Synthetic Leather Market worth $88.0 billion by 2028 Globally, at a CAGR of 5.1 %, says MarketsandMarkets™
Chicago, Aug. 02, 2024 (GLOBE NEWSWIRE) -- The Global Synthetic Leather Market is projected to grow from USD 68.7 billion in 2023 to USD 88.0 billion by 2028, at a CAGR of 5.1% from 2023 to 2028. as per the recent study by MarketsandMarkets™. Synthetic leather, commonly referred to as artificial leather, is a man-made material that is meant to resemble the texture and, in some instances, the appearance of real leather. It is often made from various synthetic materials, such as polyurethane (PU) or polyvinyl chloride (PVC) and is used as an environmentally friendly and frequently more cost-effective substitute for genuine leather. Although it is not created from animal hides, synthetic leather has the same texture and appearance as genuine leather. A combination of polymers, fabric backing, and coatings were used in its engineering. Synthetic leathers are used in various industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others such as sports, electronics, and medical.
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Browse In-Depth TOC On "Synthetic Leather Market”
279 - 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)
- NAN YA PLASTICS CORPORATION (Taiwan)
- Wanhua Chemical Group Co., Ltd. (China)
- Mayur Uniquoters Limited (India)
- FILWEL Co., Ltd. (Japan)
- Zhejiang Hexin Holdings Co., Ltd. (China)
- Alfatex Italia SRL (Italy)
- H.R. Polycoats Private Limited (India)
Drivers, Restraints, Opportunities and Challenges in Synthetic Leather Market:
- Drivers: Growing demand from the footwear industry.
- Restraints: Harmful effects of PU and PVC on humans.
- Opportunity: Focus on development of bio-based synthetic leather.
- Challenges: Non-biodegradability of synthetic leather.
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Key Findings of the Study:
- Bio-based synthetic leather segment is estimated to be the fastest-growing type for synthetic leather market during the forecast period 2023 to 2028.
- Footwear segment is estimated to be the largest application in synthetic leather market in 2022, in terms of value.
- Asia Pacific was the largest region for the synthetic leather market in 2022, in terms of value.
The synthetic leather market is projected to be experiencing significant growth in the forecasted period. The bio-based synthetic leather segment is estimated to be the fastest-growing segment in the synthetic leather market due to a combination of environmental, consumer, and technological factors. As sustainability becomes a key component of both consumer preferences and business goals, the bio-based synthetic leather market is anticipated to maintain its growth trajectory. As continued research and development, it is expected that this industry will become even more cutting-edge, providing a greater range of superior, eco-friendly substitutes for conventional leather materials.
The footwear segment is estimated to be the largest application in synthetic leather market in the forecasted year due to several factors. The dominance of the footwear segment in the synthetic leather market is driven by a combination of economic, aesthetic, and ethical factors. Synthetic leather offers a cost-effective solution for footwear manufacturers without compromising on quality or style. Moreover, synthetic leather's durability is a pivotal factor. It can endure the rigors of daily wear, maintaining its appearance and shape over time. Furthermore, customization options further bolster the position of synthetic leather in the footwear industry. The synthetic leather market in the footwear segment is projected to rise in the forecast year.
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Based on type, the synthetic leather market is segmented as PU-based, PVC-based, and bio-based synthetic leather. PU-based synthetic leather stands out as the largest segment in terms of value, globally. The PU-based synthetic leather segment's dominance in the synthetic leather market is driven by its cost-effectiveness, versatility, durability, sustainability options, and the ability to meet the appealing and ethical considerations of today's consumers and industries. This domination is attributed to the rising demand for eco-friendly leather in industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. Furthermore, the bio-based synthetic leather segment is forecasted to exhibit the highest CAGR in terms of value during the forecast year 2023 and 2028.
Based on end-use industry, the synthetic leather market has been categorized into various segments including footwear, furnishing, automotive, clothing, bags, purses, & wallets, and others. Notably, the footwear segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. Furthermore, the automotive segment is forecasted to exhibit the second highest CAGR in terms of value during the forecast year 2023 and 2028. This remarkable growth and increase in demand in both the sectors are due to its affordability, sustainability, consistent quality, durability, and customization choices as well as its alignment with vegan and ethical principles, synthetic leather is highly desired in the footwear and automotive end-use industries.
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