The global high-end synthetic suede market was valued at $836.9 million in 2018 and is projected to reach $1,642.3 million, by 2029. In terms of volume, the market is anticipated to reach a market volume of 49.1 million sqm by the end of 2029. The growth in the high-end synthetic suede market is attributable to increasing demand from the automotive industry and the need for a replacement of natural suede. Synthetic suede is made through the blends of polyester and other plastics, posing less environmental hazard just like natural suede does. Synthetic suede is typically more economical and affordable as compared to natural suede. The material is highly durable and requires low maintenance, which has made it a popular choice as a replacement of natural suede.

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The increase in the number of end-use industries, rise in the demand for a replacement of natural suede, and extensive research and development activities by the manufacturers have helped the market for the high-end synthetic suede market to grow across several end-use industries such as automotive, fashion, and footwear, among others.

The demand for high-end synthetic suede varies according to different geographical regions. The high-end synthetic suede market holds a prominent share in various countries of North America, Asia-Pacific (APAC), Europe, and RoW. Europe is the largest revenue generating region in the global high-end synthetic suede market. The region is expected to represent an incremental $ opportunity of $314.9 million during the forecast period. The region is marked by the presence of industry giants operating in the high-end synthetic suede market such as Alcantara S.p.A., Toray Industries, Inc., and Miko srl, among others.

The European region also presently accounts for the highest luxury cars production globally, moreover, is home to well-known fashion houses and international designers. Not only this, Europe is also one of the key regions in terms of production of footwear. There is an ongoing trend of replacing natural leather and natural suede due to the beneficial properties such as high breathability and high vapor permeability of synthetic materials such as synthetic leather and suede. These materials are also being preferred due to a high demand from the population for materials and fabrics that enhance the aesthetic appeal of the product.

The competitive landscape of the high-end synthetic suede market includes different strategies undertaken by the high-end synthetic suede manufacturers to gain market presence. The prominent strategy adopted by the industry players is that of capacity expansion wherein to meet the growing demand, players are expanding their production capacity. There is also a key development by one of the global players wherein the company has produced bio-based synthetic suede.

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The continuous efforts of the non-governmental organizations and environmental activists to extend knowledge about the potential hazards of leather has essentially led to the incorporation of innovative materials by the end users in their production process. Synthetic suede is one such vital material which is made from the blends of polyester and the generation of which does not involve any form of unethical practices and toxins that might hamper the environment as well as hurt the sentiments of animal welfare associations. Synthetic suede, also known as artificial and faux suede, bears properties similar to that of natural suede. Synthetic suede was created in the mid-twentieth century, and since then, various performance attributes of the material has considerably improved. Synthetic suede has become increasingly popular not because of its appearance and flexibility, but also, due to its minimal negative effects on the environment as compared to that of leather.

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