The High-End Synthetic Suede Market Size is valued at 1.33 billion in 2023 and is predicted to reach 2.06 billion by the year 2031 at a 5.75% CAGR during the forecast period for 2024-2031.
The market for high-end synthetic suede is expanding. The substance gained popularity after ethical and environmental concerns about the usage of natural suede, which requires the killing of animals, were raised. Since then, the usage of synthetic suede has increased. The majority of this synthetic suede is created from recycled plastic fibres, but lately, the use of bio-based materials has increased as well.
However, the high cost of synthetic suede products coupled with COVID-19 outbreak may limit the growth of the target's growth during the forecast period. Furthermore, the rising environmental concern among individuals and the growing awareness regarding sustainable fashion positively influence market growth. The market is expected to rise as a result of additional factors, such as growing research and development efforts and a number of government initiatives to raise awareness of the possible hazards of leather.
Competitive Landscape:
Some of the high-end synthetic suede market players are:
- 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
Market Segmentation:
The high-end synthetic suede market is segmented based on product and application. Product segment includes woven and non-woven products. The market is segmented by application into automotive, fashion, furniture and other applications (including Residential and Commercial).
Based On Product, The Woven Segment Is A Major Contributor To The High-End Synthetic Suede Market
In the forecast period, the woven category will hold a major share in the global high-end synthetic suede market due to growing customer desire for woven synthetic suede across various markets, including the automobile, fashion, and footwear sectors. Some of the vital and important aspects that will probably propel the expansion of the woven category are the rising demand for the product due to its high heat retention abilities, low stretchability, and the rising popularity of luxury driving and car-sharing services.
The Automotive Segment Has Witnessed Growth At A Rapid Rate
The automotive segment held the largest share of the market. The growing trend for autonomous, shared, and electric automobiles is now transforming the automotive sector. These new trends are generating significant development potential, including a demand for car interiors that have cutting-edge designs and offer higher comfort. Important manufacturers of high-end synthetic suede materials are taking advantage of the chance to expand their design and manufacturing skills for automobile interior materials.
The North American High-End Synthetic Suede Market Holds A Significant Revenue Share In The Region
The biggest market for high-end synthetic suede is in North America. Numerous producers of luxurious synthetic suede are located in the area. Market expansion in North America is being driven by the rising demand from the apparel, furniture, and automotive sectors for premium synthetic suede. Furthermore, Europe was the second-largest high-end synthetic suede market, including its widespread adoption in the fashion industry, product innovation and extensive research and development activities.
The market in this region is increasing due to the region's increasing consumer taste for luxury vehicles, the presence of numerous significant businesses, and the developing automotive sector growth. Additionally, as a result of the product's expanding use in the local automotive, fashion, and footwear industries.
High-End Synthetic Suede Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 1.33 Bn |
|
Revenue forecast in 2031 |
USD 2.06 Bn |
|
Growth rate CAGR |
CAGR of 5.75% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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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 |
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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 |
|
Competitive Landscape |
Asahi Kasei Corporation, Toray Industries, Inc., Kolon Industries, Inc., Seiren Co., Ltd. WINIW International Co., Ltd., ECOLORICA MICROFIBER SRL, Nevotex AB, Rishabh Valveleen Ltd., The Mitchell Group, Tapis Corp., Zhejiang Meisheng New Material Co. Ltd., American Silk Mills, Ji’an Sanling Microfiber Co. Ltd. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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