"The Synthetic Leather Market expansion is mainly due to the increasing global demand for eco-friendly and cost-effective leather alternatives. This surge is primarily driven by the role synthetic leather plays in the booming footwear and automotive industries."
The robust expansion of the global footwear industry and the escalating demand for Synthetic Leather in the fast-growing automotive sector are propelling the market forward. A significant contributor to this growth is the high cost associated with natural leather, prompting industries to seek affordable and sustainable alternatives.
According to the SNS Insider report, the Synthetic Leather Market is projected to witness substantial growth, reaching USD 59.42 billion by 2030 from USD 36.17 billion in 2022, with a CAGR of 6.4% during the forecast period 2023-2030. The synthetic leather market is witnessing significant growth driven by the increasing demand for cruelty-free, sustainable, and cost-effective alternatives to genuine leather in various end-use industries such as automotive, footwear, furniture, and fashion. Synthetic leather, also known as faux leather or artificial leather, is manufactured using polyurethane (PU) or polyvinyl chloride (PVC) resin combined with textile substrates, creating a material that closely resembles the look and feel of genuine leather while offering superior performance characteristics. With growing concerns about animal welfare, environmental sustainability, and ethical sourcing, the adoption of synthetic leather as a viable substitute for traditional leather is gaining traction among consumers and businesses globally.
Market Report Scope:
Synthetic leather, also known as artificial leather, serves as a substitute for traditional leather in various applications such as upholstery, clothing, and footwear. The market encompasses diverse terms like leatherette, faux leather, and vegan leather, each catering to specific needs. The industry has seen significant advancements in production processes, offering high gloss finishes, durability, and UV resistance. Key players in the market, like PVC leather, have witnessed increased popularity, contributing to the market's diverse applications in fashion, upholstery, and accessories.
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Some of the Key Players Included are:
Kuraray Co. Ltd., Teijin Limited, Mayur Uniquoters Limited, Filwel Co. Ltd., Alfatex N.V., Yantai Wanhua Synthetic Leather Group Co. Ltd., H.R. Polycoats Pvt. Ltd., NAN YA plastics corporation, San Fang Chemical Industry Co. Ltd., Zhejiang Hexin Industry Group Co. Ltd., and Others players.
Market Analysis:
The footwear industry remains the primary consumer of synthetic leather, particularly in regions like Asia Pacific, South America, and Europe. The rising urbanization and a growing preference for stylish footwear contribute to the market's positive trajectory. Additionally, the development of bio-based synthetic leather, leveraging natural fibers like flax and pineapple leaves, provides an eco-friendly alternative. With increasing environmental regulations, bio-based synthetic leather presents a promising opportunity for sustainable growth in the industry.
Segment Analysis:
The Polyurethane (PU) based synthetic leather segment led the market, accounting for over 52% of global revenue in 2022. Its dominance is attributed to qualities such as waterproofing, softness, and eco-friendliness, making it an ideal substitute for genuine leather. The footwear segment dominated the market, contributing over 33% of global revenue in 2022. As a result of rising income levels and economic growth, the demand for stylish footwear continues to grow, propelling the synthetic leather industry forward.
By Type
l Bio-Based
l Polyvinylchloride (PVC) Based
l Polyurethane (PU) Based
By Application
l Clothing
l Bags
l Shoes
l Purses & Wallets
l Accessories
l Car Interiors
l Belts
l Sports Goods
l Others
By End-Use Industry
l Footwear
l Furniture
l Automotive
l Textile
l Sports
l Electronics
l Others
Key Regional Development:
The Asia Pacific region holds the largest market share, accounting for over 35% of global revenue in 2022. China, India, and South Korea are expected to drive substantial growth, fueled by rising disposable income and a growing population. However, the market in China has experienced setbacks due to the impact of the coronavirus outbreak on manufacturing operations.
Key Takeaway:
· Growing demand for eco-friendly alternatives fuels the Synthetic Leather Market.
· Polyurethane-based synthetic leather dominates the market, offering quality and sustainability.
· Footwear industry expansion remains a key driver for the market's growth.
· Asia Pacific leads the market, driven by economic growth and a rising population.
Recent Developments:
· In August 2023, WR Supply Inc. and Teijin Cordley Limited announced a collaboration to develop a recycling process for the release of paper from artificial leather manufacturing, emphasizing the use of 100% recycled paper.
· In September 2021, Teijin Cordley Limited unveiled a new antibacterial and antiviral artificial leather, incorporating a long-lasting antibacterial agent, showcasing the industry's commitment to innovation and sustainability.
About Us:
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