Consumer Goods & Retail

Global Synthetic Leather Market

September 14, 2021
ID: SR/CG-83
Format:Pdf
Pages:220

Global Synthetic Leather Market, By Type (Polyurethane, Polyvinyl Chloride, Bio-Based), By End User (Footwear, Furnishing, Automotive, Clothing, Bags, Purses and Wallets, Sports, Electronics), and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2027.

Description

Synthetic Leather Market Overview

The Synthetic Leather market size was valued at USD 63.5 Billion in 2020 and is projected to reach USD 80.2 Billion by 2027, growing at a CAGR of 4.5% during the forecast period, 2020-2027. The high demand for synthetic leather end-user industries such as footwear, furnishing, automotive, clothing, bags, purses and wallets will increase the artificial leather market growth across the globe. The increased adoption of synthetic Leather among consumers over genuine Leather is due to its durability and strength, minimum cost, and easy maintenance. Moreover, the growing concern regarding animal killing will also fuel the synthetic market growth in the coming years. The Asia Pacific region is expected to have the largest market share, followed by Europe and North America during the forecast period.

What is Synthetic Leather?

Synthetic Leather refers to a manufactured fabric and does not involve any natural element during its production. This type of Leather is commonly made up of polyvinyl chloride (PVC) and polyurethane (PU), which are plastic-based materials. Synthetic Leather can also be called artificial Leather, Faux Leather, imitation leather, and blended Leather, considered a substitute for pure Leather.

Growth Driver

High demand of industries for synthetic Leather in the footwear and automotive industry.

The growing demand for synthetic Leather in various industry verticals such as footwear, furnishing, automotive, clothing, bags, purses and wallets will increase the market growth. Polyurethane (PU) is widely used in fabric manufacturing for upholstery, clothing, bags, and other goods. Its softness, flexibility and breathable properties are the key factors driving the synthetic leather market growth. The low cost, low maintenance, and high strength and durability made synthetic Leather more preferable product over genuine Leather. Moreover, the increased demand for synthetic Leather in the footwear industry due to its excellent properties and high durability. It is widely used in shoe linings, shoe uppers, and insoles to manufacture various types of footwear such as sports shoes, shoes and boots, and others.

The high demand for polyvinyl chloride (PVC) and polyurethane (PU) synthetic leather in the automotive industry is expected to boost the synthetic leather market growth across the globe. Synthetic Leather is widely used in the door trims, steering wheel covers, gear bot and knob cover, roof lining, sun visors, and hoods due to its high elasticity, extra comfort, and resistance to hot and cold temperatures.

The growing demand for eco-friendliness and stringent government regulations towards animal killing will also boost the growth of synthetic Leather. According to People for the Ethical Treatment of Animals (PETA), it is recorded that more than 1 billion animals are being killed all most every year for the manufacturing of Leather. Furthermore, consumers’ shifting preference towards eco-friendly products has made key manufacturers focus on substituting genuine leather-like synthetic Leather.

Pre Covid-19 impact

The high demand for synthetic Leather in developing and developed regions due to extensive demand for footwear and other essential products is the primary factor increasing the synthetic market’s growth across the globe. Furthermore, the growing demand for synthetic Leather over genuine Leather due to its several benefits are other key factors responsible for developing the product market. The wide applications of synthetic Leather in the automotive industry will increase the synthetic leather market worldwide. Synthetic Leather is widely used in the door trims, steering wheel covers, gear bot and knob cover, roof lining, sun visors, and hoods due to its high elasticity, extra comfort, and resistance to hot and cold temperatures.

Covid-19 impact

The outbreak of the COVID-19 pandemic has severely impacted the global leather market due to stringent government regulations on animal slaughtering to limit the spread of the disease. Moreover, a slight increase in the demand for synthetic Leather has been registered in the healthcare industry. This demand is attributable to the increased need for beds and furniture to facilitate various patients suffering from COVID-19 and other chronic diseases. Furthermore, the demand for synthetic Leather in the automotive and footwear industry has declined drastically owing to a decrease in the sale of automobiles and the complete shutdown of manufacturing plants.

The Asia Pacific region is recorded as the most adversely affected market across the globe. The increased cases of COVID-19 in countries like India and China are major factors responsible for declining the synthetic leather market around the world.

Post Covid-19 impact

There will be significant growth in the demand for synthetic Leather due to its wide application in footwear and various industry verticals. The decrease in the need for genuine Leather owing to growing concerns about animal killing will also boost the demand for the synthetic leather market in the coming years. Moreover, the growing demand for synthetic Leather in luxury cars and public transports due to its wide applications will fuel the market growth across the globe.

Furthermore, the growing market in developing countries of the Asia Pacific, such as India, China, Malaysia, Thailand, and Vietnam, will significantly increase the synthetic leather market. This high demand is attributable to the increasing demand for footwear and other essential products due to the growing population in the region.

Type Segmental Analysis

Based on the Type, the Synthetic Leather market is segregated into Polyurethane, Polyvinyl Chloride, and Bio-Based. The Polyurethane synthetic leather segment has the largest share in the market due to its various qualities. It has multiple advantages over other synthetic Leather, including its softness, flexibility, breathability, lightweight, and waterproof. These advantages made polyurethane a suitable choice in manufacturing upholstery, clothes, bags, and other goods. In addition, polyurethane is environment-friendly than vinyl-based Leather, making it more preferable among consumers due to growing environmental concerns.

End-User Segmental Analysis

Based on the End User, the Synthetic Leather market is classified into Footwear, Furnishing, Automotive, Clothing, Bags, Purses and Wallets, Sports, and Electronics. The footwear segment is proposed to have the largest market share and continues this trend during the forecast period. Synthetic Leather is widely used in shoe linings, shoe uppers, and insoles to manufacture various types of footwear such as sports shoes, shoes and boots, and others. The growing demand for footwear in developing and developed industries will also boost the synthetic market growth. The shoes made of synthetic Leather are two to three times cheaper than those made up of genuine Leather. This will increase the demand for the synthetic leather market in emerging economies like India and China.

The automotive sector is expected to have significant growth during the forecast years. This growth is refers to the rising demand for synthetic leathers in the interior designing of luxury vehicles and public transport like buses and railways.

The furnishing industry is also expected to have significant growth, followed by the footwear and automotive industries. This growth is refers to the rising demand for synthetic leather materials widely used in the furnishing industries due to the availability of various colors, patterns, and textures. Furthermore, the high demand for synthetic leather purses and wallets in emerging economies like India and China will also fuel the market growth in the coming years.

Region Segmental Analysis

The Synthetic Leather market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region is expected to have the largest market share during the forecast period. The developing countries like China, India, and Malaysia are expected to have significant growth in the market due to increased demand for footwear and essential products owing to the increasing population. Furthermore, the growing disposable income and rising standard of living will also boost the synthetic leather market growth in the coming year. Moreover, Europe is expected to have significant synthetic leather market growth in the coming year. The increase is attributable to various clothing, footwear, and bag brands in the region.

Competitor Analysis

Companies include Kolon Industries Inc., Teijin Limited, Asahi Kasei Corporation, Yantai Wanhua Synthetic Leather Group Co. Ltd., H.R. Polycoats Pvt. Ltd., Kuraray Co. Ltd., San Fang Chemical Industry Co. ltd., Mayur Uniquoters Limited, NAN YA Plastics Corporation, Alfatex, and Filwel are the key players in the Synthetic Leather market.

Key Stakeholders

Market research and consulting firms
Industry associations
Local Governments
Tourists
Ecological Polyvinyl Chlorides
Research organizations and consulting companies
Tourism Agencies
NGOs
Regulatory bodies

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 63.5 Billion
The revenue forecast in 2027	USD 80.2 Billion
Growth Rate	CAGR of 4.5% from 2020 to 2027
Historical data	2017-2020
Forecast period	2021 – 2027
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Kolon Industries Inc., Teijin Limited, Asahi Kasei Corporation, Yantai Wanhua Synthetic Leather Group Co. Ltd., H.R. Polycoats Pvt. Ltd., Kuraray Co. Ltd., San Fang Chemical Industry Co. ltd., Mayur Uniquoters Limited, NAN YA Plastics Corporation, Alfatex, Filwel.

Market Modelling

By Type

Polyurethane
Polyvinyl Chloride
Bio-based

By End-User

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is Synthetic Leather?

What is the growth rate of the Synthetic Leather market?

The Synthetic Leather market size was valued at USD 63.5 Billion in 2020 and is projected to reach USD 80.2 Billion by 2027, growing at a CAGR of 4.5% during the forecast period, 2020-2027.

Who are the key driving factors for the global Synthetic Leather market?

The Synthetic Leather market is anticipated to grow significantly due to the high demand for synthetic Leather in the footwear, clothing, and automotive industry. The growing concern towards animal killing is the increasing adoption of consumers towards synthetic Leather across the world.

What is the different type of end-user of the synthetic leather market?

Based on the End User, the Synthetic Leather market is classified into Footwear, Furnishing, Automotive, Clothing, Bags, Purses and Wallets, Sports, and Electronics.

Who are the major key players in the synthetic leather market?

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Global Synthetic Leather Market

Synthetic Leather Market Overview

What is Synthetic Leather?

Growth Driver

High demand of industries for synthetic Leather in the footwear and automotive industry.

Pre Covid-19 impact

Covid-19 impact

Post Covid-19 impact

Type Segmental Analysis

End-User Segmental Analysis

Region Segmental Analysis

Competitor Analysis

Key Stakeholders

Scope of the Report

Market Modelling

Report Content

Frequently Asked Questions (FAQ):

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