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Synthetic Leather Market worth $88.0 billion by 2028 – Exclusive Report by MarketsandMarkets™

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The report “Synthetic Leather Market by Type (PU-based, PVC-based, Bio-based), End-use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets), and Region (North America, Europe, Asia Pacific, MEA, South America) – Global Forecast to 2028″, size was USD 68.7 billion in 2023 to USD 88.0 billion by 2028, at a CAGR of 5.1% from 2023 to 2028.
Browse in-depth TOC on “Synthetic Leather Market”
279 – Tables50 – Figures242 – Pages
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Synthetic leather, commonly referred to as artificial leather, is a man-made material that is meant to resemble the texture and, in some instances, the appearance of real leather. It is often made from various synthetic materials, such as polyurethane (PU) or polyvinyl chloride (PVC) and is used as an environmentally friendly and frequently more cost-effective substitute for genuine leather. Although it is not created from animal hides, synthetic leather has the same texture and appearance as genuine leather. A combination of polymers, fabric backing, and coatings were used in its engineering. Synthetic leathers are used in various industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others such as sports, electronics, and medical.
“Bio-based synthetic leather segment is estimated to be the fastest-growing type for synthetic leather market during the forecast period 2023 to 2028.”
The synthetic leather market is projected to be experiencing significant growth in the forecasted period. The bio-based synthetic leather segment is estimated to be the fastest-growing segment in the synthetic leather market due to a combination of environmental, consumer, and technological factors. As sustainability becomes a key component of both consumer preferences and business goals, the bio-based synthetic leather market is anticipated to maintain its growth trajectory. As continued research and development, it is expected that this industry will become even more cutting-edge, providing a greater range of superior, eco-friendly substitutes for conventional leather materials.
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“Footwear segment is estimated to be the largest application in synthetic leather market in 2022, in terms of value.”
The footwear segment is estimated to be the largest application in synthetic leather market in the forecasted year due to several factors. The dominance of the footwear segment in the synthetic leather market is driven by a combination of economic, aesthetic, and ethical factors. Synthetic leather offers a cost-effective solution for footwear manufacturers without compromising on quality or style. Moreover, synthetic leather’s durability is a pivotal factor. It can endure the rigors of daily wear, maintaining its appearance and shape over time. Furthermore, customization options further bolster the position of synthetic leather in the footwear industry. The synthetic leather market in the footwear segment is projected to rise in the forecast year.
“Asia Pacific was the largest region for the synthetic leather market in 2022, in terms of value.”
The Asia Pacific region’s prominence as the largest market for synthetic leather can be attributed to a convergence of economic, industrial, and cultural factors. The fashion and footwear industries in the Asia Pacific region are among the largest globally, and they have embraced synthetic leather for its versatility and affordability. Moreover, the automotive industry’s expansion in the region has led to increased use of synthetic leather in car interiors. Environmental concerns and animal welfare issues have also encouraged the shift toward synthetic leather, as it offers an ethical alternative to genuine leather. This combination of economic growth, industrial competence, and consumer preferences has firmly established Asia Pacific as the largest market for synthetic leather.
Key Players
The key market players identified in the report are Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), NAN YA PLASTICS CORPORATION (Taiwan), Wanhua Chemical Group Co., Ltd. (China), Mayur Uniquoters Limited (India), FILWEL Co., Ltd. (Japan), Zhejiang Hexin Holdings Co., Ltd. (China), Alfatex Italia SRL (Italy), and H.R. Polycoats Private Limited (India).
Browse Adjacent Market: Yarns, Fabric and Textile Market Research & Consulting
Related Reports:
Bio-based Leather Market – Global Forecast to 2028
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Avaya To Demonstrate How Thai Organizations Can Innovation Without Disruption At Local Customer Conference

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Avaya, a global leader in customer experience solutions, is set to show how it can enable organisations across Thailand and South East Asia to enhance experiences without disrupting existing investments, at the upcoming Avaya Thailand Customer Conference.
Taking place on May 23, 2024 in Bangkok, the event will feature a packed agenda during which Avaya, alongside major local customers and partners, will share insights on enhancing customer experience (CX) and employee experience (CX) to deliver business growth. They will delve into the reasons why Avaya is best-placed to help large organizations achieve these goals, as the company can enable experiential innovation while preserving large communications technology estates and processes.
Avaya executives will also share crucial updates on the Avaya Experience Platform, a single, unified platform that encompasses Avaya solutions for CX. Trusted by large enterprises globally, this platform empowers customers to maintain their core capabilities while evolving through flexible innovation paths, including on-premises, private cloud, public cloud, or hybrid deployment models.
At the Avaya Thailand Customer Conference, Avaya executives will demonstrate how, by offering flexible integration options and enabling customers to leverage third-party solutions through APIs and SDKs, Avaya delivers superior outcomes while providing customers the freedom to innovate and customize their experience, building on top of what already works for them.
Solution demos will include using AI and analytics to orchestrate exceptional customer journeys by harnessing data from interactions across multiple vendor touchpoints and applications, and using these to intelligently streamline customer experiences, drive efficiency, and deliver superior outcomes.
Other solutions will highlight how organizations can simplify and elevate the employee experience by unifying existing on-premises capabilities with new cloud-powered innovations into a single, modern agent desktop. This streamlined interface blends voice, digital, and AI-enabled interactions, empowering agents to deliver superior customer experiences more efficiently.
“The need to drive growth revenue and growth amid competitive pressures are the biggest challenges organisations face, and effective CX and EX are fundamental to overcoming them,” said Amit Sirohi, Managing Director, Avaya ASEAN. “The Thai economy has made major strides in addressing these challenges, however too often, local organisations are hampered in their digital strategies by technologies that dictate how they should innovate.
“Our focus is to empower our customers so they can choose the best path forward, by offering solutions that streamline integration with cloud services and facilitating both current and future innovations – particularly in the evolution of digital channels and rising investment into artificial intelligence.”
In addition, the Avaya Thailand Customer Conference will feature a series of demonstrations, as well as networking opportunities where local companies can learn and share with the Avaya team, industry experts and peers.
The post Avaya To Demonstrate How Thai Organizations Can Innovation Without Disruption At Local Customer Conference appeared first on HIPTHER Alerts.

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Degron Therapeutics Announces Multi-Target Collaboration and Exclusive License Agreement with Takeda to Discover Molecular Glue Degraders

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Degron Therapeutics (“Degron”), the company using its molecular glue-based targeted protein degradation drug-discovery platform to advance human health, today announced it has entered into a collaboration and exclusive license agreement with Takeda to discover and develop novel molecular glue degraders for multiple targets in oncology, neuroscience, and inflammation.
Degron and Takeda will collaborate to utilize Degron’s GlueXplorer® platform to identify, validate, and optimize molecular glue degraders for specific therapeutic targets selected by Takeda. Upon reaching a certain stage of advancement, the projects would be transitioned to Takeda for further development and commercialization.
“We are excited to collaborate with Takeda, expanding the use of our platform into new therapeutic areas,” said Lily Zou, Ph.D., co-founder and CEO of Degron Therapeutics. “Degron’s differentiated and powerful GlueXplorer platform has been validated by its robust, first-in-class pipeline of novel molecular glue drugs for disease targets that are undruggable by other modalities or better addressed with this new modality. By partnering with Takeda, we combine our molecular glue discovery expertise with Takeda’s vast drug development and commercialization experience in hopes of offering patients worldwide a new class of treatments.”
Under the terms of the agreement, Degron Therapeutics will receive an upfront payment and is eligible to receive potential future preclinical, clinical development and commercial milestone payments that could total $1.2 billion if all related milestones are achieved over the course of the agreement. Degron is also eligible to receive tiered royalty payments on sales of any potential commercialized products. The parties have the option to expand the collaboration to include more targets. Additionally, Takeda will make an equity investment in Degron. Degron Therapeutics will retain full ownership of its pipeline programs.
“Molecular glue degraders are a new class of drugs that can be directed at targets previously inaccessible or inadequately modulated by other treatment modalities,” said Chris Arendt, Chief Scientific Officer, Head of Research at Takeda. “This collaboration with Degron not only adds an innovative new platform to our drug discovery toolbox, it is also an example of cutting-edge innovation emerging in the exciting China biotech sector.”
Founded in 2021, Degron Therapeutics builds on research from the laboratory of ShanghaiTech University professor and company co-founder Yong Cang, Ph.D. Degron developed a proprietary GlueXplorer platform, which encompasses a unique and expanding library of structurally differentiated molecular glue degraders, multiple complementary screening approaches, and extensive assays to thoroughly validate the molecular glue mechanism for degraders discovered by the platform. Degron has generated a large amount of proprietary data and developed an artificial intelligence (AI) algorithm to predict novel molecular glue targets and accelerate compound discovery. Degron has created more than 60 novel diverse cores and 10,000 compounds for its library and a robust pipeline of programs targeting important disease targets including previously undruggable ones across multiple therapeutic areas.
The post Degron Therapeutics Announces Multi-Target Collaboration and Exclusive License Agreement with Takeda to Discover Molecular Glue Degraders appeared first on HIPTHER Alerts.

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DDN and Ooredoo Forge Strategic Alliance to Elevate AI Digital Transformation Capabilities

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DDN®, the global pioneer in artificial intelligence (AI) and multi-cloud data management solutions, today announced a transformative partnership with Ooredoo, Qatar’s premier telecommunications operator and information and communications technology (ICT) provider. This collaboration leverages DDN’s unparalleled expertise in advanced AI workflows, establishing Ooredoo as a frontrunner in the ICT sector by significantly enriching its service offerings.
Through this strategic alliance, Ooredoo will adopt DDN’s sophisticated AI infrastructure, including sovereign AI capabilities, to drive innovation and improve operational efficiencies across its networks. DDN’s proven solutions enable Ooredoo to deploy state-of-the-art AI technologies, ensuring their customers access the most robust and dynamic ICT services, optimized for today’s digital challenges.
“At Ooredoo, we are committed to promoting inclusive access to digital services and resources, as well as developing innovative solutions to improve our customers’ experiences,” says Thani Ali Al-Malki, chief business officer, Ooredoo Qatar. “With DDN’s expertise and cutting-edge technologies, we are poised to transform Qatar’s digital infrastructure and provide our customers with the latest advancements in AI and Sovereign Cloud Storage solutions. The partnership with DDN not only bolsters our position as an integrated ICT provider but also enables us to enhance operations for customers in Qatar and beyond.”
This partnership underscores DDN’s commitment to fostering AI advancements by providing scalable, high-speed storage solutions that empower enterprises like Ooredoo to fully leverage their data, thereby delivering exceptional service quality and pioneering new paths in AI-enabled communications.
“Organizations like Ooerdoo require robust AI and At Scale applications to meet customer demands and accelerate and maximize their market opportunities,” said Ankur Arora, Middle-East and Africa regional director, DDN. “DDN has a legacy of success in delivering efficient and cost-effective infrastructure, and our partnership will enable Ooredoo to set new benchmarks in technology and service excellence.”
To learn more about DDN’s proven AI and multi-cloud solutions (booth #L4B) along with Ooredoo’s services (booth #G1) visit our respective booths at Comex Oman, May 27-30, at the Oman Convention and Exhibition Center.
The post DDN and Ooredoo Forge Strategic Alliance to Elevate AI Digital Transformation Capabilities appeared first on HIPTHER Alerts.

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