IMARC Group’s report titled “Synthetic Leather Market Report by Type (Bio-Based, Polyvinylchloride (PVC) Based, Polyurethane (PU) Based), Application (Clothing, Bags, Shoes, Purses and Wallets, Accessories, Car Interiors, Belts, Sports Goods, and Others), End Use Industry (Footwear, Furniture, Automotive, Textile, Sports, Electronics, and Others), and Region 2023-2028“, Offers a comprehensive analysis of the industry, which comprises insights on the synthetic leather market share. The global synthetic leather market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 48.41 Billion by 2028, exhibiting a growth rate (CAGR) of 4.20% during 2023-2028.
Industry Overview of Synthetic Leather
Synthetic leather, also known as faux leather or artificial leather, is a versatile and man-made material that is crafted from a combination of synthetic materials, such as polyurethane (PU) or polyvinyl chloride (PVC), that mimic the look of traditional leather. It can be manufactured in a variety of colors, textures, and patterns, making it suitable for a wide range of applications. It is known for its durability, resistance to stains and water, and easy maintenance. It is cost-effective and creates a stylish and affordable alternative to traditional leather products. It is cruelty-free as it does not involve the use of animal hides and aligns with ethical and sustainable practices. It is resistant to mold and mildew, which makes it a hygienic choice for applications where cleanliness is essential. It does not contain common allergens found in real leather that makes it a suitable choice for individuals with sensitivities or allergies. It assists in providing luxurious looks to vehicles and enhancing comfort to individuals. As it aids in offering uniformity in texture, appearance, and quality, ensuring that products meet specific standards and expectations, the demand for synthetic leather is increasing across the globe.
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Leading Companies Operating in the Global Synthetic Leather Industry:
- Asahi Kasei Corporation
- DuPont Tate & Lyle Bio Products Company LLC
- FILWEL Co. Ltd. (Air Water Inc.)
- H.R. Polycoats Pvt. Ltd.
- Kuraray Co. Ltd.
- Mayur Uniquoters Limited
- Nan Ya Plastics Corporation
- San Fang Chemical Industry Co. Ltd.
- Teijin Limited
- Zhejiang Hexin Holdings Co. Ltd.
What are the growth prospects and trends in the synthetic leather industry?
The rising adoption of synthetic leather to manufacture sports equipment, such as soccer balls, basketballs, and gloves, due to its enhanced durability and water-resistant properties currently represents one of the primary factors propelling the market growth. In line with this, the escalating demand for sustainable and eco-friendly alternatives to traditional leather on account of increasing environmental concerns among the masses is positively influencing the market. Additionally, the rising usage of synthetic leather, as it can be easily customized as per the needs and aesthetic requirements of individuals, is supporting the growth of the market.
Apart from this, there is an increase in the demand for synthetic leather in vehicle interiors due to its ease of maintenance and aesthetic appeal. This, coupled with the rising employment of synthetic leather for furniture upholstery, such as sofas, chairs, and ottomans, due to its affordability and resistance to stains and wear, is strengthening the market growth. Besides this, technological advancements in synthetic leather production techniques for its improved quality and performance are impelling the market growth. In addition, the increasing development of synthetic leather variants with reduced environmental impact and enhanced properties, such as low volatile organic compound (VOC) emissions are offering lucrative growth opportunities to industry investors.
Furthermore, the growing demand for synthetic leather to create affordable and stylish clothing and footwear products, along with the rising employment of synthetic leather to manufacture handbags, wallets, and belts, is offering a positive market outlook. Moreover, the increasing utilization of synthetic leather in phone cases and laptop bags is contributing to the growth of the market. The rising demand for cruelty-free products among eco-conscious individuals worldwide is also bolstering the market growth.
Synthetic Leather Market Report Segmentation:
Breakup by Type:
- Bio-Based
- Polyvinylchloride (PVC) Based
- Polyurethane (PU) Based
Breakup by Application:
- Clothing
- Bags
- Shoes
- Purses and Wallets
- Accessories
- Car Interiors
- Belts
- Sports Goods
- Others
Breakup by End Use Industry:
- Footwear
- Furniture
- Automotive
- Textile
- Sports
- Electronics
- Others
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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