Synthetic Leather Market Projected to Reach USD 47.67 Billion by 2031, Driven by Rising Demand in Footwear and Automotive Sectors
“Synthetic Leather Market” in terms of revenue was estimated to be worth $30.65 billion in 2023 and is poised to reach $47.67 billion by 2031, growing at a CAGR of 5.78% from 2024 to 2031 according to a new report by InsightAce Analytic.
- (1888PressRelease) September 10, 2024 - “Synthetic Leather Market” in terms of revenue was estimated to be worth $30.65 billion in 2023 and is poised to reach $47.67 billion by 2031, growing at a CAGR of 5.78% from 2024 to 2031 according to a new report by InsightAce Analytic.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Synthetic Leather Market are:
• Changing consumer preferences and trends, including a shift towards sustainable and ethical products, is driving the market growth.
• Rising customization in synthetic leather to meet rising demands.
• One important driver of development is anticipated to be the growing market penetration of synthetic leather materials in vehicle interior applications.
The following are the primary obstacles to the Synthetic Leather Market's expansion:
• Compliance with evolving regulations and standards can pose challenges for synthetic leather manufacturers.
• To ensure its widespread acceptance, there needs to be more awareness or misconceptions regarding the advantages of synthetic leather compared to genuine leather.
• The detrimental impacts of PVC and PU are limiting the market expansion.
Future expansion opportunities for the global synthetic leather market include:
• The market for synthetic leather is anticipated to rise across a range of application categories as per capita disposable income rises.
• The market is anticipated to seize opportunities and expand its market share in the footwear segment in the upcoming years, driven by the increasing adoption of artificial leather grades.
• Growing investments from international players will continue to drive industry expansion in emerging economies in the foreseeable future.
Market Analysis:
The abundant availability of resources propels significant growth in this country's market, easy access to cutting-edge technologies, and the rapid expansion of premium footwear and automotive sectors. The expected increase in demand from the worldwide footwear industry is foreseen as a pivotal driver for overall market expansion.
List of Prominent Players in the Synthetic Leather Market:
• R. Polycoats Pvt. Ltd.
• Kuraray Co., Ltd.
• Alfatex Italia SRL
• Yantai Wanhua Synthetic Leather Group Co., Ltd.
• San Fang Chemical Industry Co., Ltd.
• Filwel Co., Ltd.
• Nan Ya Plastics Corporation
• Teijin Limited
• Zhejiang Hexin Industry Group Co., Ltd.
Synthetic Leather Market Report Scope:
Report Attribute Specifications
Market size value in 2023 USD 30.65 billion
Revenue forecast in 2031 USD 47.67 billion
Growth rate CAGR CAGR of 5.78% from 2024 to 2031
Quantitative units Representation of revenue in US$ Million, and CAGR from 2024 to 2031
Historic Year 2019 to 2023
Forecast Year 2024-2031
Report coverage The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments covered By Type, Application
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Recent Developments:
• In April 2023, General Silicones Co., Ltd., a manufacturer of silicone products based in Taiwan, unveiled Compo-SiL (SL series), a vegan synthetic leather. This series caters to businesses involved in the production of bags, wallets, backpacks, and shoes, specifically those in search of vegan leather materials.
• In July 2022, Sage Automotive Interiors, a synthetic leather supplier based in China, introduced an innovative silicone synthetic leather designed for automotive applications. The company has initiated production of this synthetic leather in Shanghai, China.
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Synthetic Leather Market Dynamics:
Market Drivers: Growing Demand from Footwear Sector
The footwear sector has experienced notable expansion in recent years due to increased demand from emerging markets. This growth is particularly evident as consumer spending in the U.S. and certain European countries has slightly decelerated amid the global recession. The growing demand from the footwear sector in the synthetic leather market can be attributed to several factors that make synthetic leather an attractive choice for manufacturers in the footwear industry. Synthetic leather is manufactured through a controlled and standardized process, leading to consistent quality across batches. This consistency is crucial for footwear manufacturers to ensure that their products meet certain standards and specifications. Unlike natural leather, synthetic leather is not subject to variations in texture or color associated with the inherent characteristics of animal hides.
Challenges: Damaging Effects Of PVC and PU
PVC, derived from plastic sources, contains carcinogens and other toxic chemicals that can be transferred to the user's skin upon contact, akin to most plastics. Additionally, PVC exhibits a slow rate of biodegradation, posing a negative impact on the environment. Conversely, PU does not raise similar toxicity concerns, as it is only toxic during its production phase. Once dried and sealed, PU does not pose a threat, unlike PVC. The production of PU fabrics can be harmful to factory workers, releasing harmful chemicals during the process. This involves using solvents, typically employed for painting polyurethane in liquid form onto a fabric backing. The solvents used in this process are highly toxic. However, newer polyurethane versions utilize waterborne coatings, which do not have the same damaging impact on the environment as observed in other grades.
Asia Pacific Is Expected To Grow With The Highest CAGR During The Forecast Period
The Asia Pacific Synthetic Leather Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. Rising disposable income, coupled with the increasing population, will provide numerous opportunities for the market. China is one of the prominent markets for leather in terms of production and sales. However, the coronavirus outbreak has severely affected the country's manufacturing output. Several manufacturers have either closed or slowed down their operations to contain the spread of the virus. Limited production in the manufacturing industry due to a halt or slowdown in operations, limitations on the supply and transportation in the country, and infrastructure slowdown are anticipated to negatively affect the demand for synthetic leather from the end-use application in the near future.
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Segmentation of Synthetic Leather Market-
By Type-
• PU Synthetic Leather
• PVC Synthetic Leather
• Bio-based Leather
By Application -
• Furnishing
• Automotive
• Footwear
• Wallets, Bags & Purses
• Clothing
• Others
By Region-
Asia Pacific-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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