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 Competitive Landscape

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 Market Report Snapshots

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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).

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. '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.'

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.

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.

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.

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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

Synthetic Leather Market Competitive Landscape

Synthetic Leather Market Report Snapshots

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