Synthetic Leather Market Share, Size, Trends, Industry Analysis Report, By Type (Bio-based, Polyurethane, Polyvinyl Chloride, Others); By End-Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM1987
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global synthetic leather market size was valued at USD 68.82 billion in 2023. The market is anticipated to grow from USD 72.74 billion in 2024 to USD 114.12 billion by 2032, exhibiting the CAGR of 5.8% during the forecast period.
Synthetic leather is faux material that offers a similar appearance but is produced from polyvinyl chloride, polyurethane, or textile-polymer composite microfibers. Synthetic leather is used in various automotive, furniture, apparel, fashion accessories, and footwear, among others.
It is priced significantly lower than genuine leather, and offers high durability, requires less maintenance, and is easy to clean. Synthetic material is easier to work with and offers a uniform appearance. Rising awareness and stringent regulations regarding animal cruelty have contributed to the increased adoption of synthetic alternatives.
The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces synthetic leather market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
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The COVID-19 outbreak has restricted the market growth for the synthetic product due to the impact of operational challenges, disruption of the supply chain, reduced market demand, and workforce impairment. The pandemic has affected industries such as transportation, footwear, and clothing, resulting in reduced market demand for synthetic products.
Manufacturing activities have been halted due to various government regulations across the globe. The supply of raw material has been impacted owing to lockdown, roadblocks, and restrictions on the movement of goods from the Asia-Pacific region. The closure of stores and malls across the globe has further affected the market.
However, the medical-grade product was used during the pandemic to produce beds and furniture in various COVID-19 facilities. The market is expected to be restored post-COVID-19 owing to factors such as supportive government regulations, favorable environmental policies, and the opening of distribution channels.
Industry Dynamics
Growth Drivers
The global market for synthetic leather is driven by the rising disposable income of consumers and improving lifestyles. The growing use of the product in the manufacturing of footwear and handbags in countries such as China, Japan, and India boosts the market growth. Rising urbanization and growing demand from the automotive and furnishing sectors have accelerated the adoption of the product.
Increasing awareness and campaigns regarding animal rights coupled with the introduction of strict regulations regarding animal welfare have further encouraged consumers to turn towards synthetic leather. Technological advancements, increasing adoption of bio-based leather, new product launches and acquisitions by leading players in the market, and increasing use in diverse applications are factors expected to offer growth opportunities during the forecast period.
The application of the product has increased in the automotive sector in recent years. It is increasingly used to enhance the aesthetic, comfort, durability, and versatility of vehicles. Synthetic leather is a cost-effective alternative to genuine one and finds application in the manufacturing of car seats, door panels, steering wheel covers, seat belts, and dashboards, among others.
The rise in market demand for passenger vehicles, growing adoption of alternative-fuel vehicles, and increasing need to reduce maintenance costs of commercial vehicles have supported the adoption of the material in the automotive industry. Rising modernization of vehicles, development of autonomous vehicles, and increasing penetration of luxury vehicles further influence the market growth for the material.
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Report Segmentation
The market is primarily segmented on the basis of type, end-use, and region.
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By Type |
By End-Use |
By Region |
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Insights by Type
The type segment has been divided into bio-based, polyurethane, polyvinyl chloride, and others. The demand for synthetic polyurethane leather is expected to be high during the forecast period due to wide use in the furnishing, automotive, and apparel sectors. Polyurethane leather is manufactured from thermoplastic polymer. It is easy to manufacture, water-resistant, and available in a variety of colors and styles. The use of polyurethane leather provides enhanced flexibility, durability, support, comfort, and aesthetics.
Insights by End-Use
On the basis of end-use, the market is segmented into apparel, furnishing, automotive, footwear, electronics, and others. The demand for the product from the footwear sector is expected to be high during the forecast period. Using synthetic leather, footwear is durable, water-resistant, and capable of withstanding weather conditions and wear and tear over time. Synthetic leather footwear is cost-effective and environmentally safer. Increasing disposable income and improving living standards support the growth of this segment.
Geographic Overview
Asia Pacific dominated the global synthetic leather market in 2020. Increasing urbanization, growing automotive industry, expansion of international players in this region, and technological advancements drive the growth in this region. Increasing utilization in apparel manufacturing, growth in countries such as China, India, and Japan, rising automotive penetration, and the established electronics industry further boost the demand for synthetic leather. Rising applications in furnishing and footwear coupled with the introduction of regulations regarding animal welfare accelerate the adoption of synthetic leather.
Competitive Landscape
The leading players in the synthetic leather market include Teijin Limited, Filwel Co. Ltd., H.R. Polycoats Pvt. Ltd., Kuraray Co. Ltd., Mitsubishi Chemicals Corp., Yantai Wanhua Synthetic Leather Group Co. Ltd., Kolon Industries, Inc., San Fang Chemical Industry Co. Ltd., Toray Industries, Inc., Alfatex N.V., NAN YA plastics corporation, Mayur Uniquoters Limited, Hanwa Chemical Corp., DuPont Tate & Lyle Bio Products Company, LLC, and Zhejiang Hexin Industry Group Co., Ltd.
These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen their presence in the market. The companies are also introducing new innovative products in the market to cater to the growing consumer demands.
Synthetic Leather Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 72.74 Billion |
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Revenue forecast in 2032 |
USD 114.12 Billion |
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CAGR |
5.8% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2032 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Volume in Million Meters; Revenue in USD million/billion; and CAGR from 2024 - 2032 |
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Segments covered |
By Type, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
Teijin Limited, Filwel Co. Ltd., H.R. Polycoats Pvt. Ltd., Kuraray Co. Ltd., Mitsubishi Chemicals Corp., Yantai Wanhua Synthetic Leather Group Co. Ltd., Kolon Industries, Inc., San Fang Chemical Industry Co. Ltd., Toray Industries, Inc., Alfatex N.V., NAN YA plastics corporation, Mayur Uniquoters Limited, Hanwa Chemical Corp., DuPont Tate & Lyle Bio Products Company, LLC, and Zhejiang Hexin Industry Group Co., Ltd. |
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