The synthetic leather market is expected to grow by USD 12.98 billion during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the synthetic leather market in optimistic, probable, and pessimistic forecast scenarios.
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The synthetic leather market will witness a neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio's pandemic-focused market research, market growth is likely to increase as compared to 2019.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
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Key Considerations for Market Forecast:
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Major Three Synthetic Leather Market Participants:
Alfatex Italia Srl
Alfatex Italia Srl operates its business under a unified segment. The company offers different types of artificial leather for various applications such as BLUMARE for marine application and NAOS for automotive upholstery and car headliner.
Anhui Anli Material Technology Co. Ltd.
Anhui Anli Material Technology Co. Ltd. operates its business under a unified segment. The company offers functional polyurethane synthetic leather with varied applications in various industries. The company offers its products in China and exports to over 70 countries.
Asahi Kasei Corp.
Asahi Kasei Corp. operates its business under three segments, which include material, homes, and health care. The company offers synthetic leather under the brand, Lamous. It is available in three textures such as solid, melange, and stripes.
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Synthetic Leather Market 2020-2024: Segmentation
Synthetic leather market is segmented as below:
The synthetic leather market is driven by high demand from developing economies. In addition, other factors such as increasing production capacity are expected to trigger the synthetic leather market toward witnessing a CAGR of about 8% during the forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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