The North America Synthetic Leather Market is expected to grow from US$ 5096.85 million in 2021 to US$ 7937.78 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028.
North America Synthetic Leather Market widespread popularity spans diverse sectors like footwear, apparel, furniture, and automotive. Its primary applications lie in clothing, luggage, and cases, with a growing presence in jackets, coats, handbags, purses, and belts. The footwear industry exhibits substantial demand for synthetic leather, particularly in shoes, owing to its affordability, abrasion resistance, and water resistance. In furniture, synthetic leather has gained traction for upholstery, covering chairs and lining desks and tables, and is prevalent in sofas and headboards. Its availability in numerous colors, styles, textures, and patterns fuels its increasing use in residential and commercial interior decoration, further propelling market growth. The automotive industry also utilizes synthetic leather, notably for car seating, contributing to cost reduction. The rising demand for automotive interior materials, driven by the expanding automotive sector, consequently boosts the synthetic leather market. Overall, the escalating demand from key end-use industries such as footwear, furnishings, clothing, and automotive is a significant driver for the North America Synthetic Leather Market.
The North American economy experienced a significant downturn due to the COVID-19 pandemic. Substantial disruptions in manufacturing and raw material sourcing negatively impacted the demand for synthetic leather in the region. The pandemic also caused widespread disruptions across various manufacturing activities, affecting industries like footwear and clothing, as well as the demand for synthetic leather in furniture applications. Furthermore, the automotive industry in North America was severely affected. However, the market is showing signs of recovery, supported by significant government initiatives like vaccination drives. As businesses regain confidence in stabilizing economies and anticipate increased demand, many players are resuming pre-COVID investment plans. This resurgence is expected to provide impetus for North America Synthetic Leather Market growth.
The introduction of new features and technologies offers vendors opportunities to attract new customers and expand their presence in emerging markets, a factor likely to drive the synthetic leather market. The North American synthetic leather market is projected to experience a robust Compound Annual Growth Rate (CAGR) during the forecast period.
North America Synthetic Leather Market Strategic Insights
Strategic insights for the North America Synthetic Leather market provide a data-driven analysis of the industry landscape, encompassing current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. By leveraging data analytics, these insights assist industry players—including investors, manufacturers, and other stakeholders—in anticipating market shifts. A forward-looking perspective is crucial, helping stakeholders prepare for market changes and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
North America Synthetic Leather Market Segmentation
North America Synthetic Leather Market – By Type
Polyurethane
Polyvinyl Chloride
Silicone
Others
North America Synthetic Leather Market – By Application
Footwear
Furniture
Automotive
Clothing
Stationery Goods
Others
North America Synthetic Leather Market- By Country
US
Canada
Mexico
North America Synthetic Leather Market-Companies Mentioned
BASF SE
Fujian Polytech Technology Corp.,Ltd.
H.R.Polycoats Pvt. Ltd.
KURARAY CO., LTD.
Mayur Uniquoters Limited
Nan Ya Plastics
San Fang Chemical Industry Co., Ltd
Teijin Limited
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights