Chicago, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The global Synthetic Leather Market size was estimated to be USD 63.3 billion in 2020 and is expected to reach USD 78.5 billion by 2025, at a CAGR of 4.4% during the forecast period, as per the recent study by MarketsandMarkets™. Synthetic leather, also known as faux leather, is an artificially made fabric, which is generally manufactured using polyurethane (PU) or polyvinyl chloride (PVC). It is processed and dyed to look similar to pure leather. Synthetic leather has properties such as durability and resistance to stains and weather. Factors such as growing demand from the footwear industry, no animal killing involved, advantages over pure leather, and increasing demand for luxury cars and electric vehicles will drive the synthetic leather market.
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293- Market Data Tables
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List of Key Players in Synthetic Leather Market:
- Kuraray Co. Ltd. (Japan)
- San Fang Chemical Industry Co. Ltd. (Taiwan)
- Teijin Limited (Japan)
- Mayur Uniquoters Limited (India)
- NAN YA plastics corporation (Taiwan)
- Filwel Co. Ltd. (Japan)
- Zhejiang Hexin Industry Group Co., Ltd. (China)
- Alfatex N.V. (Belgium)
- H.R. Polycoats Pvt. Ltd. (India)
- Yantai Wanhua Synthetic Leather Group Co. Ltd. (China)
- Others
Drivers, Restraints, Opportunities and Challenges in Synthetic Leather Market:
- Drivers: No Animal Killing Involved
- Restraints: Harmful Effects of PU and PVC on Humans
- Opportunity: Focus on Development of bio-based synthetic leather
- Challenge: Non-biodegradability of synthetic leather
Key Findings of the Study:
- Bio-based leather is projected to be fastest growing type for synthetic leather market between 2020 and 2025.
- Footwear is projected to be the fastest growing end-use industry in synthetic leather market between 2020 and 2025.
- APAC projected to be fastest growing region for the synthetic leather market during the forecast period.
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Based on type, the synthetic leather market is segmented as PU-based, PVC-based, and bio-based. PU-based accounted for the largest share in this segment. PU-based leather is generally made using PU and different fabrics. It is made by coating a fabric such as polyester or cotton with a flexible polymer. It is further treated by various processes to look like animal hide-based leather. PU-based synthetic leather is made by using soft polymers, hence does not require additional plasticizers. It offers various advantages such as waterproof, lightweight, and softness. In some cases, PU-based leather may tear easily, but does not fade or crack in sunlight. It is widely preferred in the automotive and clothing industries. PU-based leather is considered more environment-friendly than vinyl-based leather, as it does not create dioxins. PU-based leather is more expensive than PVC-based leather due to its extensive manufacturing process.
Based on end-use industry, the synthetic leather market has been segmented into footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. The demand for synthetic leather in footwear end-use is the largest in this segment. Synthetic leather is widely used in the footwear industry due to its excellent properties and high durability. It is used in shoe linings, shoe uppers, and insoles to make different types of footwear such as sports shoes, shoes & boots, and sandals & slippers. The increasing demand for footwear in developed and emerging countries is expected to drive the demand for synthetic leather. Synthetic leather is widely used to manufacture sports shoes for various games around the world due to its cost-effectiveness. Sports shoes made from synthetic leather look similar to those of pure leather and are offer various other properties such as resistance to water, heat, and rigid climatic conditions. It is used to make formal men’s and women’s footwear for official purposes, boots for women and men in the fashion industry, and for those living in the cold regions around the world. Boots made out of real leather tear when exposed to snow and water, but synthetic leather offers excellent resistance to water and snow.
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Based on region, APAC is projected to be the largest market for synthetic leather during the forecast period. The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The synthetic leather industry is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest synthetic leather market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
The increasing population in the region accompanied by the development of new technologies and products are projected to make this region an ideal destination for the growth of the synthetic leather industry. However, establishing new plants, implementing new technologies, and creating a value supply chain between raw material providers and manufacturing industries in the emerging regions of the APAC is expected to be a challenge for industry players as there is low urbanization and industrialization. Booming footwear and automotive sectors and advances in process manufacturing are some of the key drivers for the market in APAC. Countries such as India, Indonesia, and China are expected to witness high growth in the synthetic leather market due to the increasing demand from the automotive industry.
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