Synthetic Leather Market to grow by USD 23.52 billion from 2022 to 2027|The customization of synthetic leather is a trend fueling the market growth - Technavio

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Nov 19, 2023, 22:35 ET

NEW YORK, Nov. 19, 2023 /PRNewswire/ -- The latest report on the synthetic leather market, 2022-2027 estimates to register an incremental growth of USD 23.52 billion, at a CAGR of 9.44% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. The customization of synthetic leather is a trend fueling the market growth. Design, color, luster, and texture can all be modified through customization and customized synthetic leather has grown in popularity among numerous application industries. Additionally, customers can also choose traditional gliding and embossing using digital processes like laser printing and cutting. Hence, these trends will boost the growth of the market during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report

Technavio has announced its latest market research report titled Global Synthetic Leather Market 2023-2027

Synthetic Leather Market 2023-2027: Vendor Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Air Water Inc., Akea Srl, Alfatex Italia Srl, Anhui Anli Material Technology Co. Ltd., Asahi Kasei Corp., Colence Pvt. Ltd., H.R. Polycoats Pvt. Ltd., Kolon Industries Inc., KURARAY Co. Ltd., Lederplast Spa, Marvel Vinyls Ltd., Mayur Uniquoters Ltd., Nan Ya Plastic Corp., San Fang Chemical Industrial Co. Ltd., Teijin Ltd., Toray Industries Inc., Uniroyal Global Engineered Products Inc., Winner Nippon Leatherette Pvt. Ltd., Zhejiang Hexin Industry Group Co. Ltd., and Zhejiang Yongfa Synthetic Leather Co. Ltd. are among some of the major market participants.

Vendor Offerings

Air Water Inc. - The company offers synthetic leather solutions through its subsidiary FILWEL.
Alfatex Italia Srl - The company offers synthetic leather solutions to industries such as marine, automotive, and medical.
Asahi Kasei Corp. - The company offers synthetic leather solutions such as DURANOL.

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Synthetic Leather Market 2023-2027: Market Dynamics

The shift of consumer preference from animal hide to synthetic leather products drives market growth. Generally, leather is a premium or luxury material for shoes, clothing, and bags but a significant portion of the sales in the apparel, accessory, and footwear industries are made up of synthetic leather or fabric. Such goods are also reasonably priced and are sold on the market in a variety of colors, patterns, and textures but do not include leather as a raw material. Hence, such factors drive maket growth during the forecast period.

Factors such as fluctuating raw material prices will challenge market growth. Substrates such as polymer film and silicone are mainly used for the production of synthetic leather. Fluctuations in the prices of raw materials, including polymers such as PVC (polyvinyl chloride) and PU, are directly related to fluctuations in the price of crude oil. In addition, fluctuations in the prices of petroleum-based raw materials and the surging competition from local manufacturers, especially in developing economies, will pose a challenge to the market vendors.

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Synthetic Leather Market 2023-2027: Segmentation

Synthetic Leather Market is segmented as below:

Product

PU-based
PVC-based
Bio-based

End-user

Footwear Industry
Furnishing Industry
Automotive Industry
Bags Industry
Others

Geography

APAC
North America
Europe
South America
Middle East And Africa

The PU-based segment will be significant for market growth during the forecast period. PU-based synthetics are lightweight. They can be made in a variety of colors and textures and is primarily utilized in the clothing, footwear, and auto industries. Furtermore, synthetic leather made from PU has a leather-like appearance, which results in many consumers are converting from animal-hide leather to synthetic leather. Hence, such factors boost the segment growth during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities, historic (2017 to 2021) & forecast (2023-2027) – Download a Sample Report

Synthetic Leather Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist synthetic leather market growth during the next five years
Estimation of the synthetic leather market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the synthetic leather market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of the synthetic leather market, vendors

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Related Reports:
The bio-based leather market size should rise by USD 250.48 million from 2021 to 2026 at a CAGR of 6.55%.

The coating agents for synthetic leather market size is expected to increase by USD 207.38 million from 2021 to 2026, at a CAGR of 7.12%.

Table of Contents

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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