The global synthetic leather market is anticipated to reach USD 66.24 billion by 2030 and is projected to grow at a CAGR of 7.87% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing awareness among consumers regarding animal exploitation, aided by programs run by organizations such as PETA, has played a major role in increasing the demand for leather alternatives. The growing supply-demand gap in the natural leather industry is also a major factor responsible for manufacturers opting for synthetic or artificial leather.
Furthermore, natural leather is obtained from animals, which has resulted in animal killings. There have been various guidelines and laws established by various countries to protect animal rights. Animal rights laws have become a major hurdle for natural leather manufacturers in several countries.
Synthetic Leather Market Report Highlights
- The automotive application segment is anticipated to grow at a CAGR of 8.9% over the forecast period. Synthetic leather is used in several automotive applications such as upholstery, dashboards, headliners, seat belts, airbags, and floor & trunk carpets. It is employed in passenger vehicles, light & commercial vehicles, heavy trucks, and buses & coaches as it is lighter than real leather. Its high elasticity enables passenger comfort in addition to providing resistance against hot & cold temperatures and spillage. The product also increases the durability of automotive interiors and reduces maintenance requirements
- The PU synthetic leather segment held the largest market share of 60.8% in 2023. PU leather has good elasticity, resistance to solvents, high tensile strength, and skin abrasion resistance. These properties have been a major help in increasing its market penetration in the automotive, footwear, and furnishing sectors
- Asia Pacific dominated the synthetic leather market. China is the largest market for synthetic leather in Asia Pacific. It is also among the major consumers of leather in primary application segments such as automotive, furnishing, and clothing. Automotive and footwear industry, which are vital application segments for synthetic leather, are witnessing a rapid growth in the country. China mainly imports synthetic leather from India, Korea, and Italy
- In December 2021, Dow, a U.S.-based company, announced the launch of LUXSENSE, a silicone synthetic leather. It is the world's first high-end silicone synthetic leather material designed to meet specifications in furniture, wearable devices, fashion, transportation seating and interiors, and consumer electronics, offering unique features
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Manufacturing activities of natural leather, especially tanning, lead to pollution of the nearby surroundings. This is another major reason leading to the shift in preference toward synthetic leather. Stringent environmental laws and government regulations have been influential in promoting the demand for synthetic leather.
India is among the world’s top five producers of leather. However, the Central government of India has banned the slaughter of cows for meat and leather, which has adversely affected the leather industry in the country. Most of India’s leather and meat industry comprises unorganized players, owing to which a reduction in the annual production from these industries is not feasible to estimate. The market situation has widened the demand-supply gap of genuine leather, which is expected to supplement the India PU market’s growth over the forecast period.
Analysis By Application
The use of synthetic leather in footwears is getting nearer to genuine leather, and it is increasingly replacing genuine leather in applications in handbags, briefcases, car furnishings, and clothing. Rising income levels and economic growth, especially in emerging nations, have fueled the demand for footwear. The price of faux leather footwear products is three times cheaper than the ones made from animal hide, boosting segment growth. The furnishing industry is also one of the major application areas for synthetic leather as it has become more affordable than animal hides. There is a wide range of synthetic leather materials available in the market that serve varied requirements of the furnishing industry in terms of color, texture, and fabric look.
Analysis By Product Type
The polyurethane (PU) synthetic leather segment has been witnessing promising growth in product quality, variety, and yield. Polyurethane is waterproof, softer, and lighter than genuine leather and can be dry-cleaned and torn more easily than genuine hides. PVC was the first form of synthetic leather created in 1920. It was initially produced with carcinogenic chemicals and proved to be an ideal material for applications in furnishing and household items. PVC faced significant competition from PU as PVC gave a sticky feel and could not retain body heat.
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Market Latest Trends and Developments
China, India, and South Korea are expected to be the significant growth-driving economies in APAC. Rising disposable income, coupled with the increasing population, will provide numerous opportunities for the market. The market in North America is expected to grow at a slow rate on account of the saturation of more prominent domestic fashion brands. There have been growing concerns from animal rights organizations such as PETA, WWF, and others, resulting in growth restraints in the leather market.
List of major companies in the Synthetic Leather Market
- Kuraray Co., Ltd.
- H.R. Polycoats Pvt. Ltd.
- Alfatex Italia SRL
- Filwel Co., Ltd.
- Yantai Wanhua Synthetic Leather Group Co., Ltd.
- San Fang Chemical Industry Co., Ltd.
- Mayur Uniquoters Limited
- Teijin Limited
- Nan Ya Plastics Corporation
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Segmented the global synthetic leather market based on type, application, and region.
Table of Contents
Chapter 1. Synthetic Leather Market: Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Synthetic Leather Market: Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot
Chapter 3. Synthetic Leather Market: Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related Market Outlook
3.2. Industry Value Chain Analysis
3.2.1. Distribution Channel Analysis
3.2.2. Raw Material Trends
3.2.3. Technological Overview
3.3. Regulatory Framework
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Industry Challenges
3.4.4. Industry Opportunities
3.5. Industry Analysis Tools
3.5.1. Porter’s Five Forces Analysis
3.5.2. Macro-environmental Analysis
Chapter 4. Synthetic Leather Market: Type Estimates & Trend Analysis
4.1. Type Movement Analysis & Market Share, 2023 & 2030
4.2. Synthetic Leather Market Estimates & Forecast, By Type, 2018 to 2030 (Million Meters) (USD Million)
4.3. PU Synthetic Leather
4.3.1. PU Synthetic Leather Market Revenue Estimates and Forecasts, 2018 - 2030 (Million Meters) (USD Million)
4.4. PVC Synthetic Leather
4.4.1. PVC Synthetic Leather Market Revenue Estimates and Forecasts, 2018 - 2030 (Million Meters) (USD Million)
4.5. Bio-based Leather
4.5.1. Bio-based Leather Market Revenue Estimates and Forecasts, 2018 - 2030 (Million Meters) (USD Million)
Chapter 5. Synthetic Leather Market: Application Estimates & Trend Analysis
5.1. Application Movement Analysis & Market Share, 2023 & 2030
5.2. Synthetic Leather Market Estimates & Forecast, By Application, 2018 to 2030 (Million Meters) (USD Million)
5.3. Furnishing
5.3.1. Furnishing Market Revenue Estimates and Forecasts, 2018 - 2030 (Million Meters) (USD Million)
5.4. Automotive
5.4.1. Automotive Applications Market Revenue Estimates and Forecasts, 2018 - 2030 (Million Meters) (USD Million)
5.5. Footwear
5.5.1. Footwear Applications Market Revenue Estimates and Forecasts, 2018 - 2030 (Million Meters) (USD Million)
5.6. Wallets, Bags & Purses
5.6.1. Wallets, Bags & Purses Applications Market Revenue Estimates and Forecasts, 2018 - 2030 (Million Meters) (USD Million)
5.7. Clothing
5.7.1. Clothing Applications Market Revenue Estimates and Forecasts, 2018 - 2030 (Million Meters) (USD Million)
5.8. Others
5.8.1. Others Applications Market Revenue Estimates and Forecasts, 2018 - 2030 (Million Meters) (USD Million)
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