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Microfiber synthetic leather, also known as faux leather or vegan leather, is a man-made material that looks similar in appearance and texture to real animal leather but is made from fibers such as polyester and polyurethane, offering a cruelty-free and sustainable alternative to traditional leather. It is widely used in upholstery, furniture coverings, clothing, footwear and accessories due to its durability, washability, abrasion resistance and low maintenance. The material has certain advantages over genuine leather such as being cheaper to produce, more stain and water resistant, no issues with natural imperfections and easy to disinfect. The growing popularity of vegan and eco-friendly lifestyle has boosted the demand for microfiber synthetic leather across various end-use industries.
The global Microfiber Synthetic Leather Market is estimated to be valued at US$ 29.24 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the market is the rising demand for vegan and eco-friendly products from developed markets of North America and Europe. The growing environmental concerns and strict laws around animal welfare have compelled many luxury fashion brands and automakers to develop synthetic versions of leathers. The introduction of advanced production technologies has enabled manufacturers to further enhance the texture and appearance of microfibers to closely mimic real leather. Ongoing R&D is focused on utilizing recycled post-consumer plastic waste in the production of microfiber synthetic leather to make it truly sustainable.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires high capital investment to set up manufacturing facilities. However, availability of raw materials and technology makes the risk moderate.
Bargaining power of buyers: The bargaining power of buyers is high as the market has numerous global players providing varied products. Buyers can easily switch between brands based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While specialized raw materials make switching difficult, global suppliers mitigate risks.
Threat of new substitutes: The threat of new substitutes is low as microfiber synthetic leather has differentiated properties than regular leather and other substitutes.
Competitive rivalry: The competition in the market is high among global players.
Key Takeaways
The Global Microfiber Synthetic Leather Market Size is expected to witness high growth over the forecast period.
Asia Pacific region currently dominates the market and is expected to continue its dominance owing to large production facilities and growing demand from end use industries in China and India.
Key players:
Key players operating in the microfiber synthetic leather market are Illumina, Inc.F. Hoffmann-La Roche LtdPerkinElmer, Inc.Agilent Technologies, Inc.Bio-Rad Laboratories, Inc.Danaher CorporationAbbottThermo Fisher ScientificStandard BioTools. Expansion of production facilities globally and new product launches are among key strategies adopted.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
