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The Global Synthetic Leather Market Size is valued at 30.65 billion in 2023 and is predicted to reach 47.67 billion by the year 2031 at a 5.78% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The growing standard of life and rising disposable money are driving up demand for leather goods like shoes and coats.
- The global spread of the coronavirus in recent times has significantly and adversely affected the demand for the synthetic leather market.
- Asia Pacific dominated the market and accounted for a revenue share of global revenue in 2023.
- The (PU) synthetic leather segment secured the highest value share in the market.
Synthetic leather is a term used to describe plastic products that resemble leather due to its softness and wear resistance. Compared to natural leather, synthetic leather has a brighter appearance and a softer texture, is folding-resistant, less expensive, waterproof, and is alkali and acid resistant. Due to their chemical resistance, they can be used as boots in the chemical industry and for other industrial uses. Compared to natural leather, synthetic leather is more affordable and simpler to manufacture. The steering wheel covers, door trims, knob covers, gear boots, sun visors, hoods, roof lining, and other elements of a car are all made of synthetic leather. Automobiles, lorries, buses, motorbikes, agricultural machinery, and other vehicles all employ synthetic leather.
Synthetic leather has a high degree of flexibility, which makes it incredibly comfortable, along with resistance to alcohol, water, stains, intense heat, and cold, which increases durability and saves maintenance costs. Increased knowledge of the advantages of synthetic leather over genuine leather, as well as growing demand from the footwear industry, are driving the synthetic leather market growth globally.
Despite its advantages, synthetic leather is sometimes perceived as inferior to genuine leather. Additionally, it faces competition from other materials, such as natural fabrics, recycled materials, and other synthetic materials.
Recent Developments:
- In April 2023, General Silicones Co., Ltd., a manufacturer of silicone products based in Taiwan, unveiled Compo-SiL (SL series), a vegan synthetic leather. This series caters to businesses involved in the production of bags, wallets, backpacks, and shoes, specifically those in search of vegan leather materials.
- In July 2022, Sage Automotive Interiors, a synthetic leather supplier based in China, introduced an innovative silicone synthetic leather designed for automotive applications. The company has initiated production of this synthetic leather in Shanghai, China.
Competitive Landscape:
Some key players in the Synthetic Leather Market are:
- Achilles USA Inc.
- Alfatex Italia SRL
- Asahi Kasei Corporation
- Filwel Co., Ltd.
- FUJIAN POLYTECH TECHNOLOGY CORP., LTD.
- R. Polycoats Pvt. Ltd
- Kuraray Co., Ltd.
- Mayur Uniquoters Limited
- Nan Ya Plastics Corporation Inc.
- San Fang Chemical Industry Co., Ltd
- Teijin Limited
- Toray Industries
- Yantai Wanhua Synthetic Leather Group Co., Ltd.
- Zhejiang Hexin Holdings Co., Ltd.
Market Segmentation:
The Synthetic Leather Market is segmented based on type and application. Based on type, the market is categorized into PU synthetic leather, PVC synthetic leather and bio-based leather. Based on the application, the market is categorized into furnishing, automotive, footwear, wallets, bags & purses, clothing and others.
Based On Type, The PVC Synthetic Leather Segment Is Accounted As A Major Contributor To The Synthetic Leather Market
PVC synthetic leather is expected to dominate the synthetic leather market. PVC (polyvinyl chloride) synthetic leather is a widely used synthetic leather that offers a cost-effective and durable alternative to genuine leather. It is commonly used in applications such as automotive interiors, furniture, and consumer goods such as bags and wallets. Several factors contribute to the dominance of PVC synthetic leather in the market.
First, PVC is a widely available raw material, which makes it easier and more cost-effective to produce synthetic leather using this material. Second, PVC synthetic leather is highly versatile and can be manufactured in various colors, textures, and finishes, making it suitable for various applications. Moreover, PVC synthetic leather is known for its durability, water resistance, and low maintenance, making it a popular choice for applications where these properties are desirable. Finally, PVC synthetic leather is often less expensive than other synthetic leather materials, such as PU (polyurethane), which makes it an attractive option for manufacturers and consumers.
The Footwear Segment Witnessed Growth At A Rapid Rate
the footwear segment is anticipated to dominate the synthetic leather market. Synthetic leather is widely used in the footwear industry as a more cost-effective and sustainable alternative to genuine leather. It is used in various footwear applications, including athletic, casual, and dress shoes. There are several reasons why the footwear segment is expected to dominate the synthetic leather market. First, the footwear industry is one of the largest consumers of synthetic leather, with a growing global population and increasing disposable income driving demand for affordable and sustainable footwear options. Second, synthetic leather offers several advantages over genuine leather, including lower cost, greater versatility, and ease of maintenance.
Synthetic leather can be made in a wide range of colours and textures. It can be manufactured with specific properties, such as water resistance or breathability, making it suitable for various footwear applications. Finally, synthetic leather can mimic the look and feel of genuine leather, making it an attractive option for consumers who want a more sustainable and affordable alternative to genuine leather. Overall, the footwear segment is expected to continue to drive demand and growth in the synthetic leather market as manufacturers continue to innovate and develop high-quality, sustainable, and affordable synthetic leather products for use in the footwear industry.
The Asia Pacific Synthetic Leather Market Holds A Significant Revenue Share In The Region
The Asia Pacific Synthetic Leather Market is expected to register the highest market share in revenue shortly. This is because many of the world's leading synthetic leather manufacturers are in Asia Pacific. These companies are investing in research and development to improve the quality and performance of their products and expand their production capacities to meet the growing demand. The Asia Pacific region is expected to continue to play a leading role in the growth and development of the synthetic leather market, both as a producer and consumer of synthetic leather products. Besides, due to the saturation of major domestic fashion companies, the market in North America is predicted to grow slowly. Concerns from animal rights groups like PETA, WWF, and a few others have grown, which has led to growth restrictions in the leather business.
Global Synthetic Leather Market Size:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 30.65 Bn |
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Revenue forecast in 2031 |
USD 47.67 Bn |
|
Growth rate CAGR |
CAGR of 5.78% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (Million Meters) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Type and Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Kuraray Co., Ltd.; H.R. Polycoats Pvt. Ltd.; Alfatex Italia SRL; Filwel Co., Ltd.; Yantai Wanhua Synthetic Leather Group Co., Ltd.; San Fang Chemical Industry Co., Ltd.; Mayur Uniquoters Limited; Teijin Limited and Nan Ya Plastics Corporation. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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