Synthetic leather is used in various industries such as fashion industry, automotive industry and many more. Leather-like synthetic materials are manufactured without using the skin of any animals. It is made up of synthetic or natural fibres that have been covered in plastic polymer. Polyurethane (PU) and polyvinyl chloride are typically used to create synthetic leather (PVC). Faux leather, fake leather, rexine, vinyl, and leatherette are all terms used to describe synthetic leather, which is a man-made fabric produced from polyurethane and polyvinyl chloride. Real leather, which is created by tanning and animal skins, is more expensive, less flexible, and unethically questionable than synthetic leather.
The Japanese synthetic leather market size was valued in billion in 2017 as the growing demand for eco-friendly and sustainable products is likely to drive the growth of the market in the coming years. Moreover, it is anticipated that the market would rise because to the rising vegan population and technological advancements made by several major businesses.
Japan Synthetic Leather Market Driving Factors and Challenges
The synthetic leather market in Japan is poised to grow, with a projected CAGR value in double digits in the coming years, due to several key drivers. Including the increasing demand for high-quality, durable, and cost-effective materials in various industries, such as automotive, fashion, footwear, and upholstery. Synthetic leather is also considered a sustainable alternative to genuine leather, which has led to a shift in consumer preferences towards eco-friendly and animal-free products. Furthermore, the advancements in manufacturing technologies and the availability of raw materials have made synthetic leather more affordable and accessible, further fuelling the growth of the market. Additionally, the rising disposable income and changing lifestyle patterns of the Japanese population have increased the demand for luxury goods, which often incorporate synthetic leather as a key component.
Despite the growth opportunities, the Japan synthetic leather market faces several challenges that could impact its development. One of the major challenges is the availability of cheaper alternatives, such as natural leather, cotton, and other fabrics, which could affect the demand for synthetic leather. Additionally, the production process of synthetic leather requires the use of chemicals and synthetic materials, which can have a negative impact on the environment and human health if not handled properly. This has led to increasing concerns regarding sustainability and ethical production practices, which could impact consumer preferences and purchasing decisions. Moreover, the fluctuating prices of raw materials and the stringent regulations regarding product quality and safety could pose challenges for manufacturers and suppliers operating in the market.
Impact of COVID-19 on Japan Synthetic Leather Market
The synthetic leather market has been significantly impacted by the COVID-19 pandemic. One of its major consequences has been the reduction in demand for luxury goods, such as high-end fashion items incorporating synthetic leather, as many consumers have had to limit their discretionary spending due to job losses and economic uncertainty. This decline in sales has affected the synthetic leather product market. Additionally, the pandemic has caused disruption to the global supply chains, leading to difficulties in accessing raw materials and other inputs for manufacturers of synthetic leather.
Japan Synthetic Leather Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Achilles Corporation, Air Water Inc., Alfatex Italia SRL, Ashai Kasei Corporation, Fujian Polytech Technology Corp., Ltd., H.R. Poly coats Pvt. Ltd., Kuraray Co., Ltd., KYOWA Leather Cloth Co., Ltd., Mayur Uniquoters Limited, Nan Ya Plastics Corporation, San Fang Chemical Industry Co., Ltd., SEIREN Co. Ltd., Teijin Limited, Toray Industries, Inc., Ultra Fabrics Holdings Co. Ltd., Zhejiang Hexin Holdings Ltd., Others
Japan Synthetic Leather Market Segmentation:
By Product: Based on the Product, Japan Synthetic Leather Market is segmented as; Polyurethane, Polyvinyl Chloride
By End User: Based on the End User, Japan Synthetic Leather Market is segmented as; Automobile, Footwear, Furnishing, Garments, Interior, Luxury Goods, Sporting Goods, Others
By Region: This report also provides the data for key regional segments of Tokyo, Osaka, Nagoya, Fukuoka, Sendai, Hiroshima, Naha, Kitakyushu, Kumamoto, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.