Market Size of Coating Agents for Synthetic Leather Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Coating Agents for Synthetic Leather Market Analysis
The global coating agents for synthetic leather market was valued at over USD 500 million in 2020, and the market is projected to register a CAGR of over 7% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Amid the global COVID-19 situation, the footwear industry generated a revenue of USD 432.11 billion in 2020 compared to USD 439.02 billion in 2019. According to the OICA, the global production of automobiles was 77,621,582 in 2020, a decline of 16% compared to 2019, impacting the demand for coating agents in synthetic leather. Similarly, other industries, including textile and fashion, furniture, etc., were also impacted adversely by COVID-19, which had a negative impact on the market studied. However, the market situation is expected to recover in 2021 as lockdown has been lifted in several countries worldwide.
- Over the short term, a major factor driving the growth of the market studied is PETA regulations limiting the usage of natural leather.
- By application, the automotive industry dominates the market during the forecast timeline.
- Asia-Pacific is expected to dominate the market and witness the highest CAGR during the forecast period.
Coating Agents for Synthetic Leather Industry Segmentation
Coating agents used in synthetic leather result in a lightweight and highly durable material while providing superior hydrolysis resistance, moisture heat resistance, and chemical resistance. 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. By application, the market is segmented into automotive, furniture and domestic upholstery, footwear, textile and fashion, transportation, and other applications. The report also covers the market size and forecasts for the coating agents for synthetic leather market in 15 countries across major regions. For each segment, the market sizing and forecast have been done on the basis of revenue (USD million).
| Resin Type | |
| PU | |
| PVC | |
| Silicone | |
| Other Resin Types |
| Application | |
| Automotive | |
| Furniture and Domestic Upholstery | |
| Footwear | |
| Textile and Fashion | |
| Transportation | |
| Other Applications |
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Coating Agents for Synthetic Leather Market Size Summary
The global coating agents for synthetic leather market is poised for significant growth, driven by increasing demand across various industries such as automotive, footwear, and furniture. The market, which faced challenges due to the COVID-19 pandemic, is expected to recover as industries resume operations and demand for synthetic leather rises. The automotive sector, in particular, is a major application area, with synthetic leather being favored for its lightweight, durability, and resistance properties, making it ideal for car interiors. The shift towards synthetic alternatives is further propelled by PETA regulations limiting natural leather usage, enhancing the market's growth prospects.
Asia-Pacific is anticipated to dominate the market, with China leading due to its robust automotive and footwear industries. The region's growth is supported by the increasing demand for electric vehicles and the expanding textile sector in countries like India. The market is characterized by its fragmented nature, with key players such as Stahl Holdings BV, LANXESS, and Evonik Industries AG driving innovation and product development. These companies are introducing advanced solutions like Stahlite systems to enhance the performance and reduce the weight of synthetic leather, further boosting its adoption in various applications.
Coating Agents for Synthetic Leather Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 PETA Regulations limits Usage of Natural Leather
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 Impact of COVID-19
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Resin Type
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2.1.1 PU
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2.1.2 PVC
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2.1.3 Silicone
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2.1.4 Other Resin Types
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2.2 Application
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2.2.1 Automotive
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2.2.2 Furniture and Domestic Upholstery
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2.2.3 Footwear
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2.2.4 Textile and Fashion
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2.2.5 Transportation
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2.2.6 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Coating Agents for Synthetic Leather Market Size FAQs
What is the current Coating Agents for Synthetic Leather Market size?
The Coating Agents for Synthetic Leather Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Coating Agents for Synthetic Leather Market?
Stahl Holdings B.V., LANXESS , Evonik Industries AG, Covestro AG and Elkem ASA are the major companies operating in the Coating Agents for Synthetic Leather Market.
