GCC Synthetic Leather Market Size Set to Expand at Significant CAGR of 7.56% to Reach USD 6.86 Billion & 0.42 Million Tons by 2030
Published | 16 April 2024
GCC Synthetic Leather Market is flourishing because of the growing demand for leather goods and rising prices of real leather.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the GCC Synthetic Leather Market size at USD 4.78 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the GCC Synthetic Leather Market size to expand at a CAGR of 7.56% reaching a value of USD 6.86 billion by 2030. By volume, BlueWeave estimated the GCC Synthetic Leather Market size at 0.25 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the GCC Synthetic Leather Market size to expand at a CAGR of 6.98% reaching the volume of 0.42 million tons by 2030. The major growth drivers for the GCC Synthetic Leather Market include a spurring demand for leather goods and high cost of real leather.
Opportunity: Surging Demand for Synthetic Leather across Various Industries
Synthetic leather is gaining significant traction across various industries, including footwear, clothing, sports, and furnishings, owing to its favorable characteristics, including high durability and affordability. Synthetic leather is frequently used to cover couches, automobile seats, chairs, and coffee tables. It is also utilized in certain wall-hanging designs. Faux leather is frequently used in the garment and accessory industry in purses, shoes, boots, gloves, and hats. The GCC Synthetic Leather Market is expanding, as faux leather is low maintenance and less sensitive to stains and moisture than real leather.
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GCC Synthetic Leather Market
Segmental Coverage
GCC Synthetic Leather Market – By Type
Based on type, the GCC Synthetic Leather Market is segmented into PU synthetic leather, PVC synthetic leather, microfiber leather, and bio-based leather. The PU synthetic leather segment holds the largest share of the GCC Synthetic Leather Market. In terms of performance, PU leather is well known for its sturdiness, resilience to wear and tear, and increased resistance to color fading and scratches. Generally speaking, synthetic leather is more economical than real leather. This can increase its appeal in the production of low-cost products, which greatly fuels its market expansion.
GCC Synthetic Leather Market – By Country
The in-depth research report on the GCC Synthetic Leather Market covers the market in Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, and Oman. Saudi Arabia has the largest GDP and the highest purchasing power of customers in the GCC, which helps it dominate the synthetic leather business. Bahrain's high GDP per capita, when compared to other GCC nations, accounts for a significant portion of its market share. The high purchasing power of consumers in these regions directly boosts the demand for synthetic leather-based goods, such as footwear, bags, and purses, as well as automotive seat upholstery.
Competitive Landscape
Major players operating in the GCC Synthetic Leather Market include Dow, BASF SE, Covestro AG, Nour El Doha, Adim Leather Company, Teijin Cordley Limited, and Wacker Chemie.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the GCC Synthetic Leather Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the GCC Synthetic Leather Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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