Microfiber Synthetic Leather Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

Description

Microfiber Synthetic Leather Market size valued at USD 1,243.2 million in 2022 and is expected to grow at a CAGR of 5.3% from 2022 to 2028. Microfiber Leather is a high-quality synthetic leather grade. It is simulated in the natural leather structure utilizing super fine microfibers and high-grade polyurethane resins as raw materials and 3 D nonwoven technology. Because of its greater performance, the product is an excellent substitute for leather. Low density polyethylene, polyurethane pulp, and nylon chips are the primary raw ingredients utilized in the manufacture of this type of leather. furthermore, the growing demand for synthetic leather in end-use sectors including as footwear, furniture, automotive, clothing, bags, purses & wallets, and others is driving the market. Also, the synthetic leather is more environmentally friendly than traditional or genuine leather. Certain characteristics of synthetic leather can be changed to make it more environmentally friendly and acceptable. In order to support sustainable development, some companies are currently moving their focus toward recycled products to make synthetic leather. Moreover, the microfiber synthetic leather market will be driven by factors such as increased demand from the footwear industry, fewer animal slaughter, advantages over pure leather, and increased demand from the OEM industry. The microfiber market has developed tremendously as a result of factors such as the expansion of the food sector. moreover, rising disposable income combined with a shift in consumer lifestyle presents a sizable market opportunity for the microfiber market’s key players. However, a lack of consumer knowledge of microfiber is projected to hamper the market’s overall growth. Also, the manufacturers frequently utilize polyurethane and polyvinyl chloride to create leather items. Polyvinyl chloride is a widely used thermoplastic polymer all over the world. PVC resin is used as a raw material to create PVC synthetic leather, whereas PU is utilized to create PU leather. However, PVC has significant drawbacks, including the fact that it can be hazardous to humans. Plastic pollution endangers both human health and the environment. PVC is a mostly harmful to the environment plastic. It has the potential to cause serious health problems such as cancer, hormone imbalance, and immune system harm.

Recent Market Developments:

In March 2021, International technology Group Andritz is to supply four new needle punch lines for nonwovens production to Chongqing Double Elephant Microfiber Material a Chinese manufacturer of microfibre materials, polyurethane (PU) synthetic leather and PU resins.