Wilmington, Delaware, United States, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global synthetic leather market is projected to flourish at a CAGR of 7.3% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 174.8 billion is anticipated for the market in 2031. As of 2023, the market for synthetic leather is expected to close at US$ 100.6 billion.
The increasing awareness of environmental issues and animal welfare has driven the demand for synthetic leather as an alternative to genuine leather. The growing need for synthetic leather in end-use sectors such as footwear, furniture, automotive, clothes, bags, purses, and wallets, among others, is a key driver of the global synthetic leather business.
The footwear sector accounts for a significant synthetic leather market share, owing to its ubiquitous usage in footwear. Demand for synthetic leather is considerably high since it provides durability, affordability, and a wide range of design possibilities.
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Ongoing advancements in material science and manufacturing technologies have led to the development of synthetic leather with improved texture, appearance, durability, and breathability, making it a more attractive substitute for genuine leather.
Synthetic leather is used in furniture upholstery as a low-cost, adaptable alternative to genuine leather. The auto sector consumes a lot of synthetic leather, notably for upholstery. The need for automobile synthetic leather upholstery is predicted to rise significantly, boosting the global synthetic leather market progress.
Competitive Landscape
The global synthetic leather market is marked by fierce rivalry, with several players holding notable share. These players follow the latest synthetic leather market trends and employ various techniques to increase their market presence or consolidate their dominant positions.
- Asahi Kasei Corporation
- Kuraray Co.Ltd
- San Fang Chemical Industry Co. Ltd
- Achilles USA
- Teijin Limited
- Nan Ya Plastics Corporation Inc
- FILWEL Co., Ltd.
- H.R.Polycoats Pvt. Ltd.
- Alfatex Italia SRL
- Zhejiang Hexin Holdings Co., Ltd.
- Toray Industries
- Mayur Uniquoters Limited
- Fujian polytech technology corp.,ltd
- Others
Key Developments in the Synthetic Leather Market
- Kuraray, a major player in the synthetic leather market, developed a bio-based synthetic leather material called Trosifol® EVA. It's produced from sugarcane and offers an eco-friendly alternative to traditional synthetic leather. The company has also been involved in collaborations and partnerships to advance the development of sustainable synthetic leather materials.
- Teijin has been focusing on sustainability and innovation, introducing products like the ECOPET® and ECOPURE® series, which incorporate recycled PET materials into synthetic leather production. The company has also expanded its presence in the global market through strategic acquisitions and partnerships.
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Key Takeaways from the Market Study
- As of 2022, the synthetic leather market was valued at US$ 93.8 billion.
- Based on type, the polyurethane segment dominated the global market during the forecast period.
- By end-user, the interior segment accounts for the highest market share during the forecast period.
Synthetic Leather Market: Key Trends and Opportunistic Frontiers
- Evolving consumer preferences for sustainable and cruelty-free products have driven the adoption of synthetic leather in various industries.
- Government regulations and standards related to the use of hazardous chemicals and materials in traditional leather production have influenced the shift toward synthetic leather alternatives.
- The demand for synthetic leather is increasing in healthcare for upholstery, medical equipment, and protective clothing due to its ease of cleaning and disinfection.
Synthetic Leather Market- Regional Analysis
- Asia Pacific dominated the global market due to the rise in demand for vegan goods, growth of the middle-class population, increase in disposable income among consumers, and breakthroughs in science and technology are expected to propel the synthetic leather industry growth in the region.
- The fashion and footwear industries in Asia-Pacific have contributed to the growth of synthetic leather, and it is also widely used in automotive and upholstery applications.
- The market in North America is expanding due to increased investment in production and processing facilities. The surge in vegan trends across the region has strengthened animal rights organizations such as PETA, WWF in the last few years.
- The demand for synthetic leather in North America is also influenced by a growing focus on sustainable and cruelty-free products and strict regulations regarding the use of hazardous chemicals.
Synthetic Leather Market – Key Segments
By Type
- Polyurethane
- Polyvinyl-chloride
By End-user
- Sporting Goods
- Garments
- Luxury Goods
- Footwear
- Furnishing
- Interior
- Automobiles
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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