Synthetic Leather Market Size & Growth Analysis to 2030

The global synthetic leather market size is anticipated to register a significant CAGR of over 7% during the forecast period 2021 to 2027. The increasing demand for lather from the footwear industry is a primary factor driving the market growth. furthermore, the improving lifestyle and the increasing disposable income per capita is expected to increase the demand for various products such as clothing, bags, and footwear, which is expected to boost the market growth over the forecast period. Moreover, the rapid growth in urbanization and the increasing demand from the automotive and furnishing industry are anticipated to fuel the market in the next upcoming years.

Market Drivers:

Increasing Demand in the Automotive Industry: Synthetic leather, also known as faux leather or artificial leather, finds extensive use in the automotive industry for upholstery, seat covers, and interior trim. The global automotive industry has been witnessing steady growth, with total vehicle sales reaching over 70 million units in 2020. The demand for synthetic leather in the automotive sector is driven by factors such as increased vehicle production, growing consumer preference for luxurious interiors, and the need for cost-effective alternatives to genuine leather.

Sustainable and Ethical Considerations: Synthetic leather offers a more sustainable and ethical alternative to genuine leather. As consumers become more conscious of environmental issues and animal welfare concerns, the demand for cruelty-free and eco-friendly materials has risen. Synthetic leather, made from various polymers and textiles, provides a viable solution that mimics the look and feel of genuine leather without ethical and environmental drawbacks. This drives the demand for synthetic leather in industries such as fashion, furniture, and accessories.

Cost-Effectiveness: Synthetic leather is often more cost-effective than genuine leather, making it an attractive choice for many applications. Genuine leather production involves significant costs related to raising and maintaining livestock, as well as complex processing and tanning procedures. Synthetic leather, on the other hand, can be manufactured using efficient and automated processes, resulting in lower production costs. The cost advantage of synthetic leather makes it a preferred choice for budget-conscious consumers and businesses.

Technological Advancements in Material Development: Continuous advancements in material science and manufacturing technologies have led to the development of high-quality synthetic leather materials. These materials offer improved durability, texture, and appearance, closely resembling the characteristics of genuine leather. Manufacturers have been able to enhance the performance and aesthetics of synthetic leather through innovations in surface treatment, embossing techniques, and texture replication. Technological advancements have contributed to the growth of the synthetic leather market by offering a wide range of options to cater to diverse customer preferences.

Fashion and Design Trends: Synthetic leather has gained popularity in the fashion industry due to its versatility and ability to mimic various textures and finishes. It offers designers the freedom to experiment with different styles, colors, and patterns. As fashion trends evolve, the demand for synthetic leather in apparel, footwear, handbags, and accessories continues to grow. The dynamic nature of the fashion industry drives the demand for innovative and trendy synthetic leather products.

Ease of Maintenance and Durability: Synthetic leather is known for its ease of maintenance and durability compared to genuine leather. It is less prone to cracking, fading, and wear, making it suitable for high-traffic applications. Synthetic leather products are often water-resistant and can be easily cleaned with mild soap and water, eliminating the need for specialized cleaning and maintenance procedures. The long-lasting and low-maintenance characteristics of synthetic leather make it appealing to consumers, further driving market demand.

Availability of Customization Options: Synthetic leather offers manufacturers and consumers a wide range of customization options. It can be produced in different colors, textures, and finishes to meet specific design requirements. Customization capabilities allow businesses to cater to various customer preferences and create unique products. The availability of customization options enhances the appeal and versatility of synthetic leather, driving its demand in various industries.

Market Outlook:

Market Insights:

The global synthetic leather market is bifurcated into product, application, and geography. On the basis of product, the market is further segmented into polyurethane, polyvinyl chloride, bio-based, and others. The polyurethane segment dominated the global market in 2020 and is anticipated to maintain its dominance over the forecast period. The properties of polyurethane such as softness, waterproofing, lightweight, and easy cleaning are some major factors driving the segment growth. Furthermore, the segment is also estimated to grow at the fastest growth rate over the forecast period due to its eco-friendly nature.

On the basis of application, the market is further bifurcated into furnishing, automotive, footwear, and others. The footwear category dominated the global synthetic leather market in 2020 and accounted to hold the largest market share of around one-third of the market. The increasing disposable income and growing economic rate in developing economies are some major factors driving the segment growth. On the other hand, the automotive segment is accounted to grow at the highest growth rate over the forecast period due to the increasing demand for the product in the automotive industry.

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The synthetic leather comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The synthetic leather market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Product:

• Polyurethane (PU)
• Polyvinyl Chloride (PVC)
• Bio-based
• Others

By Application:

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

By Region:

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

Geographic Coverage:

Geographically, the synthetic leather market report comprises dedicated sections centering on the regional market revenue and trends. The synthetic leather market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The synthetic leather market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Synthetic leather market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 – 2027.

Competition Assessment:

Some of the major market players operating in the global synthetic leather market are Teijin Limited, H.R. Polycoats Pvt. Ltd., Filwel Co. Ltd., Mitsubishi Chemicals Corp., and Kuraray Co. Ltd. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Teijin Limited
• R. Polycoats Pvt. Ltd.
• Filwel Co. Ltd.
• Mitsubishi Chemicals Corp.
• Kuraray Co. Ltd.
• Kolon Industries, Inc.
• Yantai Wanhua Synthetic Leather Group Co. Ltd.
• Toray Industries, Inc.
• San Fang Chemical Industry Co. Ltd.
• Alfatex N.V.

Key Questions Answered by Synthetic Leather Market Report

• Global synthetic leather market forecasts from 2021-2027
• Regional synthetic leather market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Synthetic leather submarket forecasts from 2021-2027 covering the market by product, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the synthetic leather market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level synthetic leather markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the synthetic leather market