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

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.