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Synthetic Leather Market

Synthetic Leather Market Size, Share & Trends Analysis Report By Type (PU, PVC, Bio-Based Leather) And Application (Furnishing, Automotive, Footwear, Wallets, Bags & Purses, Clothing), By Region, And Segment Forecasts, 2024-2031

Report ID : 1620 | Published : 2024-10-22 | Pages: 180 | Format: PDF/EXCEL

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

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

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

Forecast Year

2024-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Type and Application

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

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.

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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Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Synthetic Leather Market Snapshot

Chapter 4. Global Synthetic Leather Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis
5.1. by Product Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Product Type:

5.2.1. PU
5.2.2. PVC
5.2.3. Bio-based

Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis
6.1. by Application & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:

6.2.1. Furnishing
6.2.2. Automotive
6.2.3. Footwear
6.2.4. Wallets, Bags & Purses
6.2.5. Clothing
6.2.6. Others

Chapter 7. Synthetic Leather Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.1.2. North America Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.1.3. North America Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.2. Europe

7.2.1. Europe Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.2.2. Europe Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.2.3. Europe Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.3. Asia Pacific

7.3.1. Asia Pacific Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.3.2. Asia Pacific Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.3.3. Asia Pacific Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.4. Latin America

7.4.1. Latin America Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.4.2. Latin America Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.4.3. Latin America Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.5. Middle East & Africa

7.5.1. Middle East & Africa Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.5.2. Middle East & Africa Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.5.3. Middle East & Africa Synthetic Leather Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles


8.2.1. Achilles USA Inc.
8.2.2. Alfatex Italia SRL
8.2.3. Asahi Kasei Corporation
8.2.4. Filwel Co., Ltd.
8.2.5. FUJIAN POLYTECH TECHNOLOGY CORP., LTD.
8.2.6. H.R. Polycoats Pvt. Ltd
8.2.7. Kuraray Co., Ltd.
8.2.8. Mayur Uniquoters Limited
8.2.9. Nan Ya Plastics Corporation Inc.
8.2.10. San Fang Chemical Industry Co., Ltd
8.2.11. Teijin Limited
8.2.12. Toray Industries
8.2.13. Yantai Wanhua Synthetic Leather Group Co., Ltd.
8.2.14. Zhejiang Hexin Holdings Co., Ltd.

Segmentation of Synthetic Leather Market-

Synthetic Leather Market By Type outlook

  • PU Synthetic Leather
  • PVC Synthetic Leather
  • Bio-based Leather

synthetic leather

Synthetic Leather Market By Application Outlook-

  • Furnishing
  • Automotive
  • Footwear
  • Wallets, Bags & Purses
  • Clothing
  • Others

Synthetic Leather Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

 

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Synthetic Leather Market?

Synthetic Leather Market expected to grow at a 5.78% CAGR during the forecast period for 2024-2031

Kuraray Co., Ltd.; H.R. Polycoats Pvt. Ltd.; Alfatex Italia SRL; Filwel Co., Ltd.; Yantai Wanhua Synthetic Leather Group Co., Ltd.; San Fang Chemical

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