Global Synthetic Leather Market Synopsis

The global market for Synthetic Leather estimated at USD 38978.9 Million in 2023 is projected to reach a revised size of USD 51210 Million by 2030, growing at a CAGR of 5.61% over the period 2023-2030.

Synthetic leather, also known as faux leather or artificial leather, is a man-made material designed to look and feel like real leather. It is a type of fabric that is made by applying a coating of plastic or polymer to a base material such as fabric or paper. The base material is then treated with various chemicals to make it more durable, flexible, and resistant to wear and tear.

• The most common types of synthetic leather are polyurethane (PU) leather and polyvinyl chloride (PVC) leather. PU leather is made by coating a fabric or paper base material with a layer of polyurethane, while PVC leather is made by coating a fabric or paper base material with a layer of PVC. Other types of synthetic leather include bio-based leather, which is made from natural materials such as pineapple leaves or mushrooms, and other innovative materials such as silicone leather.
• Synthetic leather is widely used in the manufacturing of various products such as shoes, handbags, furniture, and automotive upholstery. It is a popular alternative to real leather due to its affordability, durability, and ease of maintenance. Additionally, synthetic leather is considered to be more environmentally friendly than real leather because it does not involve the use of animal products.
• The Global Synthetic Leather Market has been growing steadily over the years, driven by various factors such as increasing demand for leather substitutes, growing concerns over animal welfare, sustainability and environmental issues, and technological advancements in the production of synthetic leather.

Top Key Players Involved Are:

"Kuraray Co. Ltd. (Japan), San Fang Chemical Industry Co. Ltd. (Taiwan), Mayur Uniquoters Ltd. (India), NAN YA PLASTICS CORPORATION (Taiwan), Teijin Limited (Japan), Filwel Co. Ltd. (Japan), Alfatex (Italy), Zhejiang Hexin Industry Group Co. Ltd. (China), DuPont de Nemours Inc. (USA), Yantai Wanhua Synthetic Leather Group Co.Ltd. (China), Toray Industries Inc. (Japan), H.R. Polycoats Pvt. Ltd. (India), Archilles Corporation (Japan), Favini S.r.l. (Italy), AICA Kogyo Co.Ltd. (Japan), and Other key players."

Global Synthetic Leather Market Trend Analysis

Rising demand for animal-free and sustainable products

The rising demand for animal-free and sustainable products is a major driver of the Global Synthetic Leather Market. This is because synthetic leather is seen as a viable alternative to traditional leather and is increasingly being used in various industries, including fashion, automotive, and furniture.

• There is a growing awareness among consumers about animal welfare, sustainability, and environmental issues associated with the production of traditional leather. As a result, more and more people are looking for animal-free and eco-friendly products, and synthetic leather is becoming an attractive alternative.
• Synthetic leather is made from synthetic materials such as polyurethane, PVC, and microfiber, and does not require the use of animal hides. This makes it a more sustainable and environmentally friendly option compared to traditional leather, which involves the use of chemicals and large amounts of water in the production process.
• In addition to being animal-free and sustainable, synthetic leather also offers several advantages over traditional leather. It is generally more durable, lightweight, and breathable, and can be made in a variety of colors and textures. These properties make it an attractive choice for various applications, from footwear to automotive upholstery.
• Overall, the rising demand for animal-free and sustainable products is driving the growth of the Global Synthetic Leather Market, as more and more consumers and businesses seek out eco-friendly and socially responsible alternatives to traditional leather.

Growing Demand for Sustainable and Eco-Friendly Materials

The growing demand for sustainable and eco-friendly materials is a significant opportunity for the Global Synthetic Leather Market, as it is driving demand for synthetic leather as a more sustainable and eco-friendlier alternative to traditional leather.

• Consumers are becoming increasingly aware of the environmental impact of their choices and are seeking out products that are more sustainable and eco-friendlier. Synthetic leather is seen as a more sustainable option compared to traditional leather, which requires the use of animal hides and involves the use of chemicals and large amounts of water in the production process.
• The demand for sustainable and eco-friendly materials is expected to continue growing, as consumers become more conscious of the impact of their choices on the environment. This presents a significant opportunity for companies in the synthetic leather market, as they can cater to this demand by investing in sustainable materials and innovation.
• Overall, the growing demand for sustainable and eco-friendly materials is driving the Global Synthetic Leather Market, as more and more consumers and businesses seek out sustainable alternatives to traditional leather. The market is responding to this demand by investing in sustainable materials and innovation and is expected to continue growing in the forecast period 2023-2032.

Segmentation Analysis Of Global Synthetic Leather Market

Global Synthetic Leather Market segments cover the Type and application. By Type, the polyurethane (PU) segment is Anticipated to Dominate the Market Over the Forecast period.

• Polyurethane synthetic leather is a high-performance material that is widely used in the footwear, automotive, and furnishing industries due to its properties such as durability, flexibility, and resistance to water and abrasion. PU synthetic leather is also easier to dye and print, which makes it a popular choice for designers.
• In the footwear industry, PU synthetic leather is commonly used for athletic shoes, boots, and sandals. The demand for PU synthetic leather in the footwear industry is driven by the growing demand for comfortable, durable, and stylish shoes.
• In the automotive industry, PU synthetic leather is used in the production of car seats, door panels, and dashboard covers. The demand for PU synthetic leather in the automotive industry is driven by the increasing demand for lightweight and fuel-efficient vehicles, as well as the desire to create more luxurious and comfortable interiors.
• In the furnishing industry, PU synthetic leather is used for upholstery, wall coverings, and decorative items. The demand for PU synthetic leather in the furnishing industry is driven by the growing demand for affordable and durable furniture.
• In conclusion, the PU segment is dominating the Global Synthetic Leather Market due to its superior properties and widespread use in various applications. The segment is expected to continue dominating the market in the future, driven by the growing demand for high-performance and sustainable materials in various industries.

Regional Analysis of The Global Synthetic Leather Market

Asia Pacific is Expected to Dominate the Market Over the Forecast Period.

• Asia Pacific is driving the Global Synthetic Leather Market due to the presence of a large number of manufacturers, increasing demand for synthetic leather products, and growing industrialization and urbanization in the region. China, in particular, is a major producer of synthetic leather and accounts for a significant share of the global market. The country has a large number of manufacturers that produce synthetic leather for various applications such as footwear, automotive, and furnishing.
• The Asia Pacific region is also experiencing significant industrialization and urbanization, which is driving demand for synthetic leather products in various applications such as automotive, furnishing, and construction. The increasing construction activities in the region, particularly in China and India, are driving demand for synthetic leather products such as wall coverings and flooring materials.
• In conclusion, the Asia Pacific region is driving the Global Synthetic Leather Market due to the presence of a large number of manufacturers, increasing demand for synthetic leather products, and growing industrialization and urbanization in the region. The region is expected to continue driving the growth of the market in the future, driven by the growing demand for high-performance and sustainable materials in various industries.

Covid-19 Impact Analysis on Global Synthetic Leather Market

COVID-19 and the pandemic had several negative impacts on the Global Synthetic Leather Market.

• The pandemic has led to a significant disruption in the global supply chain, which has impacted the availability of raw materials and the production of synthetic leather. The closure of factories, transportation restrictions, and delay in shipments have affected the production and delivery of synthetic leather products.
• The pandemic has led to a decrease in demand for synthetic leather products in various industries such as automotive, fashion, and furniture. The closure of stores, decrease in consumer spending, and decrease in production activities have led to a decline in the demand for synthetic leather products.
• The pandemic has also led to a decrease in investments in the synthetic leather market, as investors are hesitant to invest in new projects and expansions due to the economic uncertainty caused by the pandemic.
• Overall, the COVID-19 pandemic has had a negative impact on the Global Synthetic Leather Market, with the disruption in the supply chain, decrease in demand, decrease in investments, shift in consumer preferences, and increase in production costs. However, the market is expected to recover in the post-pandemic period as the global economy stabilizes and the demand for synthetic leather products increases.

                                                                                                                                                                                                  Source: Statista

In the above graph, The production of synthetic polyurethane leather in Taiwan was affected by the COVID-19 pandemic, as indicated by the graph above. Specifically, in 2018, the production volume of synthetic polyurethane leather was 23.01 million meters, while in 2020, it decreased to 16.5 million meters. The graph illustrates the decline in production volume that occurred during the pandemic period.

Top Key Players Covered In The Global Synthetic Leather Market

• Kuraray Co., Ltd. (Japan)
• San Fang Chemical Industry Co. Ltd. (Taiwan)
•  Mayur Uniquoters Ltd. (India)
•  NAN YA PLASTICS CORPORATION (Taiwan)
• Teijin Limited (Japan)
•  Filwel Co. Ltd. (Japan)
•  Alfatex (Italy)
•  Zhejiang Hexin Industry Group Co. Ltd. (China)
•  DuPont de Nemours Inc. (USA)
•  Yantai Wanhua Synthetic Leather Group Co. Ltd. (China)
•  Toray Industries Inc. (Japan)
•  H.R. Polycoats Pvt. Ltd. (India)
•  Archilles Corporation (Japan)
•  Favini S.r.l. (Italy)
• AICA Kogyo Co. Ltd. (Japan)

Key Industry Developments in the Global Synthetic Leather Market

In 2020, the San Fang Chemical Industry Co. Ltd announced the launch of a new eco-friendly synthetic leather material made from recycled plastic bottles. This product is designed to meet the increasing demand for sustainable and environmentally-friendly materials in various industries.

In 2020, Teijin Limited announced the development of a new synthetic leather material that has a soft, luxurious feel and a high degree of durability. This product is designed to meet the growing demand for high-quality synthetic leather materials in the fashion and automotive industries.