Coating Agents For Synthetic Leather Market - Forecast(2023 - 2028)

Overview

Coating Agents for Synthetic Leathers Market size is forecast to reach $45.46 billion by 2025, after growing at a CAGR of 7.9% during 2020-2025. Coating Agents for Synthetic Leathers industry is projected to augment due to its used in applications where a combination of properties offered by different reinforcing fibers is required. Glass-carbon epoxy and carbon-aramid epoxy are the two commonly used types of Coating Agents for Synthetic Leathers.  

Report Coverage

The report: “Coating Agents for Synthetic Leathers Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Coating Agents for Synthetic Leathers Market Industry.

Key Takeaways

·         APAC dominates the Coating Agents for Synthetic Leathers market owing to robust growth in the automotive and footwear end-user industries.

·         The global furniture & domestic upholstery industry is growing at a significant rate, owing to increasing disposable income and a growing construction industry.  

·         The market drivers and restraints have been assessed to understand their impact over the forecast period. The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.

·         The other key areas of focus include the various applications in Coating Agents for Synthetic Leathers Market and their specific segmented revenue.

Resin Type – Segment Analysis

Polyurethane held the largest share in the Coating Agents for Synthetic Leathers market in 2019 followed by polyvinyl chloride (PVC).  Polyurethane and polyvinyl chloride (PVC) based resins are mostly used in the furniture & domestic upholstery industry. Leather based on PU is easy to clean, and is waterproof. It is much lighter and smoother than real leather, and can be cut easily for different design purposes. The main application of PU-leather is that it looks authentic and is much smoother. Polyurethane, mostly in the form of flexible polyurethane foam (FPF), is the one of the most popular materials used in home furnishings. Polyurethane is used as a cushioning material for upholstered furniture. Polyurethane is becoming an even better material for furnishing, due to modern, automated manufacturing processes that make the final product more standardized, reliable and durable.   

End Use - Segment Analysis

Automotive dominates the Coating Agents for Synthetic Leathers market in 2019. Artificial leather is used in various automotive industries especially in making car interiors as it helps in cost reduction. The development of roads, increasing standard of living, increasing middle class population in developing regions, are the factors driving the automotive industry sector. Polymers are primarily used in the production of lightweight interior parts for automobiles. Some of the high-performance polymers used in car interiors include PP, PU, PVC and others. These polymers are lightweight and help to make more fuel efficient vehicles. Rising fuel efficiency and demand for attractive and robust interiors are driving the synthetic polymers in automobiles.

Geography – Segment Analysis

APAC dominates the Coating Agents for Synthetic Leathers market with a share of more than 42%, followed by North America and Europe. APAC is the world's largest market for automotive interior materials, with China holding dominant place due to rapid economic growth as the dominant market in that region. Also driven by the increasing demand due to high living standards and higher economic growth in this area, rapid development in the automotive industry. China is the world's biggest motor vehicle market. China's automotive industry is driven mainly by demand from the domestic market. Furthermore, furniture and domestic upholstery industry will strengthen the coating agents for synthetic leather market.

Drivers – Coating Agents for Synthetic Leathers Market

• The advantage of synthetic leather over genuine leather will drive the market growth:

The synthetic material consists of natural and/or synthetic fibres, coated with a plastic polymer or similar. Synthetic material is usually made from polyurethane (PU), polyvinylchloride (PVC) or textile-polymer composite microfibres. Also, synthetic leather has lot more flexibility and positively effects the environment unlike the leather industry. The use of faux leather has many benefits and many times it is a safer choice than real leather. Firstly, faux leather would cost much less than genuine leather. It's cheap, and just looks like real leather.

Challenges – Coating Agents for Synthetic Leathers Market

• Rising production cost can restrict the market:

Despite the positive outlook for the coating agents industry, the sector continues to face numerous challenges. Some of the challenges include continuously rising raw material costs and stringent environmental regulations. Due to faults, repair work and injuries, the closing of some manufacturing plants in the USA, Europe, and Asia have resulted in higher prices of raw materials. Such factors, in effect, have contributed to a gradual tightening of the raw material supply markets, which has influenced prices of raw materials.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Coating Agents for Synthetic Leathers market. In 2019, the market of Coating Agents for Synthetic Leathers has been consolidated by the top five players accounting for xx% of the share. Major players in the Stahl Group, LANXESS, Evonik Industries AG, and Covestro AG and others.