Dublin, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The "Global Synthetic Leather Market Size, Share & Trends Analysis Report by Type (PU, PVC, Bio-based), Application (Footwear, Automotive, Furnishing, Clothing, Wallets Bags & Purses), Region, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global synthetic leather market is anticipated to reach USD 66.24 billion by 2030 and is projected to grow at a CAGR of 7.87% from 2024 to 2030. Growing awareness among consumers regarding animal exploitation, aided by programs run by organizations such as PETA, has played a major role in increasing the demand for leather alternatives. The growing supply-demand gap in the natural leather industry is also a major factor responsible for manufacturers opting for synthetic or artificial leather. 
Furthermore, natural leather is obtained from animals, which has resulted in animal killings. There have been various guidelines and laws established by various countries to protect animal rights. Animal rights laws have become a major hurdle for natural leather manufacturers in several countries.
Manufacturing activities of natural leather, especially tanning, lead to pollution of the nearby surroundings. This is another major reason leading to the shift in preference toward synthetic leather. Stringent environmental laws and government regulations have been influential in promoting the demand for synthetic leather.
India is among the world's top five producers of leather. However, the Central government of India has banned the slaughter of cows for meat and leather, which has adversely affected the leather industry in the country. Most of India's leather and meat industry comprises unorganized players, owing to which a reduction in the annual production from these industries is not feasible to estimate. The market situation has widened the demand-supply gap of genuine leather, which is expected to supplement the India PU market's growth over the forecast period.
Synthetic Leather Market Report Highlights
- The automotive application segment is anticipated to grow at a CAGR of 8.9% over the forecast period. Synthetic leather is used in several automotive applications such as upholstery, dashboards, headliners, seat belts, airbags, and floor & trunk carpets. It is employed in passenger vehicles, light & commercial vehicles, heavy trucks, and buses & coaches as it is lighter than real leather. Its high elasticity enables passenger comfort in addition to providing resistance against hot & cold temperatures and spillage. The product also increases the durability of automotive interiors and reduces maintenance requirements
- The PU synthetic leather segment held the largest market share of 60.8% in 2023. PU leather has good elasticity, resistance to solvents, high tensile strength, and skin abrasion resistance. These properties have been a major help in increasing its market penetration in the automotive, footwear, and furnishing sectors
- Asia-Pacific dominated the synthetic leather market. China is the largest market for synthetic leather in Asia-Pacific. It is also among the major consumers of leather in primary application segments such as automotive, furnishing, and clothing. Automotive and footwear industry, which are vital application segments for synthetic leather, are witnessing a rapid growth in the country. China mainly imports synthetic leather from India, Korea, and Italy
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 119 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $38.98 Billion |
| Forecasted Market Value (USD) by 2030 | $66.24 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Snapshot, 2023
2.2. Segment Snapshot, 2023
2.3. Competitive Landscape Snapshot
Chapter 3. Synthetic Leather Market Variables, Trends & Scope
3.1. Global Leather Market Outlook
3.2. Industry Value Chain Analysis
3.3. Regulatory Framework
3.4. Market Dynamics
3.5. Porter's Five Forces Analysis
3.6. PESTEL Analysis
3.7. East European Geopolitical Implication of the Industry Overview
Chapter 4. Synthetic Leather Market: Type Outlook Estimates & Forecasts
4.1. Synthetic Leather Market: Type Movement Analysis, 2023 & 2030
4.2. Polyurethane (PU)
4.3. Polyvinyl Chloride (PVC)
4.4. Bio-based
Chapter 5. Synthetic Leather Market: Application Outlook Estimates & Forecasts
5.1. Synthetic Leather Market: Application Movement Analysis, 2023 & 2030
5.2. Furnishing
5.3. Automotive
5.4. Footwear
5.5. Wallets, Bags & Purses
5.6. Others
Chapter 6. Synthetic Leather Market Regional Outlook Estimates & Forecasts
6.1. Regional Movement Analysis & Market Share, 2023 & 2030
6.2. Synthetic Leather Market: Regional Movement Analysis, 2023 & 2030
6.3. North America
6.4. Europe
6.5. Asia-Pacific
6.6. Central & South America
6.7. Middle East & Africa
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, by Key Market Participants
7.2. Company Categorization
7.3. Company Market Share/Position Analysis, 2023
7.4. Company Heat Map Analysis
7.5. Strategy Mapping
7.6. Company Profiles
- Kuraray Co., Ltd.
- H.R. Polycoats Pvt. Ltd.
- Alfatex Italia SRL
- Filwel Co., Ltd.
- Yantai Wanhua Synthetic Leather Group Co., Ltd.
- San Fang Chemical Industry Co., Ltd.
- Mayur Uniquoters Limited
- Nan Ya Plastics Corporation
- Zhejiang Hexin Industry Group Co., Ltd.
- Teijin Limited
For more information about this report visit https://www.researchandmarkets.com/r/kvijnf
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