Global Synthetic Leather Market Share Is Expected to Grow At A CAGR Value Of Around 4.01% By 2028

20-May-2022 | Facts and Factors

According to Facts and Factors, the global synthetic leather market was valued at USD 63.17 billion in 2021 and is predicted to increase at a CAGR of 4.01% to USD 80.55 billion by 2028. The study examines the market in terms of revenue in each of the leading regions, which are classified into countries.

Synthetic leather is a man-made fabric consisting primarily of polyvinyl chloride (PVC) or polyurethane (PU) (PU). It's a type of synthetic leather that looks like genuine leather. Synthetic leather is dyed and processed to resemble genuine leather in appearance. This sort of leather is referred to as vegan leather, imitation leather, leatherette, and leather. Durability, color resistance, and weather resistance are all advantages of synthetic leather. It has no layers or joints; therefore, water cannot leak inside and cause harm to the material.

The growing demand for synthetic leather in end-use sectors including footwear, furniture, automotive, clothing, bags, purses & wallets, and others is driving the market. The synthetic leather market will be driven by factors such as rising demand from the footwear sector, the absence of animal slaughter, advantages over pure leather, and rising demand for luxury cars and electric vehicles. Synthetic leather is chemically treated to make it resistant to sunlight, scrapes, and fire; but owing to wear and strain, it becomes weak and subject to degeneration. Synthetic leather is inexpensive; nonetheless, it requires a high level of care and maintenance, as well as protection from direct sunlight to extend its life. As a result, clients and end-users in commercial industries consider the advantages, which are greater than the disadvantages, in order to make purchasing decisions.

Browse the full “Synthetic Leather Market By Type (PU-Based, PVC Based, Bio-based), By End User Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Others), and By Region - Global Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast Report 2022 – 2028"  report at https://www.fnfresearch.com/synthetic-leather-market

Segmental Overview

By end-user industry, the global market is distinguished into Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, and Others. Footwear is estimated to be the largest end-use industry in the synthetic leather market between 2022 and 2028. Synthetic leather is widely used in the footwear industry due to its excellent properties and high durability. It is used in shoe linings, shoe uppers, and insoles to make different types of footwear such as sports shoes, shoes & boots, and sandals & slippers. The increasing demand for footwear in developed and emerging countries is expected to drive the demand for synthetic leather. Synthetic leather is widely used to manufacture sports shoes for various games around the world due to its cost-effectiveness.

By type, the market is segregated into PU-Based, PVC Based, and Bio-based. The PU synthetic leather segment led the global market accounting for the largest revenue share in 2021. The segment will expand further at the fastest CAGR from 2022 to 2028. Polyurethane is waterproof and softer & lighter than real leather and can be dry cleaned and torn easily as real hides. It also remains unaffected by sunlight. In addition, it is an eco-friendly substitute for vinyl-based products as it does not emit dioxins. All these factors are expected to augment its demand further. The PVC product segment is expected to witness slow growth over the forecast period. PVC was the first form of synthetic leather created in 1920.

Regional Overview

In 2021, Asia Pacific dominated the market globally. From 2022 to 2028, the regional market will grow at the fastest rate. APAC's top revenue-generating economies are predicted to be China, India, and South Korea. Market players will have several expansion prospects as disposable income rises in tandem with population increase. In terms of product manufacturing and sales, China is one of the most important marketplaces.

The global epidemic, on the other hand, had a negative impact on the country's manufacturing production. To stop the spread of the disease, several manufacturers have shut down or slowed down their activities. Limited manufacturing output due to a halt or slowdown in operations, as well as supply and transportation constraints in the country, and infrastructure slowdown are anticipated to negatively affect the product demand from the end-use application in the near future.

Report Scope

Competitive Landscape

The report contains qualitative and quantitative research on the global synthetic leather market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

List of Key Players in the Global Synthetic Leather Market:

• Kuraray Co. Ltd. (Japan)
• San Fang Chemical Industry Co. Ltd. (Taiwan)
• Teijin Limited (Japan)
• Mayur Uniquoters Limited (India)
• NAN YA plastics corporation (Taiwan)
• Filwel Co. Ltd. (Japan)
• Zhejiang Hexin Industry Group Co., Ltd. (China)
• Alfatex N.V. (Belgium)
• H.R. Polycoats Pvt. Ltd. (India)
• Yantai Wanhua Synthetic Leather Group Co. Ltd. (China)

The global synthetic leather market is segmented as follows;

By Type

• PU-Based
• PVC Based
• Bio-based

By End-user Industry

• Footwear
• Furnishing
• Automotive
• Clothing
• Bags, Purses & Wallets
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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