Microfiber Leather Market Size, Share, Growth, and Industry Growth by Type (Microfiber Leather, and Synthetic Suede), By Application (Shoes & Clothes, Furniture, Automotive Trim, Case & Bag, and Others), Forecast From 2023 To 2030

Updated On: 20 November 2023

MICROFIBER LEATHER MARKET REPORT OVERVIEW

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The global microfiber leather market is expected to grow from USD 2.3416 billion in 2022 to touch USD 3.4429 billion by 2030, at a CAGR of 4.9% from 2022-2030. The global COVID-19 pandemic has been unprecedented and staggering, with microfiber leather market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Microfiber leather is the highest grade of synthetic leather. It is a high-tech imitation of high-end leather. Using sea-island superfine microfiber and premium polyurethane resins as basic materials, this product simulates the structure of natural leather. With the aid of needle punched nonwoven technology, which has a three-dimensional structure and many characteristics similar to natural leather but better physical and chemical performance, it has gained enormous popularity all over the world.

Microfiber leathers have been a great substitute for natural leather due to their greater performance. It is also the best environmental leather, and it can fully replace genuine leather. They also have high tear resistance, abrasion resistance and tensile strength in comparison to real leather.  These materials also are resistant to cold temperatures, acid proof and resists alkali. They are easy to cut, have high utilization rate and are easy to maintain.

COVID-19 IMPACT: Reduced Workforce Reduced Manufacturing Significantly

Globally speaking, COVID-19 had a life-altering effect. Significant changes were made to the world market for microfibre leather. On other markets, the virus had varying effects. Several countries enforced lockdowns. This unpredictable pandemic disrupted a variety of industries. Due to an increase in cases during the epidemic, restrictions become more stringent. A lot of industries were impacted. However, there was a decline in demand on the market.

However, in certain nations, the government offered assistance by funding industrial work. Some service providers received the vital services category in the meantime, allowing them to carry on with their jobs. Their government was crucial in helping to fast revive their economy. Due to the items' economic effectiveness and the looser industry rules, demand for the products increased after manufacture resumed.

LATEST TRENDS

"Technological Developments to Broaden Market Aspects"

Samatoa Lotus Textiles has developed a lotus vegan microfiber leather. The manufacturing method is entirely sustainable. To perfect the circular production process, they have looked for the best way to utilize the new lotus stem debris that is generated. Samatoa's lotus based product today establishes new territory. It is produced using trash from their manufacturing process.

Medcrave stated that there have been several advancements in the spinning technology. This research is focused on the application of microfiber nonwovens as a synthetic leather base. The study also focused on the hygienic performances of the product. The creation of nylon/polyester 6 hollow segmented pie bicomponent spun bond hydro-entangled microfiber nonwoven and use of it as a substrate for making microfiber synthetic leather for clothing were the subjects of their research. This increased the number of hydrophilic groups and enhanced the hygienic performances of the product

MICROFIBER LEATHER MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into Microfiber Leather, and Synthetic Suede.

Microfiber Leather holds a major share of the global market.

• By Application

Based on application, the market is bifurcated into Shoes & Clothes, Furniture, Automotive Trim, Case & Bag, and Others.

Furniture as application holds a major share of the global market.

DRIVING FACTORS

"Growing Furniture Industry Is Poised to Boost Market"

Due to its long-lasting and plush fabric, microfiber leather is frequently used in couches and other types of furniture. Because microfibers are tightly woven and made to resist stains and discoloration, they are the ideal material for upholstery that may be utilised in domestic settings. Globally, economies have been recovering significantly, with infrastructure and the housing market both improving. The global market is anticipated to expand dramatically as a consequence of innovations that are entering the furniture sector, followed by startups and established players.

"Minimized Environmental Hazards to Boost Market Size"

Natural leather production poses environmental risks. The air and rivers are contaminated by a variety of chemicals released from leather tanneries, including formaldehyde, oils, mineral salts, colors, sulfides, lime sludge, and acids. On the other hand, the manufacture of leather uses a significant amount of energy that is retained from the burning of fossil fuels during logistics, skinning, rearing, and other crucial processes. Conversely, the creation of synthetic leather uses far less petroleum. Aid thus becomes a feasible choice for numerous end-use sectors. This is expected to boost the global microfiber leather market share.

RESTRAINING FACTORS

"High Investment Costs to Hamper Market Growth"

The price of the product is one of the main barriers preventing increased demand. Although the cost has been steadily falling over years due to innovations and technical developments. Additionally, these leathers are less resilient than conventional leathers, which is another factor deterring many customers from buying the item. The high investments that go into the manufacturing and sale of this products is poised to be a restraining factor for the global microfiber leather market share.

MICROFIBER LEATHER MARKET REGIONAL INSIGHTS

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"Asia Pacific Dominates the Market as Major Manufacturer"

APAC countries are the largest market shareholder for microfiber leathers. This is due to the growth of end-use industries including the automotive, apparel, and furniture sectors. Due to its abundant end-use sectors and sophisticated manufacturing facilities, APAC is also thought to serve as a global hub for manufacturers. Furthermore, it is anticipated that APAC will seize a populous industry in the approaching years, which is likely to lead to an agglomeration economy. North America is the second major shareholder of the global wood lathes market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Huafon Group [China]
• Toray Industries [Japan]
• Kuraray [Japan]
• Hexin Group [China]
• Teijin Cordley [Japan]
• Asahi Kasei [Japan]
• Kolon Industries [South Korea]
• San fang Chemical Industrial Co [Taiwan]
• Yantai Wanhua Micro Fiber Co [China]
• Meisheng Group [Vietnam]
• Filwel Products [India]
• Sanling Microfiber [China]
• SISA [India]
• Ecolorica [Italy]
• Tongda Island [China]
• Fujian Topsun Microfiber [China]
• Seiren Co [Japan]
• Rishabh Velveleen [India]
• Wuxi Double Elephant [China]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.