Synthetic Leather Market- Global Industry Analysis and Forecast (2023-2029)

Synthetic Leather Market was valued at US$ 50.09 Bn. in 2022. Synthetic Leather Market size is estimated to grow at a CAGR of 4.54%.
Synthetic Leather Market Overview:
Synthetic leather is a material, which is proposed to substitute for leather in the areas like upholstery, clothing, footwear and fabrics and others. It is marketed under many names, including leatherette, vegan leather, faux leather, PU leather and pleather. Currently, synthetic leather has gained universal acceptance. It is used as an alternative for genuine leather because it is less expensive and does not require any genuine animal hide.

World population grew dramatically and it continues to grow at present. The growth in population and wealth are expected to increase demand for leather. In the current market scenario, key companies are focusing on deployment of alternatives to genuine leather. They are concentrating on the production of leather with the raw material like PU, PVC and bio-based, without involving killing animals, and manmade ingredients.To know about the Research Methodology :- Request Free Sample Report
Synthetic Leather Market Dynamics:
Development of bio-based synthetic leather drives the market

The production of bio-based leather is highly influenced by the strict environmental regulations. The regulatory bodies are encouraging vegan leather or bio-based leather. Raw materials like polyurethane (PU) and polyvinyl chloride (PVC) are used to manufacture synthetic leather, which are harmful to human and animal health. It is expected to led to develop the bio-based leather. The production process of the bio-based leather does not require any harmful effects over PU/PVC based leather. Key players are focusing on the manufacturing process of bio-based leather with the help of natural fibers like flax or fibers of cotton mixed.

Government initiative for sustainability in leather and footwear sector

In India, 100% FDI has permitted under the sector under automatic route. The Government is implementing the Indian Footwear, Leather and Accessories Development Programme to support finance provided for core areas namely capacity augmentation and technological upgradation of production units, upgradation of CETPs, HRD, establishment of institutional facilities. The government is expected to extend an incentive scheme for leather and footwear industries till 2029 with an expenditure of Rs 1,700 crore to further boost leather manufacturing product and exports. With the huge market potential support and ease of doing business measures, the Government have made Indian leather and footwear industry as investment destination.
Synthetic Leather Market Segment Analysis:
Footwear Industry has huge potential for synthetic leather growth

The footwear sector is an engine of growth for the entire synthetic leather industry. The synthetic leather is used in footwear industry because of its high durability. The standard of living and urban population is expected to drive the demand for footwear. The growth in demand for leather is driven by the fashion industry, particularly footwear. India is the second largest consumer of footwear in the world. With the presence of the inherent strengths of huge raw material base, skilled manpower and application of modern technology, the country has established its own reputation as a supplier of high-quality leather goods.

A shift of preference by the customers and fashion brands for a sustainable and cruelty-free substitute is expected to boost the demand for leather footwear. The economic growth and demographic profile of the developing nations like China, India are compelling key opportunity for footwear brands. The footwear segment has contributed more than 35% share in 2022. An increase in disposal income, and trend of wearing athletic shoes in daily lifestyle are expected to boost the production of the synthetic leather.
Synthetic Leather Market Regional Insights:
Asia Pacific is dominating market

High population growth in the region with development of innovative technology are expected to make Asia pacific region as an ideal destination for investment in the synthetic leather industry. China is the largest leather producing country. The abundance of raw materials in the country has boosted its major share contribution in the regional market. India Leather industry has accounted around 13% of the world’s leather production. Tamil Nadu is the largest leather producing state in India and contributes more than 40% of the total country production. An initiative of sustainability in leather and footwear sector, rise of vegan leather, the cruelty-free alternative to traditional animal leather is expected to drive the market growth in India. India has contributed more than 9% of the world’s footwear production, which also increase the demand for leather. India has exported leather, footwear and leather products more than US $ 47.92 Bn during 2021. The major markets for Indian Leather & Leather Products are US with share of 18%, Germany 12% U.A.E 3.35%, and Poland 2.11%.

The objective of the report is to present a comprehensive analysis of the global Synthetic Leather Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Synthetic Leather Market dynamic, structure by analyzing the market segments and projecting the Synthetic Leather Market size. Clear representation of competitive analysis of key players by Application, price, financial position, product portfolio, growth strategies, and regional presence in the Synthetic Leather Market make the report investor’s guide.
Synthetic Leather Market Scope: Inquiry Before Buying



Synthetic Leather Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 50.09 Bn.


Forecast Period 2023 to 2029 CAGR:
4.54%
Market Size in 2029:
US $ 68.36 Bn.


 Segments Covered:
by Type
PU (polyurethane)
PVC (polyvinyl chloride)
Bio based


by Application
Furnishing
Automotive
Foot wear
Bags & wallets
Clothing
Others


by End-Use industry
Footwear
Furnishing
Automotive
Clothing
Bags, Purses & Wallets



Synthetic Leather Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Synthetic Leather Market, Key Players are:
1. Kuraray Co., Ltd.
2. Asahi Kasei Corporation
3. San Fang Chemical Industry Co., Ltd.
4. Toray Coatex Co. Ltd.
5. H.R. Polycoats Pvt. LTD.
6. ALFATEX
7. Filwel Co., Ltd.
8. Teijin Limited
9. Mayur Uniquoters Ltd.
10.Nan Ya Plastics Co. Ltd.
11.Filwel Co. Ltd.
12.Zhejiang Hexin Industry Group Co., Ltd.
13.Alfatex
14.H.R. Polycoats Pvt. Ltd.
15.Yantai Wanhua Synthetic Leather Group Co. Ltd.
16.Kolon Industries Inc
17.Toray Industries Inc
18.Anhui Material Type Co., Ltd.

Frequently Asked Questions:

1. Which region has the largest share in Global Synthetic Leather Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Synthetic Leather Market?
Ans: The Global Synthetic Leather Market is growing at a CAGR of 4.54% during forecasting period 2023-2029.

3. What is scope of the Global Synthetic Leather Market report?
Ans: Global Synthetic Leather Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. What is the study period of this Market?
Ans: The Global Synthetic Leather Market is studied from 2022 to 2029.