Thursday 13 June 2019, Amsterdam
According to a new market intelligence report, titled 'Global High-End Synthetic Suede Market - Analysis and Forecast, 2019-2029’, the global high-end synthetic suede market is expected to reach to $1.64 billion by 2029.
The growth in the high-end synthetic suede market is attributable to an increasing demand from the automotive industry and the need for a better replacement of natural suede. Synthetic suede is made through the blends of polyester and other plastics, posing less environmental hazards similar to that of natural suede. Synthetic suede is typically more economical and affordable as compared to natural suede. The material is highly durable and requires low maintenance, which has made it a popular choice as a viable replacement of natural suede.
The increase in the number of end-use industries, rise in the demand for a replacement of natural suede, and extensive research and development activities by the manufacturers have helped the market for the high-end synthetic suede market to grow across several end-use industries such as automotive, fashion, and footwear, among others.
According to Tamanna Maheshwari, Analyst, “Automotive industry currently dominates the global high-end synthetic suede market.” The automotive industry is currently undergoing a period of transformation with the rising trend for autonomous, shared, and electric vehicles. These new trends are creating significant opportunities for growth, which includes demand for vehicle interiors, which not only consist of an innovative design but also provide greater comfort Key companies in the high-end synthetic suede material market are also banking upon the opportunity to increase their design and processing capabilities related to automotive interior material.
The competitive landscape of the high-end synthetic suede market comprises different strategies undertaken by the high-end synthetic suede manufacturers to gain market presence. The prominent strategy adopted by the industry players is that of capacity expansion wherein to meet the growing demand, players are actively expanding their production capacity.
This report is a meticulous compilation of research on more than 100 players in the high-end synthetic suede market and draws upon the insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles approximately 19 companies including supplier and customer profiles.
The companies profiled in the report are Asahi Kasei Corporation, Kolon Industries, Inc., Toray Industries, Inc., Kuraray Co., Ltd., Tapis Corp., The Mitchell Group, Mio srl, WINIW International Co., Ltd., The Rishabh Velveleen Limited, H&C Microfiber Co., Ltd., Textile Innovations, Ltd., Seiren Co., Ltd., ECOLORICAL MICROFIBER SRL, and Nevotex AB.
Key questions answered in the report:
- What is the estimated global high-end synthetic suede market size in terms of value and volume from 2017 to 2029, along with the year-on-year growth rates and the compound annual growth rate (CAGR) during the forecast period, 2019-2029?
- What are the different applications of high-end synthetic suede, and the growth pattern for each application in terms of value in different regions and countries?
- Which are the major regions and countries that provide growth opportunities for the high-end synthetic suede market?
- What is the competitive strength of the key players in the high-end synthetic suede market on the basis of their recent developments, product offerings, and regional presence?
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