The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The synthetic leather industry is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest synthetic leather market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
The increasing population in the region accompanied with development of new technologies and products are projected to make this region an ideal destination for the growth of the synthetic leather industry. However, establishing new plants, implementing new technologies, and creating a value supply chain between raw material providers and manufacturing industries in the emerging regions of the APAC are expected to be a challenge for industry players as there is low urbanization and industrialization. Booming footwear and automotive sectors and advances in process manufacturing are some of the key drivers for the market in the APAC. Countries such as India, Indonesia, and China are expected to witness high growth in the synthetic leather market due to the increasing demand from the automotive industry.
Post time: Feb-12-2022