Latest News- Coating Agents For Synthetic Leather Market: Automotive is expected to lead the End-user segment during 2024-2028

The Coating Agents For Synthetic Leather Market is being driven by Shift of consumer preference from animal-hide to synthetic leather products

The Coating Agents For Synthetic Leather Market is expected to grow at a CAGR of 8.51% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 254.8 million. In the global coating agents for synthetic leather market, vendors are expanding their product offerings as a key growth strategy. With extensive stock-keeping units (SKUs) of synthetic leather goods, suppliers cater to diverse industries' demands based on product type, texture, color, and price points. This broad product assortment enables vendors to optimize merchandising and boost volume sales. Consequently, the surging demand for a multitude of synthetic leather products is anticipated to drive the market growth for coating agents during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Automotive
  • Footwear
  • Furniture and domestic upholstery
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Shift of consumer preference from animal-hide to synthetic leather products
• Rising growth in automotive and footwear
• People for ethical treatment of animals (PETA) regulations limiting usage of natural leather

However, the market also witnesses some limitations, which are as follows:

• Intense competition among vendors
• Stringent government regulations and standards
• Fluctuating raw material prices

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Market Scope in Coating Agents For Synthetic Leather Market Research Report

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Research Analysis Overview

Synthetic leather, a popular alternative to genuine leather, is utilized extensively in the fashion and furniture industries for its durability, aesthetics, and functionality. Coating agents play a crucial role in enhancing the texture, color, and overall appearance of synthetic leather. These agents include polymers like polyurethane (PU) and polyvinylchloride (PVC), as well as textile-polymer composite microfibres. End-users benefit from eco-friendly solutions in the form of PU-leather and faux leather, which offer the look and feel of genuine leather while reducing environmental impact. In the global furniture and domestic upholstery industry, synthetic materials like flexible polyurethane foam are commonly used in conjunction with coating agents to create high-quality, long-lasting products. Footwear also employs these materials, with PVC and PP being commonly used for their resistance to water and wear. Coating agents contribute significantly to the versatility and appeal of synthetic leather, making it a preferred choice for various applications.

Market Research Overview

The global specialty chemicals market encompasses businesses specializing in high-value-add chemicals utilized in the production of various products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. The market's expansion will be fueled by the increasing preference for specialty adhesives and sealants, driven by the fashion and furniture industries' demand for synthetic leather. This segment requires coating agents for enhancing durability, aesthetics, functionality, and eco-friendly solutions. The end-users' preference for synthetic leather over genuine leather due to its texture, color consistency, and cost-effectiveness further bolsters market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/