According to a market report by Lucintel, the future of the high-end synthetic suede market looks promising with opportunities in the automotive, fashion, and furniture markets. The global high-end synthetic suede market is expected to grow with a CAGR of 5% to 7% from 2023 to 2028. The major drivers for this market are increasing demand from the various end-user industries, such as automotive, fashion, and footwear, and growing environmental and ethical concerns among consumers regarding sustainable and environment friendly fashion.
In this market, woven and non-woven are the major products. Lucintel forecasts that non-woven will remain the largest segment over the forecast period as these materials are lighter and weaker as compared to woven material and is utilized for the manufacturing of durable clothing.
Within this market, automotive is expected to remain the largest segment due to increase in adoption of lightweight materials by automotive OEMs so as to improve the fuel efficiencies of the vehicles. It is used in manufacturing of seat covers, steering-wheel covers, and shift knobs.
Europe will remain the largest due to growing demand of luxury vehicles in the region and increasing preference for synthetic suede over natural suede as these materials are more durable and less expensive.
Asahi Kasei, Toray Industries, Kolon Industries, Seiren Co., WINIW International, Nevotex AB, Rishabh Velveleen, The Mitchell Group, Tapis Corp., and Majilite Inc. are the major suppliers in the global high-end synthetic suede market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global high-end synthetic suede market by product, type, application, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global High-End Synthetic Suede Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global high-end synthetic suede market by product, type, application, and region, as follows:
High-End Synthetic Suede Market by Product [Value ($B) Shipment Analysis from 2017 to 2028]:
High-End Synthetic Suede Market by Type [Value ($B) Shipment Analysis from 2017 to 2028]:
Single Leather
Double-Sided Leather
High-End Synthetic Suede Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
Automotive
Fashion
Furniture
Others
High-End Synthetic Suede Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
North America
Europe
Asia Pacific
The Rest of the World
This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the high-end synthetic suede market by product (woven and non-woven), type (single leather and double-sided leather), application (automotive, fashion, furniture, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last five years and what has its impact been on the industry?