Asia Pacific is the largest manufacturer of leather and synthetic leather. The leather industry has been adversely affected during COVID-19 which has, opened up avenues of opportunities for synthetic leather. According to the Financial Express, industry experts gradually realize that the focus should now be on non-leather footwear exports, as varieties of non-leather footwear accounts for 86% of the total footwear consumption. This was the observation of a cross-section of domestic footwear makers. Recently, there has been a rise in demand for synthetic leather from the makeshift hospitals and healthcare institutes all around the world for beds and furniture to facilitate various patients suffering from COVID-19 and other diseases. These beds and other furniture mostly have medical-grade synthetic leather coverings and are antibacterial or antifungal in nature. In the case of the automotive industry, it has faced a major setback as the sales of the cares have dropped in the first half of the year, which has indirectly affected the demand for synthetic leather as it is mostly used in making the interiors of the cars. In addition, the fluctuation in the raw material prices of synthetic leather has also affected its market.
Post time: Feb-12-2022