HOME Research Insight New Product Development is the Major Strategy Followed by the Players in the Global Synthetic Leather Market

New Product Development is the Major Strategy Followed by the Players in the Global Synthetic Leather Market

The global synthetic leather market was valued at USD 51.81 billion in 2015 and is projected to reach USD 208.81 billion by 2026, at a CAGR of 13.4% from 2016 to 2026. The major players adopted new product developments as a key strategy to increase their market shares and revenues, by providing customized and upgraded products to customers.

The major players operating in the global synthetic leather market are Kuraray Co., Ltd. (Japan), San Fang Chemical industry Co., Ltd (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Ltd. (India), Nan Ya Plastics Corporation (Taiwan), Filwel Co. Ltd. (Japan), Zhejiang Hexin Industry Group Co., Ltd.  (China), Alfatex (Italy), H.R. Polycoats Pvt. Ltd. (India), Yantai Wanhua Synthetic Leather Group Co., Ltd. (China).

 New product development is the major strategy followed by the players in the global synthetic leather market. Kuraray Co. Ltd. (Japan), is one of the leading synthetic leather manufacturers, globally. The company has been focusing on new product developments to maintain its leading position in the market. For instance, in October 2015, Kuraray developed a new variation of CLARINO, a synthetic leather to be used in the high fashion industry. It is a high-end synthetic leather, which has a fine texture that resembles natural leather. This will increase the demand for CLARINO in various end-use industries such as clothing, bags, purses, & wallets.

Teijin Limited (Japan) is another major player in the synthetic leather market. The company is also focusing on supply contracts as a part of its strategic development activities. In April 2016, Teijin announced the development of “Maestley”, a new substitute for natural leather.  This new product has a richness and texture similar to real leather, and its demand is growing in the footwear and bag industries.

This report provides a detailed analysis of the synthetic leather market and segments the same on the basis of type, end-use industry, and region. Based on type, the market has been segmented into PU-based, PVC-based, and bio-based. Based on end-use industry, the market has been segmented into footwear, furnishing, automotive, clothing, bags purses & wallets, and others. Based on region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Related Reports:

Synthetic Leather Market by Type (Polyurethane, Polyvinyl Chloride, Bio-based), End-Use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets) - Global Forecast to 2026

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