Synthetic Leather Market
Report ID: SQMIG15A2267
Synthetic Leather Market Size, Share, Growth Analysis, By Type(PVC-based, PU-based, Bio-based), By End-User(Automotive, Footwear, Clothing, Furnishing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2267 |
Region:
Global |
Published Date: February, 2024
Pages:
265
|Tables:
67
|Figures:
75
Synthetic Leather Market Insights
Synthetic Leather Market size was valued at USD 33.7 billion in 2019 and is poised to grow from USD 36.24 billion in 2023 to USD 66.84 billion by 2031, growing at a CAGR of 8% in the forecast period (2024-2031).
Globally rising demand from the footwear industry is anticipated to be a major driver of market expansion. Another aspect that has fueled the need for natural leather alternatives is the expensive price of natural leather. Another significant type of synthetic leather that has gained popularity is PVC leather, which is used for a wide range of products such as shopping bags, cosmetic bags, wallets, suitcases, purses, and travel bags. It is utilised in many different applications, such as fabrics, shoes, clothing, furniture, and others where a leather-like finish is necessary but the material is unsuitable, unusable, or prohibitively expensive. Over the past few years, the manufacturing procedure for the shell coating that is applied on top of the synthetic polymer blend has changed.
Synthetic leather consumption in the United States has significantly increased recently. The demand in the American market has significantly increased recently. An enormous increase in the demand for automobile synthetic leather upholstery is probably going to be advantageous for the whole market in the United States. The global demand has seen a paradigm shift as a result of increasing use across furniture, automotive, apparel, bags, and other industries. During the forecast period, attempts to enhance the supply chain are anticipated to have a positive impact on the market in the U.S. Due to the abundance of raw materials and affordable labour and shipping costs in Asia, particularly China and Vietnam, manufacturers have been expanding their sourcing.
However, because of the numerous preventive steps implemented by various countries to stem the development of the pandemic, the recent spread of the coronavirus throughout the world has significantly reduced the market for synthetic leather. This has caused a decrease in demand for and trade in synthetic leather around the world, and it is anticipated that this will have a detrimental effect on market growth in the years to come. The demand for the product is anticipated to be largely influenced by developing regional markets such those in China, India, Brazil, Malaysia, Thailand, and Vietnam. Over the next few years, it is anticipated that widespread use of synthetic leather in the footwear industry in a number of other regional markets will also help drive industry expansion globally.
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Synthetic Leather Market Segmental Analysis
The global synthetic leather market has been segmented based on type, end-user, and region. Based on type, the market is segmented into PVC-based, PU-based, and Bio-based. Based on the end-user, the market is segmented into automotive, footwear, clothing, furnishing, bags, purses & wallets, and others. Based on region, the synthetic leather market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Synthetic Leather Market Analysis by Type
In 2021, the PU synthetic leather category dominated the market and generated more than 55.0 percent of total revenue. Its progress in terms of product quality, diversity, and yield has been encouraging. In comparison to actual hides, polyurethane is more easily torn and is lighter, softer, and waterproof. Sunlight has no effect on it either. Additionally, because it doesn't generate dioxins, it is a more environmentally friendly alternative to products made of vinyl. All of these elements are anticipated to further increase its demand.
Throughout the anticipated term, slow growth is anticipated in the PVC synthetic leather segment. In 1920, PVC was developed as the first synthetic leather substitute. It was initially created using cancer-causing chemicals and turned out to be the perfect material for usage in furnishings and household goods. Because PVC felt sticky and couldn't keep body heat in, PU posed a serious threat to PVC. Thus, its demand fell in the section of apparel and bag applications. The polyester polyol-based bio-based product has a 70–75 percent renewable content. Compared to PU and PVC, it is softer and has higher scratch resistance. Important global market players are concentrating on creating new items in association with polyol producers. In the coming years, rapid industrialisation and ongoing R&D will continue to support segment expansion.
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Synthetic Leather Market Regional Insights
In 2021, Asia Pacific had the greatest market share, and it is anticipated that it would continue to dominate during the projected period. The top three countries that export faux leather are China, India, and South Korea. The development of the synthetic leather market in this region is being fueled by advances in technology, welcoming government investment policies, rising disposable income, and population growth. However, there has been a paradigm shift in attention toward Indian markets as a result of the recent border disputes between China and India and the growing trade disagreement between the US and China. The Indian government has deliberately taken advantage of this chance to encourage self-reliance and has provided incentives to many sectors, particularly Small and Mid-size Enterprises (SMEs) to encourage the production and export of footwear and faux leather.
In 2021, European had the second-largest market share; during the projection period, it is anticipated to increase at a noticeably rapid rate. Germany, the United Kingdom, France, and Italy are the main contributors to the rise of fake leather in this region. The presence of international brands for clothes, shoes, and bags as well as strict laws encouraging the usage of bio-based leather are propelling the expansion of the synthetic leather market. During the projected period, North America, led by the US, is anticipated to experience a moderate growth rate. The severe environmental restrictions and various standards created by international organizations to decrease pollution from the leather industry are the main factors propelling the growth of the synthetic leather market in this region.
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Synthetic Leather Market Dynamics
Synthetic Leather Market Driver
- The demand for shoes, cars, furniture, and clothing is likely to increase in the next years, driving the synthetic leather market. Regarding the raw material, there may be cause for concern. Commonly utilized as raw materials for synthetic materials are polyvinylchloride and polyurethane. Human health is adversely affected by polyvinylchloride because it can be poisonous. It may lead to serious health problems like cancer, hormone disruption, and immune system harm.
- The rise in vegans is fueling the desire for synthetic leather because of the material's origin. Nowadays, many businesses steer clear of using animal products to make leather. Typically, wet coagulation or dry coagulation, along with the transfer coating technique, are used to create synthetic leather. The difference between genuine and synthetic leather can be very challenging. Genuine leather is often more expensive and more expensive than synthetic leather. Compared to genuine leather, it has a matte appearance and is glossier. It is UV resistant and does not fade quickly. It is not produced from animal hide and skin, which is the primary and most significant difference.
- The reduced manufacturing cost of synthetic leather is another important factor encouraging its use. Natural leather is more expensive than synthetic leather, yet the latter's production is simpler. As a result, investments in synthetic leather have increased, which will help it gain market share. Activities involved in making natural leather, notably tanning, harm the environment. The price is another significant aspect influencing the shift in demand for synthetic leather. Government rules and environmental legislation have contributed to an increase in demand for synthetic leather.
Synthetic Leather Market Restraint
- Among other synthetic leather basic materials, polyvinyl chloride and polyurethane are bad for the environment, animal health, and human health. It's true that polyurethane isocyanate might irritate the lungs and cause asthma episodes. It affects the epidermis and makes breathing more difficult. Fumes from polyurethane are frequently inhaled by workers in polyurethane manufacturing plants, which can give them nausea, vomiting, and vertigo.
- Dioxin, phthalates, and vinyl chloride monomer are some of the toxic carcinogens found in polyvinyl chloride. The very toxic and lethal chemical dioxin is released whenever chlorine-containing substances are burned. The synthetic leather industry is hampered by the harmful effects of polyurethane and the manufacture of polyvinyl chloride. Thus, the negative effects of polyurethane and polyvinyl chloride are expected to hinder the market's growth.
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Synthetic Leather Market Competitive Landscape
Very few businesses, mostly in the Asia Pacific region, with significant production capacities, dominate the synthetic leather market. To boost their revenues and expand their market shares, businesses frequently employ techniques like joint ventures, mergers and acquisitions, production capacity expansions, and new product development. For instance, businesses like Winner Nippon Leatherette Pvt. Ltd. are constantly working to create goods that may be used in place of real leather in a variety of applications.
Top Players in the Synthetic Leather Market
- Kuraray Co., Ltd.
- Toray Industries, Inc.
- Teijin Limited
- Mayur Uniquoters Limited
- Nan Ya Plastics Corporation
- San Fang Chemical Industry Co., Ltd.
- Alfatex
- Filwel Co., Ltd.
- Zhejiang Hexin Industry Group Co., Ltd.
- Yantai Wanhua Synthetic Leather Group Co., Ltd.
- H.R. Polycoats Pvt. Ltd.
- Favini S.R.L.
- Sappi Limited
- Asahi Kasei Corporation
- DuPont de Nemours, Inc.
- Wanhua Chemical Group Co., Ltd.
- Kurabo Industries Ltd.
- Daikin Industries, Ltd.
- Alcantara S.p.A.
- STKC Co., Ltd.
Synthetic Leather Market Recent Development
- In Jan 22, 2022, CLARINOTM Microfiber Leather – Kuraray Co., Ltd. developed Clarino synthetic leather products from Kuraray’s research and development.
- In September 2021, Teijin Cordley Limited, a subsidiary of Japan's Teijin Frontier Group, developed the latest antiviral and antibacterial artificial leather, including a long-lasting antibacterial agent.
- In September 2021, Volvo Cars vowed to equip all of their future electric vehicles with leather-free materials in response to recent research detailing the future of sustainable luxury items.
- In June 2021, BMW invested in plant-based textile company Natural Fiber Welding with the aim to develop a leather alternative for the automotive interior. The Natural Fiber Welding Company specializes in producing Mirum, a leather alternative made entirely from biodegradable ingredients.
Synthetic Leather Key Market Trends
- In the footwear industry, synthetic leather is gradually taking the place of real leather. It can be found in sandal uppers, linings, and insoles in addition to shoes. The synthetic leather market is growing because faux leather shoes are three times less expensive than those made of animal hide.
- People for the Ethical Treatment of Animals estimates that over a billion animals are killed each year just for their skin and hides (PETA). Genuine leather is primarily produced in underdeveloped nations like China and India, where regulations governing animal care are laxly implemented. However, harsher regulations are probably going to be implemented in Asia, as well as the rest of the world, which will increase demand for leather replacements.
Synthetic Leather Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, of type, the PU synthetic leather segment dominated the global synthetic leather market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the global synthetic leather market owing to the region's advances in technology, welcoming government investment policies, rising disposable income, and population growth.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 33.7 billion |
| Market size value in 2031 | USD 66.84 billion |
| Growth Rate | 8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Synthetic Leather Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Synthetic Leather Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Synthetic Leather Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Synthetic Leather Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Synthetic Leather Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Synthetic Leather Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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