Market Overview
Artificial leather, often known as synthetic leather, is a material designed to replace real leather in applications such as upholstery, clothing, footwear, and other areas where a leather-like finish is desired but the real thing is either too expensive or inappropriate. Natural leather replacements are required in part due to the expensive cost of natural leather. Another significant type of synthetic leather that has gained popularity is PVC leather, which is used for a wide range of products such as shopping bags, cosmetic bags, wallets, suitcases, purses, and travel bags.
According to Ken Research Analysis, the Global Synthetic Leather Market was valued at ~US$ 20 billion in 2017. It is estimated to be ~US$ 30 billion by 2022 and is expected to reach a market size of ~US$ 45 billion by 2028 growing at a CAGR of ~7% during the forecast period (2022-2028). Growing demand for synthetic leather in end-use sectors including footwear, furniture, automotive, clothes, bags, purses & wallets, and others is the key factor driving the market.
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- The synthetic leather market is driven by factors such as increased demand from the footwear industry, restrictions on animal slaughter, advantages over pure leather, and increased demand from automotive OEMs.
- Growing knowledge of the advantages of synthetic leather over genuine leather and increased demand from the footwear industry is driving the growth of the synthetic leather market globally. A fabric created by humans that resembles genuine leather is called synthetic leather. It has a leather-like surface and has been dyed and processed to look and feel like real leather. It is widely used as a replacement for real leather because it is less expensive and does not require the use of real animal hide.
- Compared to natural leather, synthetic leather has a shorter lifespan because it deteriorates more quickly from extended exposure to heat and moisture. Synthetic leather is treated chemically to make it resistant to sunlight, scratches, and fire, but with use and abuse, it deteriorates and weakens. Although synthetic leather is inexpensive, it needs to be well-maintained and shielded from the sun’s rays to ensure that it lasts as long as possible.
- COVID-19 has had a negative impact on the leather sector, which has created prospects for synthetic leather. In May 2020, Financial Express claims that while non-leather footwear makes up 86% of global footwear consumption, industry experts are progressively realizing that the focus should now be on exports of non-leather footwear. This was the conclusion reached by a variety of domestic shoe manufacturers. Synthetic leather is increasingly in demand from temporary hospitals and healthcare facilities around the globe for beds and furniture to accommodate a variety of patients suffering from COVID-19 and other illnesses. The majority of these mattresses and other pieces of furniture feature antibacterial or antifungal covers made of medical-grade synthetic leather.
Scope of the Report
The Synthetic Leather Market is segmented by type, product, and end-user. In addition, the report also covers market size and forecasts for the four region’s Synthetic Leather Market. The revenue used to size and forecast the market for each segment is US$ billion.
Key Trends by Market Segment
By Type: The polyurethane segment held the largest market share in 2021, owing to its superior quality and a few countries’ restrictions on polyvinylchloride-based leather.
- Polyurethane (PU) leather is more environmentally friendly than vinyl-based leather since it does not emit dioxins. However, due to the drawn-out production process, it costs more than PVC-based leather.
- In recent years, the market for PU synthetic leather has increased due to improvements in product quality, variety, and output. It is progressively replacing genuine leather in handbags, briefcases, car interiors, and clothing because of its increasing utility and range of applications.
By Product: The footwear segment held the largest market share in 2021, as synthetic leather is inexpensive and has good abrasion resistance, it is frequently utilized in the footwear industry.
- The demand for footwear has been prompted by rising income levels and economic expansion, particularly in emerging economies. Additionally, the industry is driven by variances in regional climates, which call for various styles of footwear.
- Synthetic leather is commonly used in the production of shoe uppers, shoe linings, and soles for athletic shoes, formal shoes, flip flops, soccer shoes, sandals, slippers, and boots. These shoes are durable, affordable, and environmentally friendly. Compared to real leather shoes, which can become soiled from exposure to specific factors, synthetic leather shoes have superior water resistance. When walking or running, faux leather shoes are strong enough to be worn for longer.
By End-User: The consumer goods segment held the largest market share in 2021, owing to rapid urbanization and an increase in disposable income has led to higher spending on consumer goods like clothing and footwear.
- To impart a smooth feel to consumer items like purses, luggage, and shoes, synthetic leather is employed. It contributes to the comfort of sitting or lying down on this material’s furnishings.
By Geography: Asia Pacific is expected to account for the largest share among all regions within the total synthetic leather market, during the forecast period 2022-2028
- The major economies in the region are likely to drive growth in South Korea, China, and India. Population growth and rising disposable income are expected to open up a wide range of business opportunities. In terms of both production and sales, China is one of the major markets for leather.
- To address rising product demand and increase profitability, major market competitors concentrate in developing nations. The extensive usage of synthetic leather in luggage, boots, shoes, wallets, purses and other consumer goods is anticipated to fuel the growth of the artificial leather market in this region during the course of the projected period.
Competitive Landscape
The Global Synthetic Leather Market is Significantly competitive with ~150 players which include globally diversified players, regional players, and country-niche players with their niche in the Synthetic Leather Market.
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Regional players constitute ~40% of the market, while the county-niche players are the largest by type. Some of the major players in the market include H.R. Polycoats Private Limited., Kuraray Co., Ltd., Teijin Limited, Nan Ya Plastics Corporation, Mayur Uniquoters Limited, San Fang Chemical Industry Co., Ltd., Filwel Co., Ltd., Zhejiang Hexin Science and Technology Co., Ltd., Asahi Kasei Corporation., and among others.
Recent Developments Related to Major Players
- In September 2021, Teijin Cordley Limited, a part of Japan’s Teijin Frontier Group, created the most recent antiviral and antibacterial artificial leather, which includes a long-lasting antibacterial ingredient. Children’s bags are made using earlier incarnations, and athletic gear like leather balls and shoes are made using later ones. The company sold 30,000 meters in its fiscal year 2021, and it expects to sell 580,000 meters in its fiscal year 2024.
- In May 2019, The Teijin Group’s fibers and products converting business, Teijin Frontier Co. Ltd., developed polishing pads constructed of the non-woven material “NANOFRONT” to improve silicon wafer quality while lowering production costs. A flexible, water-absorbent polymer and polyurethane resin are used to create the ultra-fine nanofiber known as “NANOFRONT.”
Key Topics Covered in the Report
- Snapshot of the Global Synthetic Leather Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Synthetic Leather Market
- Historic Growth of the Overall Global Synthetic Leather Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Synthetic Leather Industry
- Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Global Synthetic Leather Market
- Future Market Forecast and Growth Rates of the Total Global Synthetic Leather Market and by Segments
- Market Size of Application Segments with Historical CAGR and Future Forecasts
- Analysis of Global Synthetic Leather in Major Regions
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
Major Players Mentioned in the Report
- R. Polycoats Private Limited.
- Kuraray Co., Ltd.
- Teijin Limited
- Nan Ya Plastics Corporation
- Mayur Uniquoters Limited
- San Fang Chemical Industry Co., Ltd.
- Filwel Co., Ltd.
- Zhejiang Hexin Science and Technology Co., Ltd.
- Asahi Kasei Corporation.
- Toray Industries, Inc.
Notable Emerging Companies Mentioned in the Report
- Fujian Polytech Technology Corp., Ltd.
- Daewon Chemical Co Ltd.
- Kolon Industries Inc.
- Achilles Corp
- Gruppo Mastrotto spa
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Synthetic Leather Manufacturers
- Leather Goods Manufacturers
- Leather Research & Development Institutes
- Environmental Protection Regulators
- Industrial Processing Machinery Suppliers
- Synthetic Leather Suppliers
- Synthetic Leather Raw Material Provider
- Investment Banks Targeting Consumer Goods Market
- Plastic and Rubber Manufacturers
- Adhesive Manufacturers
- Government Regulators of Chemicals and Plastics Industry
- Chemical and Plastics Industry Associations
- Potential Entrants of Synthetic Leather Industry
For more insights on the market intelligence, refer to the link below:-
Global Synthetic Leather Market
