Synthetic Leather Market (End User Industry - Footwear, Automotive, Clothing, Purses & Wallets, Furnishing, and Others; Material Type - PU-based, PVC-based, and Bio-based): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on synthetic leather market provides in-depth analysis of segments and sub-segments in the global as well as regional synthetic leather market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional synthetic leather market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global synthetic leather market.

Market Insight:

The global synthetic leather market was valued at USD 35.13 billion in 2022 and is expected to reach USD 64.65 billion in 2030, with a CAGR of 7.9 % during the forecast period 2023-2030.

Artificial leather, often known as synthetic leather, is a manufactured product that is typically made of polyurethane (PU) or polyvinyl chloride (PVC). It has advanced qualities such as high strength, UV resistance, greater ductility, low maintenance, and a high gloss finish. Synthetic leather products are virtually as expensive as natural leather ones. Because synthetic leather is dyed and treated with chemicals, it looks like natural leather. Typically, polyvinyl chloride or polyurethane are used in its manufacture. As a leather-like feel is desired, it is typically used in shoes, upholstery, car interiors, clothing, interior design, and décor. Synthetic leather is becoming more and more popular as environmental concerns rise because it has fewer negative effects on ecosystems and the welfare of animals. Technological developments continue to enhance synthetic leather's strength and quality, making it a more appealing option for people looking for sustainable and morally responsible textile and fashion options.

The surge in awareness of the importance of addressing animal cruelty is driving the growth of the market. There has been a trend in consumer preference towards cruelty-free alternatives due to growing awareness of the ethical and environmental consequences associated with conventional leather production. Industry acceptance of synthetic leather as an acceptable substitute is growing along with the desire for goods that adhere to animal welfare ideals. This increased consciousness not only reflects a shifting consumer mindset but also drives the market ahead as more people place a higher value on humane and ecological options. This creates an exciting environment where synthetic leather flourishes as a socially and environmentally sound substitute. Additionally, the increase in awareness toward the advantages of synthetic leather over natural leather, and the rise in demand from the footwear industry are the key factors driving the growth of the global synthetic leather market. The material is becoming increasingly common as a result of consumers understanding its ethical and environmental benefits. The versatility and affordability of synthetic leather have led to a growth in demand from the footwear sector, which in turn is driving market expansion. This combination of industrial preferences and well-informed customer choices is propelling the synthetic leather market's increasing trajectory globally. However, high taxes and rising import duties, restrain the growth of the market. Furthermore, growing attention to the development of bio-based leather is anticipated to present a lucrative opportunity for the industry.

The global synthetic leather market has been segmented into four major regions such as Asia-Pacific, Europe, North America, and the Rest of the World. Asia-Pacific is anticipated to account for the highest market share in the forecast period. This supremacy is attributed to a confluence of several factors such as economic, industrial, and cultural factors. Increased consumer spending and lifestyle modifications caused by increased economic growth and urbanization have fueled the need for synthetic leather goods including clothing, purses, and shoes. Additionally, the region has become a significant hub for the production of synthetic leather, particularly in nations with low production costs such as China, South Korea, and Taiwan. The Asia Pacific synthetic leather sector continues to grow because of an experienced workforce, well-established supply networks, and a robust production infrastructure. Moreover, the Asia-Pacific region has emerged as the fastest-growing market in synthetic leather. The demand for synthetic leather products in North America is driven by strong consumer knowledge of sustainability and a preference for alternatives manufactured without cruelty. Furthermore, because of its adaptability and environmental benefits, synthetic leather is becoming more and more popular in the region's well-established fashion and automotive industries. Innovations and advancements in technology in the manufacture of synthetic leather further strengthen its position in the North American market, exhibiting a consistent and significant presence in the sector.

Report Scope of the Synthetic Leather Market:

Segment wise revenue contribution in the global synthetic leather market

The report on global synthetic leather market provides a detailed analysis of segments in the market based on End User Industry, and Material Type.

Segmentation Based on End User Industry

·       Footwear

·       Automotive

·       Clothing

·       Purses & Wallets

·       Furnishing

·       Others

Segmentation Based on Material Type

·       PU-based

·       PVC-based

·       Bio-based

Company Profiled:

·       KURARAY CO., LTD.

·       TEIJIN LIMITED

·       H.R. Polycoats Private Limited

·       Alfatex Italia Srl

·       FILWEL Co., Ltd.

·       Nanya Plastic Industry (Guangzhou) Co., Ltd.

·       Gruppo Mastrotto SPA

·       Vortex Flex Pvt Ltd

·       TORAY INDUSTRIES, INC.

·       Asahi Kasei Corporation

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the synthetic leather market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.