Synthetic Leather Market To Show Astonishing Cagr, Due To Globally Increasing Demand From Footwear

Synthetic Leather Industry Overview

The global synthetic leather market size is expected to reach USD 66.84 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.0% from 2022 to 2030. The expanding product application scope in footwear has been a major factor driving the market. Furthermore, the increased significance of animal rights and growing awareness regarding that, as laid forth by various groups, and strict legislation prohibiting the use of real leather are driving the demand for synthetic leather.

Synthetic Leather Market Segmentation

Grand View Research has segmented the global synthetic leather market based on type, application, and region:

Based on the Type Insights, the market is segmented into PU Synthetic Leather, PVC Synthetic Leather, Bio-based Leather.

• The PU synthetic leather segment led the market and accounted for more than 55.0% share of the global revenue in 2021. It has been witnessing promising growth, in terms of product quality, variety, and yield.

• The Polyurethane is waterproof, softer and lighter than real leather, and can be dry cleaned and torn easily than real hides. It also remains unaffected by sunlight.

• The PVC synthetic leather segment is expected to witness slow growth during the forecast period. PVC was the first form of synthetic leather created in 1920. It was initially produced with carcinogenic chemicals and proved to be an ideal material for applications in furnishing and household items.

• The bio-based product consists of polyester polyol and has 70-75% renewable content. It is softer and has better scratch resistance properties than PU and PVC. Key companies in the global market are focusing on the development of new products through collaboration with polyol producers.

Based on the Application Insights, the market is segmented into Furnishing, Automotive, Footwear, Wallets, Bags & Purses, Clothing, Others.

• The footwear segment led the market and accounted for more than 30.0% of the global revenue in 2021.

• Rising income levels and economic growth, especially in emerging nations, have fueled the demand for footwear. In addition, the segment is led by variations occurring in climatic conditions of different regions, which need different types of footwear.

• Synthetic leather is widely used to manufacture shoe uppers, shoe lining, and soles for sports shoes, formal shoes, flip flops, soccer shoes, sandals, slippers, and boots. These shoes also are cost-effective, environmentally friendly, and long-lasting.

• The increasing athleisure trend of incorporating athletic shoes into the daily lifestyle is also expected to propel segment growth. The price of faux leather footwear products is three times cheaper than the ones made from animal hide, which also boosts the segment growth.

• There is a wide range of synthetic leather materials available in the market that serve varied requirements of the furnishing industry, in terms of color, texture, and fabric look. Moreover, such artificial alternatives can be used in marine furnishing as it is saltwater resistant.

• The application of synthetic leather in manufacturing wallets, bags, and purses has increased significantly in recent years. Synthetic leather is extremely popular since it is softer than natural leather and has high durability. Synthetic leather wallets, bags, and purses are easy to maintain as they are lightweight, breathable, waterproof, and scratchproof.

• The synthetic leather serves as the most suitable alternative in textile PU synthetic leather is also used in clothing where it is used to create spandex and add buoyancy to competitive swimsuits.

Synthetic Leather Regional Outlook

• North America

• Europe

• Asia Pacific

• Central & South America

• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market for synthetic leather is dominated by very few companies with a large production capacity, mostly in the Asia Pacific. Companies are majorly using strategies such as joint ventures, mergers & acquisitions, production capacity expansions, and new product development to drive their revenues and increase their market shares.

Some prominent players in the global synthetic leather market include

• Kuraray Co., Ltd.

• R. Polycoats Pvt. Ltd.

• Alfatex Italia SRL

• Filwel Co., Ltd.

• Yantai Wanhua Synthetic Leather Group Co., Ltd.

• San Fang Chemical Industry Co., Ltd.

• Mayur Uniquoters Limited

• Teijin Limited

• Nan Ya Plastics Corporation

Order a free sample PDF of the Synthetic Leather Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.