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Global Coating Agents for Synthetic Leather Market InsightMarch 30, 2022 Comments
According to the WK-chem Research “Global Coating Agents for Synthetic Leather Professional Survey Report 2022, Forecast to 2027”, Over the short term, a major factor driving the growth of the market studied is PETA regulations limiting the usage of natural leather. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 7.1% base on WK-chem Research regression analysis model.
“The global Coating Agents for Synthetic Leather market is one of the high potential growth markets in the chemicals and materials industry, with a robust market size outlook and significant unmet opportunities for companies. Many Coating Agents for Synthetic Leather companies have evolved over the past few quarters by adapting quickly to the market changes and driving performance improvements through a focus on operational efficiency. The successful Coating Agents for Synthetic Leather companies reshaped their portfolios and oriented themselves toward faster-growing end-user industry verticals and countries.” said Lucy Green, Senior analyst, Chemical & Material Market Research Center in WK-chem Research.
Synthetic leather is man-made artificial leather that looks like natural leather, also known as faux leather. Synthetic leather is marketed under numerous names such as vegan leather, faux leather, leatherette, and leather. Its surface is treated and dyed with certain additives to provide them an ordinary look just as natural leather. The decline in auto production in 2020 is expected to take at least a few quarters for the industry to reach pre-coronavirus levels of auto consumption. Meanwhile, production is delayed due to overstocked inventories. These factors are likely to adversely affect the market demand for earlier research in the forecast period. However, synthetic leather is expected to replace traditional leather used in car seats and other car interior parts in the coming years. This situation will drive the demand for coating agents in the research market over the forecast period.
The BASF synthetic leather product portfolio includes Haptex, a polyurethane (PU) system solution for the production of synthetic leather.
Suzhou Ruigao New Material Co. Ltd, a leading manufacturer of synthetic leather, adopted the product of BASF SE, Elastollan-grade B50A12CF made of thermoplastic polyurethane, in the production of synthetic leather in a Chinese automaker’s latest model due to its cost-effective and environment-friendly thermoplastic process in comparison with conventional processing technologies such as coagulation.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Coating Agents for Synthetic Leather companies that include Covestro, Elkem Silicones, Evonik, Wacker Chemie, W.R. Grace, Lantan Technology, LANXESS, Abhilash Chemicals and Pharmaceuticals and CHT Germany GmbH, etc.
Segmentation of Coating Agents for Synthetic Leather Market:
The market is segmented on the basis of resin type, application, and geography. By resin type, the market is segmented into PU, PVC, silicone, and other resin types. Among them, PU occupies the main market. PU leather, or polyurethane leather, is an artificial leather made of thermoplastic polymer used for making furniture or shoes. 100% PU leather is completely artificial and is considered vegan. There are some types of PU leather called bicast leather that have actual leather but has a polyurethane coating on top. This type of PU leather takes the fibrous part of cowhide that are left over from making genuine leather and put a layer of polyurethane on top of it. Low cost and simple manufacturing process make it occupy the main market.
By application, the market is segmented into automotive, furniture and domestic upholstery, footwear, textile and fashion, transportation, and other applications. The automotive industry will dominate the global market. The use of coating agents in synthetic leather results in a lightweight and highly durable material that provides excellent resistance to hydrolysis, heat and humidity, and chemicals. It is used in various automotive interior applications such as steering wheels, wheels and seats. The use of synthetic leather makes car seats more comfortable, and its highly abrasion-resistant properties help manufacturers meet stringent volatile organic compound (VOC) standards for applications such as car seats and furniture.
Coating Agents for Synthetic Leather Market: Regional Analysis
In terms of geography, the global Coating Agents for Synthetic Leather market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Asia-Pacific held the highest market share. China is the largest synthetic leather market in Asia-Pacific, owing to robust growth in the automotive and footwear end-user industries in the country. China is the largest automotive market in the world. The automotive industry in China is mainly driven by domestic market demand. The production of automobiles is expected to increase owing to the rising demand for electric vehicles positively impact the demand for coating agents for synthetic leather for seat covers, steering, and other interior applications. The athletic footwear end-user segment witnessed steady growth over the past five years, changing fashion trends, and shifting consumer preferences toward popular brands. According to Invest India, Ministry of Commerce and Industry, India, the textile industry in the country contributes most in the export earnings of the country by 2027. Therefore, considering the aforementioned factors, the demand for coating agents in synthetic leather is expected to increase significantly in the region during the forecast period.
Largest share area：Asia-Pacific
Largest share country：the Unite States
Product Type(by resin type)：PU, PVC, Silicone, and Other Resin Types
Application：Automotive, Furniture and Domestic Upholstery, Footwear, Textile and Fashion, Transportation, and Other Applications
Leading Company：Covestro, Elkem Silicones, Evonik, Wacker Chemie