Market Insights - Industry Research Report

Synthetic Leather Market

Synthetic Leather Market Size, Share, Growth & Trends Analysis by Type (PU-Based, PVC Based, and Bio-Based), By Application Outlook (Commercial, Industrial, and Residential) and By Region -Global and Regional Industry Overview, Market Intelligence, Premium Insights, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030

The Global Synthetic Leather Market Size Was Worth USD 36.32 Billion in 2022 and is Estimated to Grow to USD 66.25 Billion by 2030, With a CAGR of Approximately 7.8 % Over the Forecast Period From 2023 To 2030.

Synthetic Leather Market Overview

Synthetic leather is manufactured synthetically from PVC and PU. The terms artificial leather, faux leather, imitation leather, mixed leather, etc. can all be used to describe this sort of leather. All of these titles suggest that it is a leather replacement rather than genuine leather. Before it is ready, synthetically manufactured leather must go through many steps. The production of synthetic leather may be done using a variety of techniques. The synthetic leather market has many driving factors, but the biggest one is that it does not involve animal killing or no animal is harmed. But synthetic leather also has many harmful effects on nature because of the use of PU and PVC in it, which acts as a restraint for the market. To reduce this negative impact, bio-based synthetic leather is being developed by some industries, which is thought to be a major opportunity for the market in the upcoming years.

COVID-19 Impact:

The leather market for synthetic/artificial leather has witnessed a decline in demand. Workers are asked to stay home, factories close, and global supply chains grind to a halt. The cancellation of products or orders across the globe has hit thousands of firms and millions of workers in monetary terms. The quarantine measures, closure of retail stores, illness, and salary reductions have reduced consumer demand. Production of plastic resins, the building blocks of all plastic products, increased by 0.9 percent in the U.S. in 2020, compared to 1.2 percent in 2019. The market has seen a sharp downfall during the covid-19 lockdown.

Market Drivers

Vegan shoes and other businesses that appeal to those who care about animal welfare usually employ synthetic leather. Textiles and polyurethane are combined to create faux leather, which gives synthetic materials a genuine leather feel. Conversely, synthetic leather footwear doesn’t need as much prep work or chemical processing. Synthetic leather may be developed to satisfy a range of purposes across several sectors because it is a man-made substance. Additionally, the materials may be produced in rolls and very huge quantities. Contrary to most natural leathers, which are restricted by the size of the hide, this one is not. On a flexible plastic foundation or a fiber-based fabric, synthetic leathers can be created (such as polyester).

Restraints:

Synthetic leather may emit chemical fumes or off-gases when it is first produced or when it is exposed to heat or sunlight, which can be harmful to humans and animals. Polyvinyl chloride (PVC) is one of the most commonly used and discarded forms of plastic. The production, use, and disposal of polyvinyl chloride (PVC) have environmental consequences that range from global warming to decreased air quality. PVC production emits volatile organic compounds (VOC) and carbon dioxide. Most of the carbon dioxide that PVC produces is emitted during the production of the product and the transportation of the finished product. PVC also needs a lot of energy and produces a lot of greenhouse gases.

Synthetic Leather Market: Segmentation

The global synthetic leather market has been segmented into product type and application.

  • Based on type, the market is divided into PU-based, PVC based, and bio-based. Among these, the PU-based segment led the market in 2022 and is expected to maintain its dominance throughout the forecast period. PU synthetic leather is leather made from the skin of polyurethane. The structures of PU leather and PVC leather are different. PVC is harder and more durable because it has additional layers below its covering. Contrarily, PU has fewer layers, which makes it easier to work with and more malleable. While PVC can withstand more severe wear and weather conditions, PU may even crease and discolor as true leather would. Compared to PU leather, PVC has a multi-layer structure and no pores, making it a more durable material. Compared to PU leather, PVC is far less breathable. Due to this, PU leather has an edge over other materials when it comes to being chosen for wearable garment items.
  • Based on application, the market is classified into footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. In 2022, the clothing category dominated the global market. Synthetics can be good depending on how it is used and what is made from them. It may be used in a variety of settings, although it is most frequently employed in upholstery, apparel, shoes, luggage, and cases. Because of its resilience, synthetic leather is most commonly utilized in footwear. Shoes made of synthetic leather are made to keep their shape and are often quite sturdy. In comparison to real leather, which may deteriorate and discolor when exposed to the environment, they are also more water-resistant. Synthetic leather is made to withstand weather changes as well as the wear and tear of prolonged jogging and walking.

Synthetic Leather Market: Regional Landscape

The global synthetic leather market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Asia Pacific was predicted to hold a dominant position in the global market for synthetic leather in 2021 due to the existence of most industries in China and India and their importance in the manufacturing sector. In the Asia Pacific region, synthetic leather is well-established and made with the newest technological innovations. The market in Asia Pacific is also predicted to grow at the highest CAGR between 2023 and 2030. The region has developed to be on the top scale as a result of the expanding commercial and industrial areas and the growing synthetic market.

Synthetic Leather Market: Competitive Landscape

Some of the main competitors dominating the global synthetic leather market include

  1. Kuraray Co., Ltd.
  2. H.R. Polycoats Pvt. Ltd.
  3. Alfatex Italia SRL
  4. Filwel Co., Ltd.
  5. Yantai Wanhua Synthetic Leather Group Co., Ltd.
  6. San Fang Chemical Industry Co., Ltd.
  7. Mayur Uniquoters Limited
  8. Teijin Limited
  9. Nan Ya Plastics Corporation

The Global Synthetic Leather Market is segmented as follows:

Synthetic Leather Market by Type Outlook (Revenue, USD Million, 2017 – 2030)

  1. PU Synthetic Leather
  2. PVC Synthetic Leather
  3. Bio-based Leather

Synthetic Leather Market by Application Outlook (Revenue, USD Million, 2017 – 2030)

  1. Footwear
  2. Furnishing
  3. Automotive
  4. Clothing
  5. Bags, Purses & Wallets
  6. Others

Synthetic Leather Market by Region Outlook (Revenue, USD Million, 2017 – 2030)

  1. North America
    • The U.S.
    • Canada
    • Mexico
  2. Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  3. Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
    • Rest of Southeast Asia
  4. The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  5. Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
Synthetic Leather Market Report Scope
Report Attribute Details
Market Size Value in 2022 USD 36.32 billion
Revenue Forecast in 2030 USD 66.25 billion
Growth Rate CAGR of 7.8 % from 2023 to 2030
Base Year for Estimation 2022
Historical Data 2017 – 2022
Forecast Years 2023 – 2030
Quantitative Units Revenue in USD million and CAGR from 2023 to 2030
Report Coverage Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
Segments Covered Type, Application, and Region
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 and Others
Key Companies Profiled 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; Teijin Limited; Nan Ya Plastics Corporation

Frequently Asked Questions

The main reason anticipated to propel the synthetic leather market during the forecast period is it does not involve the killing of the animals.
According to the report, The Global Synthetic Leather Market Size Was Worth USD 36.32 Billion in 2022 and is Estimated to Grow to USD 66.25 Billion by 2038, With a CAGR of Approximately 7.8 % Over the Forecast Period From 2023 To 2030.
Asia Pacific was predicted to hold a dominant position in the global market for synthetic leather in 2022 due to the existence of the most industries in China and India and their importance in the manufacturing sector.
Some of the main competitors dominating the global synthetic leather market include – 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; Teijin Limited; Nan Ya Plastics Corporation

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