Global Synthetic Leather Market: Information by Material (Polyurethane (PU), Polyvinylchloride (PVC) and Bio-Based), Application (Furnishing (Chairs, Sofa, Bean Bags and others), Footwear (Sports Shoes, Formal Shoes & Boots and Sandals & Slippers), Clothing (Belts, Jackets, Tops, Pants and others), Automotive (Seats, Steering Wheel Covers, Door Trim, Knob and Gear Bot Covers), Accessories (Bags, Purses and Wallets), Electronics (Mobile Covers and Laptop Covers) and others) and Region (Asia-Pacific, North America, Latin America, ...

Synthetic Leather Market Overview

Globally it is expected that the synthetic leather market occupies USD of 63.3billion to USD 78.5 billion during the forecast period of  2020 to 2025. It occupies a CAGR of 4.4% during the forecast period.

Products of synthetic leather when even exposed to snow and water do not undergo wear and tear. This shows that leathers are quite resistant to them. Acquiring a cloth base coated with synthetic resin, synthetic leather tends to be an alternative that augments its growth in various applications which includes fabrics, clothing, and footwear. COVID had led to the reduction of trade and e-commerce business putting a negative impact on the market these years.

COVID 19 ANALYSIS

The synthetic leather industry has been hugely affected by the outbreak of pandemics. The pandemic has reduced opportunities less the avenues for growth and development. Besides the disadvantages of COVID, it has been marked that COVID also helped in raising the market growth as synthetic leathers are used for the makeshift of medical, clinics, and healthcare institutes throughout the world have helped the furnishings, to help out the patients from COVID. COVID has hampered the automotive industry, where the sales of cars and other automobiles have been minimized and dropped. This has affected the leather industry as synthetic leather is mostly useful in furnishing car interiors. The industry experienced a decrease in economic conditions and the manufacturing unit was seriously affected. The production unit was almost closed due to the shutdown and lockdown conditions so imposed by the government.

The government put forward strict rules and regulations for wearing masks and using sanitizers. Anyone violating such rules when marked was punished.

MARKET DYNAMICS

Drivers

The synthetic leather market achieves great growth due to its rise in demand of end-users industries manufacturing footwear, clothing garments, products for furnishing, for automotive purposes, manufacturing bags, purses, clutches, wallets, and various other fashionable products. The rise in demand of footwear industries involving no animal killings, giving advantages over pure leather, rise in demand for luxury cars and electric vehicles expands the synthetic leather market size.

Opportunities

Demand for synthetic leather over other industries increases the opportunities for the competitors in the next upcoming years. Opportunities of the synthetic leather industries are raised up by replacing conventional leather with bio-based leather which is being produced from natural fibers like flax and cotton. The flexibility and strength of these synthetic fibers provide opportunities for expanding the synthetic leather market size.

Challenges
It has been marked that PU-based products can tear easily which becomes a challenging factor for the leather industry. PU-based products are much more expensive than other synthetic leathers which becomes a challenging factor for the environment. APAC due to its low urbanization and industrialization creates challenging factors in the synthetic market.

Cumulative growth

Increase in the growth of the footwear industry rises the growth of the market and the synthetic industry. Many European and North American regions are intending to carry out environmental regulations and the government is also taking certain initiatives for increasing the production of synthetic fiber.

Restraints

Raw materials including Polyvinyl Chloride and Polyurethane used for the manufacturing of synthetic leather as per the synthetic market trend which is harmful both for animals, humans, and the environment. An isocyanate named PU, which is useful for the manufacture of synthetic leather is very much harmful to the lungs which may cause asthma and even cause lung irritation. These chemicals even cause skin irritation and even causes difficulty in breathing. PU may cause other health disorders like nausea, vomiting, dizziness, and stomach upset. PVC also harms the body. It contains toxic agents like vinyl chloride monomer, phthalates, and dioxin. Among them, dioxin is said to be a highly toxic agent and is released when the plastic containing chlorine is burned. Thus the production of such harmful chemicals acts as a restraining factor that reduces the synthetic leather market value and synthetic leather market size.

MARKET SEGMENTATION

By type

The synthetic leather market is segmented into PU, PVC, and bio-based products. PU holds the largest market share along with a high CAGR globally. Based on application, the market is classified into furnishing, footwear, clothing, automotive, accessories, electronics, and many more. Regionally, the market expands in the region of North America, Europe, Asia-Pacific, Latin America, Middle East, and African regions. The footwear segment covers the largest market share owing to 35% thus increasing its consumption in Asia Pacific regions.

By technology

Rose in technology led to the development of new synthetic products this making the industry an ideal one. The development of new technology led to the setting up of new plants which increased the value of the supply chain between the providers of raw materials and the manufacturing markets. Technology increased the growth of per capita income in emerging countries.

REGIONAL ANALYSIS

The region of Asia-Pacific region has been marked to be the dominant region due to the large increase of synthetic leathers supply in end-users industries. Stringent laws for animals enforcement are likely to be increased in this region so most andPU-based people prefer to manufacture the substitute of leather. Some of the European regions contribute to the rise in the growth of the furnishing and garments industries. China and India have been regarded to be the largest producer of genuine synthetic leather. These regions are in great demand as here leather production takes place by not killing animals but protecting them.

COMPETITIVE LANDSCAPE

Based on the availability of affordable synthetic leather, some key players carry out strong strategies to take the provided position in the market. They develop partnerships with another brand, merge with them and acquire acquisitions and help in the supply of luxury goods which infants proliferate the synthetic market size. They are launching new products which will help in expanding the business. Some of them are

• DuPont Tate and Lyle Bioproducts Company LLC of the United States,


• Mayur Uniquoters Limited of India,


• NAN YA PLASTICS CORPORATION of Taiwan,


• Kuraray America, Inc. of the United States,


• TEUIN LIMITED of Japan,


• R. Polycoats Pvt. Ltd of India,


• FILWEL Co. Ltd of Japan,


• Yantai Wanhis Synthetic Leather Group Co. Ltd of China,


• Toray Industries Inc. of Japan,


• ALFATEX ITALIA SRL of Italy,

Recent Development

October 2021: Shimano unveiled its 2022 shoe lineup, which includes the S-PHYRE RC902T, the limited-edition Dura-Ace RC902S S-PHYRE shoes, the SH-RC702, the RC502, and a women's-specific RC502W. The limited edition RX8 Gravel Race shoes are designed for adventure and gravel bikers. Shimano's RC5 and RC5W women's shoes combine performance elements with all-day comfort. They include a mesh/TPU and synthetic leather upper construction, as well as a single BOA L6 dial and Velcro strap to fit a larger range of foot shapes. The shoes have a seamless midsole for reduced stack height and increased stability, while the sole is stiffened to an 8/12 on Shimano's 12-point scale for increased comfort and compliance.

REPORT OVERVIEW

The report summarises the value and revenue volume globally, regionally, and in-country levels. It gives insights into the latest trends and developments taking place in the market. It gives significant information about the market size during the forecast period. It gives detailed information about the expanding regions which even shows rapid growth and development. It analyses the growth opportunities and segmental nad the regional revenue. It gives information bout the impact of COVID on market. It gives a comprehensive analysis of the classification of the regions geographically and regionally. It explains well the market information and segregates the CAGR and the key segments of this region.

Report Scope:

Report Attribute/Metric	Details
Market Size	2027: USD 38,251.72 Million 2030 : Significant value
CAGR	6.74%(2022 to 2030)
Base Year	2021
Forecast Period	2022 to 2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Type, Application and Region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Kuraray Co. Ltd - Japan, H.R. Polycoats Pvt. Ltd, - India, Alfatex Italia SRL, - Italy, Filwel Co. Ltd, - Japan Yantai Wanhua Synthetic Leather Group Co. Ltd, -China, San Fang Chemical Industry Co. Ltd, China, Mayur Uniquoters Limited, - India, Nan Ya Plastics Corporation, - China, Zhejiang Hexin Industry Group Co. Ltd, -China, Teijin Limited, - Japan, DuPont Tate & Lyle Bio Products Company, -the USA, LC, Gruppo Mastrotto SPA,- ITaly, Asahi Kasei Corporation, - Japan and Toray Group. - Japan
Key Market Opportunities	More and more automobile and vehicle manufacturers want to use synthetic leather products to make seat covers, dashboards, and other fabric-based parts in vehicles.
Key Market Drivers	The global footwear industry is growing rapidly.

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