Synthetic Leather Market Size to Reach USD 74.4 Billion by 2032 | CAGR: 7.8% | DataHorizzon Research

Fort Collins, Colorado, Sept. 08, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Synthetic Leather Market Size, Growth, Share, Statistics Report, By Type (PU, PVC, Bio-based), By Application (Furnishing, Automotive, Footwear, Wallets, Bags & Purses, Clothing, Others), By Region Forecasts, 2023-2032."

According to DataHorizzon Research, The synthetic leather market size was valued at USD 35.4 Billion in 2022 and is anticipated to reach USD 74.4 Billion by 2032 with a CAGR of 7.8%.  Rising awareness about animal cruelty and the economical prices of artificially made leather is contributing to the growing demand for synthetic leather and its products. Faux leather also comes in different colors and has wider applications than the natural one, making it a preferred choice amongst both manufacturers and users of leather.

The synthetic leather industry is projected to grow during the forecast period due to bio-based vegan leather's introduction. These leathers are made using recycled rubber, pineapple, and other such materials, resulting in sustainable, degradable, and recyclable products.

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Synthetic Leather Market Report Highlights:

• The synthetic leather market is projected to rise at a CAGR of 7.8% by 2032.

• The Polyurethane leather segment is leading in its type segment, attributing to their affordability, easy maintenance, and lesser pollution-causing production process.

• Footwear is the leading segment based on the application due to the availability of faux leather-made footwear in different colors and lightweight.

• Based on region, the synthetic leather market is dominated by Asia Pacific due to the rise in its application in the fashion and automotive industry.

• Some of the prominent players in the synthetic leather industry include Kuraray Co., Ltd., H.R. Polycoats Pvt. Ltd., Alfatex Italia SRL, Filwel Co., Ltd., Teijin Ltd., Zhejiang Hexin Industry Group Co. Ltd., Achilles USA inc., Nan Ya Plastics Corporation, Asahi Kasei Corporation and Kolon Industries Inc.

Report Snapshot:

Segmentation Overview:

The global synthetic leather market has been segmented based on type, application, and region. Polyurethane leather holds major market share. It offers ease of maintenance, highly affordable, and releases low-toxic elements during production. Synthetic leather is majorly used in the production of footwear as they are cheaper than natural leather-made footwear also due to the availability of these footwear comes in different colors and are light in weight.

Asia Pacific holds a major share in this market due to the growing automotive industry in this region that highly demands synthetic leather for making seat covers and door trims, and also due expanding fashion industry. Europe also holds a significant share in faux leather market resulting from a high demand for leather products like footwear, belts, bags and other goods made from synthetic leather instead of animal leather.

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Key Developments in the Industry:

• In December 2022, an Indian start-up named Phool started manufacturing vegan leather called Fleather, which makes leather from discarded flowers that usually end up in rivers or dustbins. The manufacturer has successfully manufactured goods like wallets, sling bags, and sandals from this leather. Also, the whole process of faux leather manufacturing does not harm the environment, making it a sustainable and environment-friendly product as well.

• In March 2023, a hotel called Emirates Palace in Abu Dhabi started offering “vegan rooms,” considering the growing vegan culture and awareness about animal cruelty. The rooms and the furniture have been designed such that no animal skin and wool-based carpets and furniture is used in the room. The rooms are designed using wooden floors and faux leather furniture is installed in these rooms.

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Synthetic Leather Market Segmentation:

Synthetic Leather Market, By Type (2023-2032)

• PU
• PVC
• Bio-based

Synthetic Leather Market, By Application (2023-2032)

• Furnishing
• Automotive
• Footwear
• Wallets
• Bags and purses
• Clothing
• Others

Synthetic Leather Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe 

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific 

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

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa 

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