Jersey City, NJ, May 24, 2023 (GLOBE NEWSWIRE) -- The High-End Synthetic Suede Market is estimated to reach over USD 2.05 billion by exhibiting a CAGR of 5.65% during the forecast period.
High end synthetic suede is a leather manufactured using polyester and other plastic blends. These fabrics are brushed, sanded, or chemically treated to provide the look and feel of napped leather. They are widely used for high-end belts, seat covers and other designer hats. High end synthetic suede is easy to sew, care for, and wear and does not peel, shrink, or crack. They are extremely durable, need minimal maintenance and wind. Compared to natural suede, high end synthetic suede is cost-effective and environmentally friendly’ as a result, high end synthetic suede is widely used in apparel and accessory applications and the automotive, fashion, and furniture industries. At present, the widespread product adoption in the automotive industry across the world is one of the essential factors creating a positive outlook for the market.
High-end synthetic suede is widely used to the augmented demand for lightweight materials, especially in the steering-wheel covers, which is favouring the market growth significantly. Moreover, it is well suited to handle high-volume usage and resist spills and temperature variations. At the same time, to maintain its shape and luxurious feel, there is a steadily rising demand for high-end synthetic suede from various industries, which is currently acting as another growth-inducing factor.
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List of Prominent Players in the High-End Synthetic Suede Market:
- Asahi Kasei Corporation
- Toray Industries, Inc.
- Kolon Industries, Inc.
- Seiren Co., Ltd.
- WINIW International Co., Ltd.
- ECOLORICA MICROFIBER SRL
- Nevotex AB
- Rishabh Velveleen Ltd.
- The Mitchell Group
- Tapis Corp.
- Zhejiang Meisheng New Material Co. Ltd.
- Majilite Inc.
- Ji’an Sanling Microfiber Co. Ltd.
- American Silk Mills
High-End Synthetic Suede Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 1.27 Bn |
| Revenue forecast in 2031 | USD 2.05 Bn |
| Growth rate CAGR | CAGR of 5.65% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Product, Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Market Dynamics:
Synthetic suede is becoming more and more popular with consumers, and demand is increasing across a number of sectors, including the automobile, fashion, and footwear industries. The product's high heat retention and low stretch properties, as well as the rising acceptance of luxury-driving and care-sharing services, are some of the key and most important elements that will probably propel the market.
Challenges:
The prime challenge is the lack of awareness and commercialization regarding bio-based products in developing countries, which is predicted to reduce the growth of the high-end synthetic suede market. Owing to the COVID-19 pandemic has harmed the apparel industry as a whole, including footwear and other accessories. Low demand for footwear, in general, is expected to reduce the sales of suede shoes. According to a recent update, many industry manufacturers have historically relied on China for finished goods and raw materials used in producing various synthetic suede goods. The pandemic, on the other hand, has disrupted the supply chain, resulting in significant losses in terms of product shipment and on-time delivery under the synthetic suede market.
Regional Trends:
North America is the largest market for high-end synthetic suede, and the region is home to many manufacturers of high-end synthetic suede. The increasing demand for high-quality synthetic suede from the automotive, fashion, and furniture industries is driving market growth in North America. Europe is the second-largest market for high-end synthetic suede. The increasing demand for high-quality synthetic suede from the automotive, fashion, and industries is driving market growth in Europe.
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Segmentation of High-End Synthetic Suede Market-
By Product-
- Woven
- Non-Woven
By Application-
- Automotive
- Fashion
- Furniture
- Other Application (including Residential and Commercial)
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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