Synthetic Leather Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Synthetic Leather Market grew at a CAGR of 4.3% between 2017-2021 and is estimated to be US$ 30,748.9Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.6% and is expected to reach a valuation of US$ 48,211.0Mn by 2032 end.
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. The synthetic leather market will be driven by factors like rising OEM demand, fewer animal slaughter, advantages over pure leather, and accelerated footwear industry demand. In terms of volume and value, Asia Pacific is the world’s largest market for synthetic leather, followed by Europe and North America.
ChemView Consulting has analyzed that over a billion animals are killed yearly for their skin and skins, claims People for the Ethical Treatment of Animals (PETA). Genuine leather is primarily produced in developing nations like China and India, where regulations protecting animals are not sufficiently implemented. However, strict rules will probably be implemented in Asia Pacific and the rest of the world, boosting demand for genuine leather replacements. As a result, businesses are concentrating on synthetic leather, also known as an alternative to real leather. Synthetic leather produces ingredients made of synthetic materials rather than actual animal skins.
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The market’s largest sector by revenue, comprising more than 55.0% of the total, was PU synthetic leather. Its product quality, diversity, and yield progress have been encouraging. Compared to actual hides, polyurethane is more easily torn, lighter, softer, and waterproof. Sunlight does not affect it either.
Segments Covered in Report
- PU Synthetic Leather
- PVC Synthetic Leather
- Bio-based Leather
- Wallets, Bags & Purses
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Synthetic Leather Market
- Based on the type, the market’s largest sector by revenue, comprising more than 55.0% of the total, was PU synthetic leather. Its product quality, diversity, and yield progress have been encouraging. Compared to actual hides, polyurethane is more easily torn, lighter, softer, and waterproof. Sunlight does not affect it either.
- Based on the application, the footwear category dominated the market with more than 30.0% of the total revenue generated worldwide. Its use is becoming more similar to genuine leather, replacing applications in handbags, briefcases, furniture for cars, and clothes. The demand for Footwear has been spurred 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.
- Based on the region, with almost 54.0% of global sales, the Asia Pacific region dominated the industry. The major economies in APAC likely to drive growth are South Korea, China, and India. Population growth and rising disposable income will open up many business opportunities. In terms of both production and sales, China is one of the major markets for leather.
Key companies covered in the market study are Kuraray Co., Ltd., H.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
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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