The global high-end synthetic suede market is segmented into four major applications, namely automotive, fashion, furniture, and others. These applications are further sub-segmented based on their use of high-end synthetic suede. The global high-end synthetic suede market is growing at a rapid pace, owing to its enhanced functionality and properties compared to that of leather.
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Another factor leading to increased adoption of synthetic suede is the high demand for lightweight material across industries such as automotive to improve their fuel efficiency. Various companies such as Fiat Chrysler, Daimler AG, and Porsche AG, among others, across the globe are actively adopting high-end synthetic suede in their production process.
In terms of value, the global high-end synthetic suede market (by application) was dominated by the automotive industry in 2018. The automotive industry segment accounted for a market value of $XX million in 2017 and is expected to reach a market value of $XX million by the end of 2029. The automotive industry is the highest demand generating application for the high-end synthetic suede market. The need for high-end synthetic suede across the automotive industry arises due to the need for lightweight material in order to increase fuel efficiency.
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