Synthetic Leather Market Worth $88.0 Billion By 2028

By Author: RMarkets
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The report "Synthetic Leather Market by Type (PU-based, PVC-based, Bio-based), End-use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets), and Region (North America, Europe, Asia Pacific, MEA, South America) - Global Forecast to 2028", size was USD 68.7 billion in 2023 to USD 88.0 billion by 2028, at a CAGR of 5.1% from 2023 to 2028.
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Synthetic leather, commonly referred to as artificial leather, is a man-made material that is meant to resemble the texture and, in some instances, the appearance of real leather. It is often made from various synthetic materials, such as polyurethane (PU) or polyvinyl chloride (PVC) and is used as an environmentally friendly and frequently more cost-effective substitute for genuine leather. Although it is not created from animal hides, synthetic leather has the same texture and appearance as genuine leather. A combination of polymers, fabric backing, and coatings were used in its engineering. Synthetic leathers are used in various industries such as footwear, furnishing, automotive, ...
... clothing, bags, purses & wallets, and others such as sports, electronics, and medical.
“Bio-based synthetic leather segment is estimated to be the fastest-growing type for synthetic leather market during the forecast period 2023 to 2028.”
The synthetic leather market is projected to be experiencing significant growth in the forecasted period. The bio-based synthetic leather segment is estimated to be the fastest-growing segment in the synthetic leather market due to a combination of environmental, consumer, and technological factors. As sustainability becomes a key component of both consumer preferences and business goals, the bio-based synthetic leather market is anticipated to maintain its growth trajectory. As continued research and development, it is expected that this industry will become even more cutting-edge, providing a greater range of superior, eco-friendly substitutes for conventional leather materials.
“Footwear segment is estimated to be the largest application in synthetic leather market in 2022, in terms of value.”
The footwear segment is estimated to be the largest application in synthetic leather market in the forecasted year due to several factors. The dominance of the footwear segment in the synthetic leather market is driven by a combination of economic, aesthetic, and ethical factors. Synthetic leather offers a cost-effective solution for footwear manufacturers without compromising on quality or style. Moreover, synthetic leather's durability is a pivotal factor. It can endure the rigors of daily wear, maintaining its appearance and shape over time. Furthermore, customization options further bolster the position of synthetic leather in the footwear industry. The synthetic leather market in the footwear segment is projected to rise in the forecast year.
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“Asia Pacific was the largest region for the synthetic leather market in 2022, in terms of value.”
The Asia Pacific region's prominence as the largest market for synthetic leather can be attributed to a convergence of economic, industrial, and cultural factors. The fashion and footwear industries in the Asia Pacific region are among the largest globally, and they have embraced synthetic leather for its versatility and affordability. Moreover, the automotive industry's expansion in the region has led to increased use of synthetic leather in car interiors. Environmental concerns and animal welfare issues have also encouraged the shift toward synthetic leather, as it offers an ethical alternative to genuine leather. This combination of economic growth, industrial competence, and consumer preferences has firmly established Asia Pacific as the largest market for synthetic leather.
Key Players
The key market players identified in the report are Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), NAN YA PLASTICS CORPORATION (Taiwan), Wanhua Chemical Group Co., Ltd. (China), Mayur Uniquoters Limited (India), FILWEL Co., Ltd. (Japan), Zhejiang Hexin Holdings Co., Ltd. (China), Alfatex Italia SRL (Italy), and H.R. Polycoats Private Limited (India).