At 4.6% CAGR, Synthetic Leather Market to hit USD 83.44 Bn by 2027, says Brandessence Market Research
LONDON, Nov. 12, 2021 /PRNewswire/ -- According to Brandessence Market Research, the Synthetic Leather Market Size anticipated to reach USD 83.44 billion in 2027, And Market of Synthetic Leather is valued at USD 60.91 billion in 2020. The synthetic leather market size is expected to grow at promising CAGR of 4.6% during 2021-2027 period.
Synthetic Leather Market: Competitive Analysis
The synthetic leather market is a fragmented, competitive, and innovative landscape. The conventional appeal of leather being associated with pride, status, and royalty continues its growth in new markets, wherein conventional values continue to dictate purchasing behavior. Furthermore, growth in new high-value applications like synthetic labor for cost-effective, and attractive interior décor for vehicles, for furniture, and industrial application remain key drivers of growth n the synthetic leather market. Synthetic leather manufacturers continue to make strategic investment in acquisitions, product portfolio expansions, and collaborations to expand footprints in new regions. The growing appeal of leather in established regions like North and America due to its relatively more sustainable nature remains a promising sight for growth for players in the synthetic leather market. Some key players in the synthetic leather market are Kuraray Co. Ltd., Mayor Uniquoters Limited, China Petrolium Corporation, Toyobo Co Ltd., Toray Chemical Korea lnc., Teijin Limited, Zhejiang Hexin Industry Group Co. Ltd, Yantai Wanhua Synthetic Leather Group Co. Ltd., NAN YA plastics corporation, Alfatex N.V., H.R. Polycoats Pvt. Ltd., san Fang Chemical Industry Co. Ltd., Bombay Dyeing, E. I. du pont Nemours and Company, Indorma Corporation and others
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Synthetic Leather Market: An Overview
What is synthetic leather? Synthetic leather, also known as vegan leather, faux leather, leatherette, PU leather, and artificial leather is a material intended to replace or provide an alternative to animal-derived leather. The natural leather remains limited in its commercial application due to cost prohibitions, unsuitability, and limited availability of raw materials. On the other hand, synthetic leather derived from materials like PVC offer a cost-effective, scalable, and industrial application for a wide range of commercial applications. Some synthetic leathers are made from materials like PVC, a variety of plastics, while many are manufactured using plant-based materials.
Synthetic leather has been around since the 60s. Today, synthetic leather manufacturers promise much advancement over conventional animal-skin-derived leather products. This includes lower maintenance, often higher costs, and lower promise of sustainability. On the other hand, animal leather requires higher maintenance, and makes for an expensive value proposition in applications like furniture furnishing, indoor vehicle setup like car seats, and clothing fabrics. The textile industry has also witnessed a growing reluctance of consumers to pay high-prices for animal leather shoes, than before. This is partially due to growing awareness, but mostly due to lack of conventional appeal in developed regions like North America, and Europe.
Synthetic leather production analytics reveal that new varieties of synthetic leathers like bicast leather, bonded leather, and microfiber are opening up new opportunities for growth. Synthetic leather varieties like bicast leather embed a plastic finish to go with its genuine leather, making it ideal for automotive application. While the genuine leather provides a great appeal to automotive interiors, the plastic coating protects cushions from mishaps like beverage spills. Furthermore, the plastic coating also makes it easy to clean, and maintain over long periods. This is ideal for home furnishing as well. The advent of synthetic leather products like bicast leather are some key reason why attractive car interior, or home furniture costs much less today than earlier, where genuine leather dominated interior décor.
Global Synthetic Leather Market Segmentation:
By Application:
- PU-based
- PVC- based
- Bio-based
By End-User:
- Footwear
- Furnishing
- Automotive
- Clothing
- Bags, purses & wallets
- Others
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Synthetic Leather Market: Key Trends
Loss of colors remains a major challenge for synthetic leather products. However, new technique using colors with magnetic properties have removed this conventional barrier. Leathers are known for their diamagnetic material properties. Moreover, conventional leather manufacturers employed natural or synthetic dyes, which led decolorization process with fragments of faded colors, or more accurately pigmentation. The new techniques deploy single chemical treatment, which ensures smart application for leathers, with increased incorporation of magnetic materials, and nanoparticles in manufacturing. These new techniques promise to extend the application of synthetic leathers into new niche commercial applications including industrial textiles. The industrial textile segment remains limited in certain niche due to decoloring. However, synthetic leather promise robust application in this area as compared to natural leather due to properties like EMI shielding, bar coding, electronic product cases, and covers, and wall flooring, and tiles.
The synthetic leather also promises new application in smart product developments including its use as a substitute for device holding material. Synthetic leathers can be great conductors of electricity. With techniques like single chemical treatment, and increased product advancements like genuine leather feel, these products can be handy in wearable device applications, as well as handling gloves, which are widely used in manufacturing. The synthetic leather remains ideal in manufacturing, due to low-production cost, and ability to scale-up production, as necessary.
Synthetic leathers are increasingly used for medical devices like Ankle Foot Orthosis or AFO. The current variety of medical textiles does not provide the much-needed comfort, and ease for most patients. The new synthetic leather promise much needed protection for foot as required. Moreover, these also offer a major promise in customization, with advents of new technologies like 3D printing. These are already in use in their customized variety, which promise a stronger footing for ulcer sites, and are likely to result in major improvements in efficiency of the treatment process.
New patents in the synthetic leather industry also point to increased innovation, and considerable success in development of transparent leathers. These new leathers are ideal for stamping the authority of synthetic leathers while replacing their cousins, along with a new appealing promise. The lack of transparency in leather remains off-putting to potential buyers. Furthermore, lack of transparency also makes leather more prone to sweat, posing a major restraint to its growth in personal textiles. The new advancements deployed by synthetic leather manufacturers guarantee a transmittance of 80-85%, with advanced treatments of pretreated pickled skin, along with a combination of polyol-oil combination. This is likely to open up opportunities for high-value synthetic leather, which remains a major challenge for current synthetic leather manufacturers. With high-value transparent application, synthetic leather can be ideal for high-demand niche requirements like synthetic leather for shoes.
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