Faridabad which is considered
as the hub of the automobile industry has been growing extensively. The old
units are benefiting with the growth of the newer ones.
The president of the
Faridabad Industrial Association has been stating that the growth of PVC
Synthetic Leather has been increasing and the market volume currently is around
300 crores and which is growing at a rate of 30 to 40 percent per year.
He
further mentioned that considering the growth rate it is forecasted that it
will increase to 50 percent in the coming years.
Currently the major industry
players are stating that the market of PVC Synthetic Leather is growing at such
a pace that it giving a great competition for the smaller firms entering the
market which further denotes that the barriers to entry are high and major
marketing breakthroughs are required to create the brand awareness which in
longer terms will create brand equity.
As states by one of the owners that the
firms here are working at its full capacity and it is determined to increase
further by the option of outsourcing from other firms. Besides that the idea of
customization has further triggered the growth in the markets of Faridabad.
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