.       Grain Millers, Inc.

5.       JELU-WERK J. Ehrler GmbH & Co. KG

6.       Lantmännen

7.       Morning Foods

8.       Oy Karl Fazer Ab

9.       Richardson International Limited

10.   Swedish Oat Fiber AB

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