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 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.