Synthetic leather industry can earn huge foreign exchange

LAHORE: International synthetic leather market is projected to cross the mark of $ 33 billion by the end of year 2021 that is a good contribution opportunity for Pakistani synthetic leather sector.

This was stated by the LCCI President, Malik Tahir Javed while talking to the delegation of Pakistan Artificial Leather Importers & Merchants Association (PALIMA), led by its Regional Chairman and LCCI EC member Fahim-ur-Rehman Saigol, here on Friday.

LCCI Senior Vice President Khawaja Khawar Rasheed, Vice President Zeshan Khalil, former President Mian Anjum Nisar, PALIMA Chairman Shabir Mansha and FPCCI Vice President Saqib Fayyaz also spoke on the occasion.

Malik Tahir Javed said that demand for synthetic leather was growing in the international footwear, furnishing, automotive, clothing, bags and various other industries and it was a good opportunity for Pakistan's synthetic leather industry to contribute and earn huge foreign exchange for the country.

He urged the synthetic industry of Pakistan to focus Asia-Pacific region that dominates the over all synthetic leather market and accounts over 42% of the overall market revenues.

He said that the footwear and automobile industries were anticipated to grow at a rapid rate during the forecast period. China, India and South Korea were expected to be the major growth drivers. Rising disposable income coupled with increasing population pose huge avenues for growth in demand, he added.

"China is the largest revenue generating region in Asia Pacific. The country has a rapidly growing automotive and footwear industry, which are vital application segments.

It mainly imports faux leather from India, Korea and Italy. China constitutes around 30% of the global production. It is also among major consumers of animal skin in wide application segments such as automotive, furnishing and clothing", the LCCI president added.

He said that the sector could also bring a revolution in value addition and can export finished goods to all over the world. Head of the delegation Fahim-ur-Rehman Saigol lauded the LCCI efforts aimed at economic revival of the country and said that it is working as the biggest platform for the business community in true sense of word.