Synthetic Leather Market Size Worth $ 42,742.65 Million, Worldwide, by 2028 at a CAGR of 6.5%


NEW YORK, January 11, 2022 / PRNewswire / – According to the new market research report “Synthetic Leather Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Type (Polyurethane, Polyvinyl Chloride, Bio-based); Application (Footwear, Home Furnishings, Automotive, Apparel and Accessories, Others) and Geography ”, published by The Insight Partners, the global synthetic leather market was valued at US $ 27,533.71 million in 2021 and should reach US $ 42,742.65 million by 2028; it is expected to register a CAGR of 6.5% from 2021 to 2028.

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Cover of the report

Details

Market size Value in

US $ 27,533.71 million in 2021

Market size Value per

US $ 42,742.65 million by 2028

Rate of growth

6.5% CAGR from 2021 to 2028

Forecast period

2021-2028

Year of reference

2021

Number of pages

147

Number of tables

58

Number of graphs and figures

71

Historical data available

Yes

Covered segments

Type and application

Regional scope

North America; Europe; Asia Pacific; Latin America; AEM

Country scope

United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Cover of the report

Revenue forecast, company ranking, competitive landscape, growth factors and trends

Synthetic leather market: competitive landscape and key developments

A few key players operating in the global synthetic leather market are Kuraray Co., Ltd .; SAN FANG CHEMICAL INDUSTRY CO., LTD. ; TEIJIN LIMITED; NAN YA PLASTICS COMPANY; FILWEL Co., Ltd. ; Alfatex Italy; Mayur Uniquoters Limited; POLYCOATS HR PVT. LTD. ; FUJIAN POLYTECH TECHNOLOGY CORP., LTD. ; and BASF SE.

Key developments:

  • Nissha Co., Ltd. and Kuraray Co., Ltd. collaborated on a material insert using clarino synthetic leather and started selling it through both companies’ sales channels.
  • Teijin Cordley Limited announced that it has developed an antibacterial and antiviral synthetic leather that is suitable for functional materials used in sports and outdoor clothing.
  • BASF SE offered a high performance and durable insert solution for premium synthetic leather applications in fashion, furniture and automotive with thermoplastic polyurethane elastollan (TPU).

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In 2020, Asia Pacific held the largest share of the global synthetic leather market. China and India are the two main producers of synthetic leather around the world. The population growth of this region, coupled with an increase in the purchasing power of consumers, has largely fueled the consumption of synthetic leather. Rising incomes change consumer spending by South East Asia, resulting in increased demand for synthetic leather in automotive interiors due to its aesthetic values. Technological advances in the leather industry and the innovation of green leather or bio-based leather are other factors driving the synthetic leather market.

Synthetic leather is used in various industries, such as footwear, clothing, furniture, and automobiles, and is commonly used in the manufacture of luggage carts, wallets, and suitcases. In the garment industry, synthetic leather is used to make leather jackets, coats, handbags, purses, belts, etc. The footwear industry has seen significant growth in recent years due to changes in lifestyle, especially in the youth population. The high demand for synthetic leather in the footwear industry is due to its low cost, abrasion resistance and water resistance. In addition, synthetic leather is widely used in the manufacture of furniture. It is also used in the decoration of residential and commercial interiors due to its availability in different colors, styles, textures and patterns. In the automotive industry, car seats and other auto interiors are styled using synthetic leather. Thus, a wide range of applications of synthetic leather in various end-use industries is propelling its demand.

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Synthetic Leather Market: Segment Overview

By type, the Synthetic leather market is segmented into polyurethane, polyvinyl chloride, silicone and others. In 2020, the polyurethane segment held the largest market share. Polyurethane based leather is known for its efficiency and features such as waterproof, light and soft texture. It will not fade or crack when exposed to the sun. The polyurethane coating offers a realistic imitation of genuine leather. The increasing consumption of polyurethane home furnishings will continue to drive its demand during the forecast period.

Based on the applications, the synthetic leather market is segmented into footwear, furniture, automotive, clothing, bags, handbags and wallets, etc. In 2020, the footwear segment held the largest market share. Synthetic leather as a replacement for traditional leather in the footwear industry has increased in recent years. These are cruelty-free, climate-friendly, and look like leather, requiring a low cost of production. The emergence of alternatives to leather such as vegetable and vegan leather has prompted shoe brands, such as Adidas, to consider them over animal leather.

Impact of the COVID-19 pandemic on the synthetic leather market:

The ongoing COVID-19 pandemic has forced the implementation of preventive measures that have significantly altered the status of chemicals and materials and have negatively impacted the growth of the synthetic leather market. Governments around the world have ordered their international ports closed, causing further disruption in the synthetic leather supply chain, affecting the operational efficiency of footwear, automobiles and clothing. The COVID-19 pandemic has impacted the availability of raw materials to prepare synthetic leather in almost all countries. Polyurethane and polyvinyl chloride are the main raw materials for synthetic leather. Many countries around the world that depend on imports of these raw materials to prepare synthetic leather have encountered significant problems in sourcing the material. This has resulted in the partial or total closure of the synthetic leather production sites. However, as economies plan to restart operations, demand for synthetic leather is expected to increase globally. Growing demand for synthetic leather and significant investments by major manufacturers of bio-based leathers are expected to drive the growth of synthetic leather during the forecast period.

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