Ottawa, June 12, 2024 (GLOBE NEWSWIRE) -- The global synthetic leather market size is projected to increase from USD 42.10 billion in 2023 to approximately USD 90.89 billion by 2033. The industry is expected to expand at a notable CAGR of 8% over the forecast period, according to Precedence Research. The synthetic leather market is driven by increasing demand of synthetic leather in fashion, furniture and innovative technologies.
The synthetic leather market refers to the industry involved in the production, distribution, and sale of artificial leather, also known as faux leather or vegan leather. Synthetic leather is a material that looks like real leather but is less expensive, quicker to create, and easier to maintain than natural leather. It is made from plastics and polymers, making it appropriate for a wide range of industries and sizes.
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Synthetic leather can be made from fiber-based fabrics or flexible plastic backings such as polyester. While it shares certain characteristics with genuine leather, which include a short shelf life and resistance to flexing and bending, it is less lasting and more common in today’s market. It may be utilized in items such as leggings and shoes, and its advantages make it a popular choice in the industry. Liberty Leather Goods provides synthetic leather leggings and shoes in various sizes and configurations.
Synthetic Leather Key Insights
- Asia Pacific dominated the market with the largest revenue share of 42.64% in 2023.
- By product, the polyurethane (PU) synthetic leather segment has held a major revenue share of 53% in 2023.
- By application, the footwear segment has recorded more than 31% of revenue share in 2023.
Asia Pacific Synthetic Leather Market Size
The Asia Pacific synthetic leather market size was USD 19.45 billion in 2023, accounted for USD 17.95 billion in 2024 and is expected to reach around USD 39.99 billion by 2033, growing at a remarkable CAGR of 8.3% from 2024 to 2033.
Asia-Pacific dominated the synthetic leather market in 2023. The synthetic leather sector is seeing a spike of interest in plant-based leather, a new type of synthetic leather created from waste plant resources. This ecological choice, produced from cactus, pineapple skins, grapes, and cork, is gaining popularity since it is cruelty-free, has an average environmental impact, and uses less plastic. Consumer companies are also investing in this sort of leather, resulting in a developing trend in the synthetic leather market.
- In January 2024, BASF Monomers Division and Xuchuan Chemical have formed a strategic agreement to reduce carbon emissions from polyurethane manufacture for synthetic leather. The collaboration intends to leverage BASF's experience in bio-mass balanced MDI production and Xuchuan Chemical's large network in the synthetic leather value chain.
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The North America synthetic leather market size is estimated to grow from USD 9.71 billion in 2024 to USD 20.63 billion by 2033, expanding at a notable CAGR of 8.7% from 2024 to 2033.
North America and Europe expected to expand at a sluggish growth owing to the maturity of the market. furthermore, the ongoing trade war between China and the U.S. along with drastic decline in the cross-border trade with the spread of the coronavirus pandemic that originated in Wuhan, China, has initiated trust issues between the two countries that further expected to negatively impact market growth in the upcoming years.
Scope of Synthetic Leather Market
| Report Attribute | Key Statistics |
| Market Size in 2033 | USD 90.89 Billion |
| Market Size in 2023 | USD 42.10 Billion |
| Market CAGR 2024 to 2033 | 8 Percent |
| Largest Region | Asia Pacific |
| Fastest Growing Region | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Product, Application and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Synthetic Leather Market Highlights
Products Insight
Polyurethane (PU) synthetic leather segment dominated the synthetic leather market in 2023. PU leather is becoming increasingly popular due to its low cost, ease of cleaning, durability, adaptability, and environmental friendliness. It is created from synthetic materials; thus, it is less expensive than genuine leather. PU leather is very easy to maintain because it is nonporous and can be wiped away with a moist cloth. It is also strong and resistant to breakage and tear, making it ideal for clothes, furniture, and other objects. It can be produced in various colors and designs and simulate other animal hides. Finally, PU leather is environmentally beneficial because it does not require animal hides.
The PVC segment is expected to grow at a slow rate during the forecast period. PVC synthetic leather is a long-lasting, environmentally friendly, and adaptable alternative to natural leather. It is simple to clean, inexpensive, and environmentally friendly because it does not require specific cleaning agents or procedures. It is also more uniform in quality than real leather, so every single item looks the same. PVC synthetic leather is readily available, making it simple to source for projects. It is hypoallergenic, animal-friendly, and available in a wide range of colors and patterns, making it an excellent alternative for people with allergies or sensitivities. It is also more ethical and empathetic than real leather, making it a more environmentally responsible option for consumers.
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Application Insights
The footwear segment dominated the synthetic leather market in 2023. Artificial leather is becoming more popular in footwear manufacture due to its lower purchase cost, simplicity of cutting and cooking, convenience of obtaining and purchasing, and less environmental impact. Real leather is a classic material, but synthetic leather is a wonderful alternative because it is less expensive, easier to produce and purchase, and has a lesser environmental impact. Some synthetic skins also necessitate industrial methods and eco-friendly chemicals.
Furthermore, synthetic leather provides an alternative for consumers who are unable to wear genuine leather footwear owing to spiritual or ideological reasons, as well as expanding the color and texture options for footwear design and manufacture. This shift in manufacturing methods is a developing trend in the footwear industry.
Browse More Insights:
- Polyvinyl Chloride (PVC) Market: The global polyvinyl chloride (PVC) market size was estimated at USD 82.50 billion in 2022 and it is expected to reach USD 109.26 billion by 2032, poised to grow at a CAGR of 2.90% from 2023 to 2032.
- Synthetic Fabric Market: The global synthetic fabric market size was valued at USD 1.03 billion in 2023 and is anticipated to reach around USD 1.43 billion by 2033, growing at a CAGR of 3.35% from 2024 to 2033.
- Non-woven Fabrics Market: The global non-woven fabrics market size was valued at USD 32.76 billion in 2023 and is expected to reach USD 64.16 billion by 2033, with a compound annual growth rate (CAGR) of 6.99% during the forecast period 2024 to 2033.
- Smart Bandages Market: The global smart bandages market is surging, with an overall revenue growth expectation of hundreds of millions of dollars during the forecast period.
- Industrial Fabric Market: The global industrial fabric market size was estimated at USD 19.32 billion in 2022 and is expected to hit around USD 30.67 billion by 2032, growing at a CAGR of 4.73% from 2023 to 2032.
- Smart Fabrics Market: The global smart fabrics market size was estimated at USD 4.8 billion in 2023 and is predicted to hit around USD 72.26 billion by 2033, growing at a CAGR of 31.29% from 2024 to 2033.
- Acrylic Fibers Market: The global acrylic fibers market size was valued at USD 5.35 billion in 2023 and is anticipated to reach around USD 7.48 billion by 2033, growing at a CAGR of 3.42% from 2024 to 2033.
- Synthetic Rubber Market: The global synthetic rubber market size was estimated at USD 36.87 billion in 2023 and is expected to hit around USD 59.69 billion by 2032 with a registered CAGR of 5.5% during the forecast period 2023 to 2032.
- Synthetic Fibers Market: The global synthetic fibers market size accounted for USD 69.81 billion in 2022 and is expected to hit around USD 118.68 billion by 2032, growing at a notable CAGR of 5.5% from 2023 to 2032.
- Synthetic Polymers Market: The global synthetic polymers market size was estimated at USD 31.99 billion in 2022 and is projected to hit around USD 52.85 billion by 2032, growing at a CAGR of 5.2% during the forecast period from 2023 to 2032.
- Synthetic Gypsum Market: The global synthetic gypsum market size was valued at USD 1.63 billion in 2023 and is anticipated to reach around USD 2.29 billion by 2033, growing at a CAGR of 3.42% from 2024 to 2033.
- Lubricants Market: The global lubricants market size surpassed USD 140.22 billion in 2023 and is estimated to hit around USD 204.19 billion by 2033 with a CAGR of 3.83% from 2024 to 2033.
Synthetic Leather Market Dynamics
Driver: Wide range of applications
Artificial leathers are widely used in apparel, furniture, and vehicle interiors because of their minimal maintenance needs and their resistance to cracking and fading. They are washable, porosity and ventilating, or impermeable and hydrophobic. Porous leather using non-woven microfiber backing is a famous garment material that is comfortable to wear. However, certain surfaces may rub over time.
Restraint: Environmental concerns
Faux or artificial leathers, like PVC and PU, are created from plastic materials containing hazardous elements such as petroleum and chlorine, which are not biodegradable and will remain in the soil indefinitely. These substances contribute to catastrophic situations and are not simply discarded. While it may appear to be a good deal, plastic is still in use and has a limited lifespan. PU or PVC leather patches may form after one year or two, and they finally fall off the item, leading to the disastrous situations we face. It is critical to evaluate the environmental impact of using these components and the potential damage they may do to the ecosystem.
Opportunity: Technological advancements for carbon footprint reduction
The leather business is concentrating on lowering CO2 emissions to promote product compatibilty, cost efficiency, and combat climate change. An artificial intelligence-assisted method was presented to optimize the chrome tanning process for energy savings and carbon reduction. Four machine learning methods were examined, and it was discovered that machine learning models were more effective at finding process parameters that preserve critical product quality indexes.
The BP-ANN and SVR algorithms have good prediction abilities. The optimized process parameters were developed by a genetic algorithm with global optimization capabilities. The optimized method was confirmed by assessing wet blue product performance, which included chromium distribution evenness, heat stability, surface reactivity, shape, and physical and mechanical qualities. The enhanced process saved 8353.33 kgce of energy and lowered CO2 emissions by 87295.6 kgCO2 in an average tannery with a yearly manufacturing capacity of 300,000 standard sheets of upper cowhide leather. This approach provides a practical way to accomplish energy-efficient and low-carbon leather production.
Synthetic Leather Market Top Companies
- R. Polycoats Pvt. Ltd.
- Yantai Wanhua Synthetic Leather Group Co., Ltd.
- Kuraray Co., Ltd.
- Nan Ya Plastics Corporation
- Alfatex Italia SRL
- Zhejiang Hexin Industry Group Co., Ltd.
- San Fang Chemical Industry Co., Ltd.
- Filwel Co., Ltd.
- Teijin Limited
Recent Developments:
- In October 2023, the National Institute of Interdisciplinary Science and Technology (NIIST) transferred a unique technology to a Maharashtra-based company and filed two patent applications. The company will establish an extraction and processing facility in Pune to make leather substitute items from cactus plants that are stable for two to three years.
- In October 2023, Mayur Uniquoters Ltd, a synthetic leather producer, returned 14,000% in 15 years from an investment of Rs 72,000 in 2008. This multibagger stock, which is affordable and has strong fundamentals, has risen to Rs 563 from Rs 4 in 2008. This amazing return on investment is feasible with only Rs 72,000.
- In October 2023, as part of its medium-term growth strategy, Asahi Kasei invested in the US-based startup NFW, which produces non-petroleum-based leather substitutes for automobile interiors. The strategic alliance with Sage Automotive Interiors, Inc. intends to help global automotive OEMs reduce the environmental impact of their vehicles.
Market Segmentation
By Product
- PVC
- PU
- Bio Based
By Application
- Automotive
- Furnishing
- Footwear
- Clothing
- Bags & Wallets
- Others
By Region
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia Pacific
- China
- India
- Japan
- South Korea
Rest of the World
Key Points of Table of Content
Chapter 1. Introduction
Chapter 2. Research Methodology (Premium Insights)
Chapter 3. Executive Summary
Chapter 4. Market Variables and Scope
Chapter 5. COVID 19 Impact on Synthetic Leather Market
Chapter 6. Market Dynamics Analysis and Trends
Chapter 7. Competitive Landscape
Chapter 8. Global Synthetic Leather Market, By Product
Chapter 9. Global Synthetic Leather Market, By Application
Chapter 10. Global Synthetic Leather Market, Regional Estimates and Trend Forecast
Chapter 11. Company Profiles
Chapter 12. Research Methodology
Chapter 13. Appendix
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