Research Nester published a report titled “Japan Synthetic Leather Market: Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the Japan synthetic leather market in terms of market segmentation by product type, and by end-user.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Japan synthetic leather market is anticipated to grow with a CAGR of 7.9% over the forecast period, i.e., 2022-2031. The market is segmented by product type into polyurethane (PU), and polyvinyl chloride (PVC). Out of these segments the polyvinyl chloride (PVC) segment is anticipated to garner the highest revenue of USD 1,231.1 Million by the end of 2031. Further the segment generated a revenue of USD 565.2 Million in the year 2021.
The Japan synthetic leather market is estimated to garner a revenue of USD 2,137.8 Million in the year 2031, up from a revenue of USD 1,004.1 Million in the year 2021. Stringent regulations regarding animal cruelty and slaughtering, shift from natural leather to synthetic leather, and increase in vegan population are some of the major factors expected to drive the growth of the market.
Stringent Regulations Regarding Animal Cruelty and Slaughtering to Boost Market Growth
The Act on Welfare and Management of Animals (1973) states that killing or injuring an animal in a protected category carries a fine or a penalty of up to one year in jail. In contrast, abandonment and cruelty via neglect are also punishable by fines. With the exception of fish, all farm animals are covered by the anti-cruelty and duty of care legislation. The use of slaughters is required to lessen suffering even while adequate techniques are not defined or the need for stunning is not mandated.
Because of the regulations in Japan, synthetic leather is preferred more because it doesn't require killing or harming animals. Additionally, they are typically made of plant-based materials. Hence this factor is projected to fuel the growth of the market in Japan.
However, harmful effect of PU and PVC, growing environmental concerns, and availability of alternatives which are expected to operate as key restraint to the growth of Japan synthetic leather market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Japan synthetic leather market which includes company profiling of Asahi Kasei Corporation, Kuraray Co. Ltd., San Fang Chemical Industry Co., Ltd., Achilles Corporation, Teijin Limited, Nan Ya Plastics Corporation, AIR WATER INC., H.R.Polycoats Pvt. Ltd., Alfatex Italia SRL, Zhejiang Hexin Holdings Ltd., Toray Industries, Inc., Mayur Uniquoters Limited, Fujian Polytech Technology Corp., Ltd., Ultrafabrics Holdings Co., Ltd., SEIREN Co. Ltd., and, KYOWA Leather Cloth Co., Ltd.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Japan synthetic leather market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.