Jersey City, NJ, March 22, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Synthetic Leather Market Size, Share & Trends Analysis Report By Type (PU, PVC, Bio-Based Leather) And Application (Furnishing, Automotive, Footwear, Wallets, Bags & Purses, Clothing )- Market Outlook And Industry Analysis 2031"
The global synthetic Leather Market is estimated to reach over USD 81.85 billion by 2031, exhibiting a CAGR of 9.57% during the forecast period.
The synthetic leather market, also known as faux or artificial leather, is a rapidly growing industry offering a cost-effective and animal-free alternative to genuine leather. Synthetic leather is a material made from polyurethane (PU) or polyvinyl chloride (PVC) that closely mimics natural leather's texture, appearance, and durability. Synthetic leather has become increasingly popular recently, driven by rising awareness about animal welfare, eco-friendliness, and cost-effectiveness. The material is widely used in various applications, including footwear, apparel, upholstery, automotive interiors, and consumer electronics.
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The global synthetic leather market is projected to share significant growth in the coming years, with a growing number of consumers and manufacturers alike recognizing the benefits of synthetic leather over genuine leather. In addition, advancements in manufacturing technologies and the availability of a wide range of raw materials are expected to drive the market's growth further. However, some synthetic leather products may include harmful chemicals such as phthalates, which have been related to health issues such as reproductive problems and cancer, hindering the market growth.
Recent Developments:
- In January 2022, Kuraray Co., Ltd. created Clarino synthetic leather products due to research and development being done at Kuraray.
- In 2020, The world's largest retailer of clothing and accessories, H&M, introduced synthetic leather made of coffee grounds and wine trash. H&M also collaborated with Vegea, a biomaterials and bio-based leather manufacturer, to create synthetic leather from wine by-products.
List of Prominent Players in the Synthetic Leather Market:
- Achilles USA Inc.
- Alfatex Italia SRL
- Asahi Kasei Corporation
- Filwel Co., Ltd.
- FUJIAN POLYTECH TECHNOLOGY CORP., LTD.
- H.R. Polycoats Pvt. Ltd
- Kuraray Co., Ltd.
- Mayur Uniquoters Limited
- Nan Ya Plastics Corporation Inc.
- San Fang Chemical Industry Co., Ltd
- Teijin Limited
- Toray Industries
- Yantai Wanhua Synthetic Leather Group Co., Ltd.
- Zhejiang Hexin Holdings Co., Ltd.
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Global Synthetic Leather Market Size:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 36.11 Bn |
| Revenue forecast in 2031 | USD 81.85 Bn |
| Growth rate CAGR | CAGR of 9.57% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (Million Meters) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Type and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
With growing concerns about animal welfare and the environment, many consumers are shifting towards synthetic leather products as an alternative to genuine leather. Synthetic leather is often less expensive than genuine leather, making it an attractive option for budget-conscious consumers. Advancements in synthetic leather manufacturing technology have led to the development of high-quality and durable materials that closely mimic the look and feel of genuine leather. It can be used in many applications, including footwear, apparel, furniture, and automotive upholstery. The increasing demand for luxury goods, mainly in emerging markets, is propelling the growth of the synthetic leather market.
Challenges:
While synthetic leather is often viewed as an eco-friendlier alternative to genuine leather, it is still made from synthetic fabrics that are not biodegradable and may contribute to environmental pollution. Some synthetic leather products may have toxic chemicals such as phthalates, which have been linked to health issues such as cancer and reproductive problems.
While advances in manufacturing technology have led to the development of high-quality synthetic leather materials, there may still be concerns about the durability and performance of these materials compared to genuine leather. Some consumers may need to be made aware of the benefits of synthetic leather over genuine leather or may need clarification about the quality or durability of synthetic materials. Synthetic leather is one of many alternatives to genuine leather, and it may face competition from other materials such as natural fabrics, recycled materials, and other synthetic materials.
Regional Trends:
The Asia Pacific synthetic Leather Market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. Asia Pacific is anticipated to be the largest region in the synthetic leather market. This is due to several elements, including the region's large population, growing economies, and rising demand for synthetic leather products. The region has the presence of the world's largest producers and consumers of synthetic leather, including China, India, and Japan. China, in particular, is a major synthetic leather producer, accounting for a significant global market share.
In addition to being a major producer, the region is also a significant consumer of synthetic leather products, driven by a growing middle class and increasing disposable income. The region's large and growing automotive, footwear, and consumer electronics industries are also key drivers of demand for synthetic leather products.
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Segmentation of Synthetic Leather Market-
By Type outlook
- PU Synthetic Leather
- PVC Synthetic Leather
- Bio-based Leather
By Application Outlook-
- Furnishing
- Automotive
- Footwear
- Wallets, Bags & Purses
- Clothing
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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