The Synthetic Leather Market Size was valued at USD 63.3 Billion in 2022. The Synthetic Leather market industry is projected to grow from USD 63.89 Billion in 2023 to USD 78.5 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.74% during the forecast period (2023 - 2030). 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 include fabrics, clothing, and footwear.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The synthetic leather market achieves great growth due to its rise in demand from end-user industries manufacturing footwear, clothing garments, products for furnishing, automotive purposes, manufacturing bags, purses, clutches, wallets, and various other fashionable products. The rise in demand for 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.
Additionally, Demand for synthetic leather over other industries increases the opportunities for the competitors in the next upcoming years. Opportunities for the synthetic leather industries are raised by replacing conventional leather with bio-based leather which is 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.
The Synthetic Leather market segmentation, based on Product, includes PVC-based, PU-based, and Bio-based. Polyvinyl chloride, sometimes known as PVC or vinyl, is a flexible plastic that has become ubiquitous in modern civilization. PVC is used in a wide range of items, including pipes, floors, window frames, rain gutters, garden furniture, and automotive parts. PVC is used to create medical gadgets, cling film, raincoats, credit cards, plastic bags, and textiles when softened using plasticizers. Plasticizers are added to PVC to make it softer and more flexible, and this increases its performance significantly.
Based on End-User, the Synthetic Leather market segmentation includes Automotive, Footwear, Clothing, Furnishing, Bags, Purses & Wallets, and Others. Due to the growing need for aesthetically pleasing car interiors, automobile manufacturers are employing synthetic leathers in vehicle interior components such as steering wheels and door panels. Car seats, for example, play an important part in lowering a vehicle’s overall weight and increasing its fuel efficiency. Men, women, and children wear artificial leather footwear like formal shoes the most. Furthermore, the non-leather market is growing due to an increase in the use of artificial materials in sports artificial shoes, slippers, casual shoes, sandals, sneakers, flip flops, and rubber clogs.
Figure 2: Synthetic Leather Market, by Product, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific dominated the market and accounted for over 40.0% share of the revenue in 2021. China, India, and South Korea are expected to be the major growth-driving economies in APAC. Rising disposable income, coupled with the increasing population, will provide numerous opportunities for the market. China is one of the prominent markets for leather in terms of production and sales. However, the outbreak of coronavirus has severely affected the country’s manufacturing output. Several manufacturers have either closed or slowed down their operations to contain the spread of the virus. Limited production in the manufacturing industry due to a halt or slowdown in operations, limitations on the supply and transportation in the country, and infrastructure slowdown are anticipated to negatively affect the demand for synthetic leather from the end-use application shortly.
Figure 3: SYNTHETIC LEATHER MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The market in North America is expected to grow at a slow rate on account of the saturation of larger domestic fashion brands. There have been growing concerns from animal rights organizations such as PETA, WWF, and a few others, resulting in growth restraints in the leather market. The demand for synthetic leather goods in the region has increased because of this. The European market witnessed significant growth owing to the flourishing automobile and consumer appliances sectors in the region. Amid the crisis, governments in the region are focusing on bio-based, low-cost, and long-lasting products. The market for synthetic leather in this region is expected to grow because of this.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Synthetic Leather market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Synthetic Leather industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Synthetic Leather. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Synthetic Leather industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Synthetic Leather industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Synthetic Leather market players, including 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, and others, are attempting to increase market demand by funding R&D initiatives.
DuPont (also known as DuPont de Nemours) is a company specializing in technology-based materials, ingredients, and solutions. It operates through three segments: Electronics and Industrial; Water and Protection; and Corporate and Other. The Electronics and Industrial segment supply differentiated materials and component solutions for consumer electronics, including mobile devices, television monitors, and personal.
Also, Mayur Uniquoters Limited is a listed public company incorporated on 14 September 1992. It is classified as a public limited company and is located in Jaipur, Rajasthan. Its authorized share capital is INR 86.00 cr and the total paid-up capital is INR 21.98 cr.
In 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 Attribute/Metric | Details |
| Market Size 2022 | USD 63.3 Billion |
| Market Size 2023 | USD 63.89 Billion |
| Market Size 2030 | USD 78.5 Billion |
| Compound Annual Growth Rate (CAGR) | 6.74% (2023-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End-user, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 Dynamics | The footwear industry is growing rapidly. |
Synthetic Leather Market Highlights:
Frequently Asked Questions (FAQ) :
The Synthetic Leather market size was valued at USD 63.3 Billion in 2022.
The Synthetic Leather market is projected to grow at a CAGR of 6.74% during the forecast period, 2023-2030.
Asia Pacific had the largest share of the Synthetic Leather market.
The key players in the Synthetic Leather market are 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
The Polyvinyl chloride categories dominated the Synthetic Leather market in 2023.
The Purses & Wallets had the largest share in the market for Synthetic Leather.
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
