Global Synthetic Leather Market to Reach $45 Billion by 2028: Players Include Kuraray, Teijin, Nan Ya Plastics, Mayur Uniquoters and San Fang Chemical Industry
DUBLIN, April 6, 2023 /PRNewswire/ — The “Global Synthetic Leather Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, Product, End User Region” report has been added to ResearchAndMarkets.com’s offering.
According to this analysis, the Global Synthetic Leather Market was valued at ~US$ 20 billion in 2017. It is estimated to be ~US$ 30 billion by 2022 and is expected to reach a market size of ~US$ 45 billion by 2028 growing at a CAGR of ~7% during the forecast period (2022-2028).
- H.R. Polycoats Private Limited
- Kuraray Co., Ltd
- Teijin Limited
- Nan Ya Plastics Corporation
- Mayur Uniquoters Limited
- San Fang Chemical Industry Co., Ltd
- Filwel Co., Ltd
- Zhejiang Hexin Science and Technology Co., Ltd
- Asahi Kasei Corporation
- Toray Industries, Inc
Growing demand for synthetic leather in end-use sectors including footwear, furniture, automotive, clothes, bags, purses & wallets, and others is the key factor driving the market.
The synthetic leather market is driven by factors such as increased demand from the footwear industry, restrictions on animal slaughter, advantages over pure leather, and increased demand from automotive OEMs.
Growing knowledge of the advantages of synthetic leather over genuine leather and increased demand from the footwear industry is driving the growth of the synthetic leather market globally. A fabric created by humans that resembles genuine leather is called synthetic leather.
It has a leather-like surface and has been dyed and processed to look and feel like real leather. It is widely used as a replacement for real leather because it is less expensive and does not require the use of real animal hide.
Compared to natural leather, synthetic leather has a shorter lifespan because it deteriorates more quickly from extended exposure to heat and moisture. Synthetic leather is treated chemically to make it resistant to sunlight, scratches, and fire, but with use and abuse, it deteriorates and weakens. Although synthetic leather is inexpensive, it needs to be well-maintained and shielded from the sun’s rays to ensure that it lasts as long as possible.
COVID-19 has had a negative impact on the leather sector, which has created prospects for synthetic leather. In May 2020, Financial Express claims that while non-leather footwear makes up 86% of global footwear consumption, industry experts are progressively realizing that the focus should now be on exports of non-leather footwear. This was the conclusion reached by a variety of domestic shoe manufacturers. Synthetic leather is increasingly in demand from temporary hospitals and healthcare facilities around the globe for beds and furniture to accommodate a variety of patients suffering from COVID-19 and other illnesses. The majority of these mattresses and other pieces of furniture feature antibacterial or antifungal covers made of medical-grade synthetic leather.
Scope of the Report
The Synthetic Leather Market is segmented by type, product, and end-user. In addition, the report also covers market size and forecasts for the four region’s Synthetic Leather Market. The revenue used to size and forecast the market for each segment is US$ billion.
- Polyvinyl Chloride
- Automotive Interior
- Sports Goods
- Electronics Device Accessories
- Consumer goods
- Textile and Apparel
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
- LAMEA (Latin America, Middle East, Africa)
Key Trends by Market Segment
By Type: The polyurethane segment held the largest market share in 2021, owing to its superior quality and a few countries’ restrictions on polyvinylchloride-based leather
Polyurethane (PU) leather is more environmentally friendly than vinyl-based leather since it does not emit dioxins. However, due to the drawn-out production process, it costs more than PVC-based leather
In recent years, the market for PU synthetic leather has increased due to improvements in product quality, variety, and output. It is progressively replacing genuine leather in handbags, briefcases, car interiors, and clothing because of its increasing utility and range of applications.
By Product: The footwear segment held the largest market share in 2021, as synthetic leather is inexpensive and has good abrasion resistance, it is frequently utilized in the footwear industry.
The demand for footwear has been prompted by rising income levels and economic expansion, particularly in emerging economies. Additionally, the industry is driven by variances in regional climates, which call for various styles of footwear.
Synthetic leather is commonly used in the production of shoe uppers, shoe linings, and soles for athletic shoes, formal shoes, flip flops, soccer shoes, sandals, slippers, and boots. These shoes are durable, affordable, and environmentally friendly. Compared to real leather shoes, which can become soiled from exposure to specific factors, synthetic leather shoes have superior water resistance. When walking or running, faux leather shoes are strong enough to be worn for longer.
By End-User: The consumer goods segment held the largest market share in 2021, owing to rapid urbanization and an increase in disposable income has led to higher spending on consumer goods like clothing and footwear.
To impart a smooth feel to consumer items like purses, luggage, and shoes, synthetic leather is employed. It contributes to the comfort of sitting or lying down on this material’s furnishings.
By Geography: Asia Pacific is expected to account for the largest share among all regions within the total synthetic leather market, during the forecast period 2022-2028
The major economies in the region are likely to drive growth in South Korea, China, and India. Population growth and rising disposable income are expected to open up a wide range of business opportunities. In terms of both production and sales, China is one of the major markets for leather.
To address rising product demand and increase profitability, major market competitors concentrate in developing nations. The extensive usage of synthetic leather in luggage, boots, shoes, wallets, purses and other consumer goods is anticipated to fuel the growth of the artificial leather market in this region during the course of the projected period.
Frequently Asked Questions
What is the Study Period of this Market Report?
- The Global Synthetic Leather Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022-2028
What is the Future Growth Rate of the Global Synthetic Leather Market?
- The Global Synthetic Leather Market is expected to witness a CAGR of about ~7% over the next six years
What are the Key Factors Driving the Global Synthetic Leather Market?
- Some of the primary factors which are driving the Synthetic Leather Market are increased demand from the footwear industry, fewer animal slaughter, advantages over pure leather, and increased demand from the OEM industry
Which is the Largest Type Segment within the Global Synthetic Leather Market?
- The polyurethane segment held the largest share of the Global Synthetic Leather Market in 2021 because of its superior quality and a few countries’ restrictions on polyvinylchloride-based leather
Who are the Key Players in the Global Synthetic Leather Market?
- H.R. Polycoats Private Limited., Kuraray Co., Ltd., Teijin Limited, Nan Ya Plastics Corporation, Mayur Uniquoters Limited, San Fang Chemical Industry Co., Ltd., Filwel Co., Ltd., Zhejiang Hexin Science and Technology Co., Ltd., Asahi Kasei Corporation., and among others are the major companies operating in Global Synthetic Leather Market.
For more information about this report visit https://www.researchandmarkets.com/r/mzyd8r
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