Growing At 4.6% CAGR, Synthetic Leather Market to hit USD 83.44 Billion in 2027, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Jul 11, 2022, 08:30 ET

LONDON, July 11, 2022 /PRNewswire/ -- Global Synthetic Leather Market is valued at USD 60.91 Billion in 2020 and is expected to reach USD 83.44 Billion by 2027 with a CAGR of 4.6% over the forecast period.

Synthetic Leather Market Size, Share, Manufacturers & Trends Analysis Report By Application (PU-Based, PVC-Based, Bio-Based) By End-User (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Others ) Based On Region, And Segment Forecasts to 2022 – 2028, Increasing awareness about animal cruelty and vegan leather is one of the major factors which drive the growth of the Global Synthetic Leather Market.

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Synthetic Leather Market: Market Scope  

The global synthetic leather market is continuously growing with the expansion having at a compound rate annually. The increase in demand is going to be attributed to the footwear sector showing the greatest amount of demand in the last few years and propelling the market overall. The high cost of natural leather is one of the factors which has created the need for a substitute and that is a major factor which will grow this market exponentially.

PVC leather is among the important type of synthetic leather which has grown in the popularity because of their diverse variety of uses and that includes shopping bags, suitcases, cosmetic bags, wallets, travel bags and purses. It has been used in many different applications including the fabrics, suitcases, purses as well as travel bags. This is used in many different applications like footwear, clothing and upholstery among others as that will grow this market considerably. The global synthetic leather market size will only grow as the production process continues to evolve in the coming years. 

Synthetic Leather Market: Segmentation Analysis 

In terms of synthetic leather market, the PU synthetic leather segment is leading the market and has the lion's share of the market. It is witnessing a promising level of growth in terms of the variety, yield and product quality. Polyurethane is softer, waterproof and lighter than the real leather and can be dry cleaned and also torn easily in comparison to the real hides.

The segment of footwear will also lead the market and account for one third share of the revenue all over the world. It is an application which is closer to the genuine leather and that is increasing the replacement rate of applications in briefcases, handbags, and clothing and car furnishings. The rise in income levels and the economic growth particularly in the emerging economies are fuelling the demand for the footwear. Further, the variations occurring in the climatic conditions of different regions need different kinds of footwear. 

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 Drivers 

The global synthetic leather market growth in the developed economies will be seeing a great amount of growth as there is a considerable rise in the consumption in the last few years with the consumption expected to see an increase. The overall market in these markets will benefit from the demand in the automotive synthetic leather upholstery. In the coming years, the initiatives meant to strengthen the supply chain will be expected to see a rise in the application across the clothing, bags among other sectors.

The manufacturers are spreading their sourcing, shifting particularly to the emerging countries now due to the raw materials being in abundance there and there being lower freight and labor costs. The global synthetic leather market statistics will therefore see an excessive growth in both the emerging and developed economies simultaneously.

Synthetic Leather Market: Competitive Analysis  

The global synthetic leather market companies 2021 dominating the market are 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 and Nan Ya Plastics Corporation. The global synthetic leather market players are engaged in creating more environmentally viable options at a lower cost to make this market gain maximum traction with the lion's share of the market falling towards their company.  

  • Kuraray Co. Ltd.
  • Mayor Uniquoters Limited
  • 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
  • China Petrolium Corporation
  • Toyobo Co Ltd.
  • Toray Chemical Korea lnc.
  • Others

Synthetic Leather Market: Key Trends  

The global synthetic leather market trends suggest that the recent pandemic due to the global spread of the coronavirus has impacted this market with the affect being measured in drastic proportions. This was due to the preventive measures which have been taken by the different governments meant to limit the pandemic spread. This has caused the demand to fall and the trade of the synthetic leather all over the world to go in disarray. This is going to have an excruciatingly negative impact on the market. 

The emerging markets have been at the forefront of the brunt that the world has borne due to the pandemic. The majority of product demand comes from these countries but the global synthetic leather market statistics will go up post the pandemic phase as the vaccines are now into circulation and the market activities are now coming back to normal. Another trend which is working positively for the market.

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Synthetic Leather Market: Regional Analysis 

The market has been dominated by the Asia Pacific region with the market accounting for close to half of the revenue all over the world. The main countries which are showing growth are the countries like South Korea, India and China and the economies are driving the market in the region. The rise in disposable income in addition to the unrelenting increase in population will provide great opportunities of growth for this market. China is among the most important markets for leather in terms of the productions and sales.

Though the outbreak of coronavirus has affected the output of the country's manufacturing sector. Many manufacturers have closed or slowed the operations down to contain the spread of this virus. The limited production in the manufacturing industry because of the slowdown and halt in the operations, limitations on the supply and transportation in the country and the infrastructural slowdown is going to negatively affect the synthetic leather demand form the end use applications in the immediate future.

North American market will also be expected grow but at a slow rate as it is a market which is reaching to its saturation stage when it comes to the larger domestic fashion brands. There are growth in the concerns for animal rights in organizations like the WWF, PETA among others which has resulted in the growth of the restraints in the leather market. The demand of the synthetic leather has increased as a consequence. European market is also seeing a major growth due to the flourishing automobile and consumer appliances sector in this region. In the pandemic, the market has grown due to it being a long lasting product.

On Special Requirement Synthetic Leather Market Report is also available for below region:

North America

  • U.S., Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA

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