SAN FRANCISCO, U.S., March 16, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Synthetic Leather Market Size, Share, Insights Report By Type (PU-Based, PVC Based, Bio-based), By End-User Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Others), and By Region - Global Insights, Growth, Comparative Analysis, Trends and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global synthetic leather market size & share was valued at approximately USD 63.17 billion in 2021. The market is expected to grow above a CAGR of 4.01% and is anticipated to reach over USD 80.55 billion by 2028.”
The report analyzes the synthetic leather market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global market.
Synthetic Leather Market Overview:
Synthetic leather comprised primarily of PVC or PU is known as synthetic leather (PU). It's a type of artificial leather that looks like genuine leather. Genuine leather-like colouring and processing are applied to synthetic leather.
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Synthetic leather made from biomaterials is produced without any detrimental side effects. The commercialization of synthetic leather made from natural fibres like flax or cotton blended with palm, soybean, corn, and other plants should be the focus of manufacturers. The usage of bio-based synthetic leather may present a significant market potential for synthetic leather manufacturers given the escalating government and environmental regulations on the use of hazardous toxic chemicals in the European Union and North America.
Key Insights from Primary Research
- As per the analysis, the synthetic leather market share is likely to grow above a CAGR of around 4.01% between 2022 and 2028.
- The Synthetic Leather market size was worth around US$ 63.17 billion in 2021 and is estimated to hit approximately US$ 80.55 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- By end-user industry, the Footwear is projected to be the crucial end-use industry in the synthetic leather market during the forecast period.
- By type, PU synthetic leather segment led the global market accounting for the largest revenue share in 2021. The segment will increase further at the fastest CAGR over the projected timeframe.
- On the basis of region, the “Asia Pacific” will likely overtake the global market.
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Industry Growth Drivers:
Growing demand for synthetic leather in end-use sectors including footwear, furniture, automotive, clothes, bags, purses & wallets, and others is what is driving the market. The market for synthetic leather will be boosted by elements such expanding footwear demand, the lack of animal slaughter, benefits over pure leather, and rising demand for luxury cars and electric vehicles.
Synthetic leather is chemically treated to make it resistant to sunlight, scratches, and fire; yet, with time, due to use and strain, it deteriorates and becomes fragile. Although synthetic leather is less expensive, it still needs a lot of upkeep and protection from the sun to keep it looking good. Because of this, customers and end users in commercial industries weigh the benefits, which outweigh the drawbacks, while making purchasing decisions.
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 63.17 Billion |
| Projected Market Size in 2028 | USD 80.55 Billion |
| CAGR Growth Rate | 4.01 CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
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Synthetic Leather Market: Segmentation Analysis
The global synthetic leather market is segregated based on the type and end-user industry.
Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, and Others make up the global market by end-user industry. Between 2022 and 2028, the synthetic leather market's main end-use industry is expected to be footwear. Because of its great characteristics and long endurance, synthetic leather is frequently employed in the footwear industry. It is utilized in the linings, uppers, and insoles of several sorts of footwear, including athletic shoes, shoes and boots, and sandals and slippers. The need for synthetic leather is predicted to rise as the demand for footwear rises in both developed and developing countries. Because of its low cost, synthetic leather is frequently utilized to make sports shoes for a variety of sports all over the world.
The market is divided into three types: PU-based, PVC-based, and Bio-based. In 2021, the PU synthetic leather segment dominated the global market, accounting for most of the revenue. From 2022 to 2028, the segment will grow at the fastest CAGR. Polyurethane is waterproof, softer, and lighter than real leather, yet it's easier to dry clean, and tear than actual hides. It is also unaffected by direct sunshine. It is also an environmentally beneficial alternative to vinyl-based products because it does not emit dioxins. All these reasons are projected to boost demand even further.
Regional Analysis:
The global market was led by the Asia Pacific region. From 2022 to 2028, the regional market will grow at the fastest rate. The top three economies in APAC that generate the most revenue is predicted to be China, India, and South Korea. Market operators will have numerous expansion prospects as disposable income rises in tandem with population growth. In terms of product production and sales, China is one of the most significant markets.
Yet, the global pandemic had a detrimental effect on the nation's manufacturing production. To stop the disease from spreading, a number of manufacturers have stopped or scaled back their production. Negative effects are anticipated from reduced manufacturing production due to activities ceasing or slowing down, supply and transportation bottlenecks in the nation, and infrastructure sluggishness.
The synthetic leather market in Europe is the second-largest in the world. Important nations in the area include Spain, Poland, Russia, Italy, France, the United Kingdom, and Germany. Europe's market is mature, so it will likely expand more slowly than other regions throughout the projection period. Europe has traditionally been a significant market for synthetic leather because of the region's various shoe, clothing, and bag industries. This market is more developed than others because synthetic leather was used in several sectors at an early stage.
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Competitive Players:
The report contains qualitative and quantitative research on the global synthetic leather market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global synthetic leather market include;
- NAN YA plastics corporation (Taiwan)
- Filwel Co. Ltd. (Japan)
- Zhejiang Hexin Industry Group Co., Ltd. (China)
- Alfatex N.V. (Belgium)
- Kuraray Co. Ltd. (Japan)
- San Fang Chemical Industry Co. Ltd. (Taiwan)
- Teijin Limited (Japan)
- Mayur Uniquoters Limited (India)
- H.R. Polycoats Pvt. Ltd. (India)
- Yantai Wanhua Synthetic Leather Group Co. Ltd. (China)
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The global synthetic leather market is segmented as follows:
By Type
- PU-Based
- PVC Based
- Bio-based
By End-user Industry
- Footwear
- Furnishing
- Automotive
- Clothing
- Bags, Purses & Wallets
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the size of the synthetic leather market and what is its expected growth rate?
- What are the primary driving factors that push the synthetic leather market forward?
- What are the synthetic leather Industry's top companies?
- What are the different categories that the synthetic leather Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the synthetic leather market sample report and company profiles?
Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportu
- nities
- Market Segmentation – A detailed analysis by Type, End-use Industry, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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