This latest Fact.MR report states that global microfiber synthetic leather market is expanding fast and is expected to attain a rate of 4.9% CAGR growth for the forecast period 2017-2026. The report examines the opportunities and trends in the market and categorizes in three broad segments on the basis of product type, region and application. Rapid changes in customer lifestyle and growing awareness regarding animal killing are the primary factors that are expected to generate revenue in global microfiber synthetic leather market.
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Consumers have diverted their attention from animal leather to focus on synthetic leather, creating synthetic leather demand that generates plethora of opportunities. It attracts investments from domestic and international companies that ultimately boosts the global revenue growth. Microfiber synthetic leather is known as the best vegan leather and the best alternative to replace animal leather.
Automotive segment displays rapid growth in demand
Global microfiber synthetic leather market can be geographically segmented into North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, Middle East and Africa.
Products in global microfiber synthetic leather market and can be segmented into bio-based leather, PU synthetic leather and PVC-based synthetic leather where PVC-based synthetic leather owns one-third of the total microfiber synthetic leather market. Microfiber synthetic leather have varied applications. They can be used in clothing, furnishing, bags and automotive. Increase in disposable income allows individuals to splurge on luxury to create status symbol.
Furnishings segment has displayed rapid growth and is expected to dominate the market for the forecast period 2017-2026. Technological advancements have turned out to be a boon for automotive segment and new innovation have been introduced. This in turn has shot up the automotive requirements. Increased demand in automotive is generating great opportunities in global microfiber synthetic leather market.
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Advancement in processing technology boosts global market
Processing technology of microfiber synthetic leather has been ever-evolving. The dying properties of synthetic leather restrict development of leather base which arises need for alternative dyeing and finishing techniques. Hydrogen collagen extracted from leather base is eyed as a natural biomass alternative that is non-toxic and contains active groups like carboxyl and amino that display outstanding properties such as biocompatibility and hydrophilicity. It significantly improves the dying property along with reducing environmental impact.
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