Global Synthetic Leather Market is expected to reach a market size of ~US$ 45 billion by 2028: Ken Research
What Is the Size of Global Synthetic Leather Industry?
Global Synthetic Leather market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 45 Bn by 2028. The Synthetic Leather Market is largely driven by increased demand from the footwear industry, restrictions on animal slaughter, advantages over pure leather, and increased demand from automotive OEMs.
Growing knowledge of the advantages of synthetic leather over genuine leather and increased demand from the footwear industry is driving the growth of the synthetic leather market globally. A fabric created by humans that resembles genuine leather is called synthetic leather. It has a leather-like surface and has been dyed and processed to look and feel like real leather.
Compared to natural leather, synthetic leather has a shorter lifespan because it deteriorates more quickly from extended exposure to heat and moisture. Synthetic leather is treated chemically to make it resistant to sunlight, scratches, and fire, but with use and abuse, it deteriorates and weakens. Although synthetic leather is inexpensive, it needs to be well-maintained and shielded from the sun’s rays to ensure that it lasts as long as possible.
Synthetic leather is increasingly in demand from temporary hospitals and healthcare facilities around the globe for beds and furniture to accommodate a variety of patients suffering from COVID-19 and other illnesses. The majority of these mattresses and other pieces of furniture feature antibacterial or antifungal covers made of medical-grade synthetic leather.
Global Synthetic Leather Market By Type
The Global Synthetic Leather market is segmented by Type into Polyvinyl Chloride, Polyurethane and Bio-Based. The polyurethane segment held the largest market share in 2022, owing to its superior quality and a few countries’ restrictions on polyvinylchloride-based leather. Polyurethane (PU) leather is more environmentally friendly than vinyl-based leather since it does not emit dioxins. However, due to the drawn-out production process, it costs more than PVC-based leather.
In recent years, the market for PU synthetic leather has increased due to improvements in product quality, variety, and output. It is progressively replacing genuine leather in handbags, briefcases, car interiors, and clothing because of its increasing utility and range of applications.
Global Synthetic Leather Market By Product
The Global Synthetic Leather market is segmented by Product into Footwear, Furnishing, Automotive Interior, Clothing, Bags, Sports Goods, Electronics Device Accessories and Others. The footwear segment held the largest market share in 2022, as synthetic leather is inexpensive and has good abrasion resistance, it is frequently utilized in the footwear industry.
The demand for footwear has been prompted by rising income levels and economic expansion, particularly in emerging economies. Additionally, the industry is driven by variances in regional climates, which call for various styles of footwear.
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Global Synthetic Leather Market By End-User
The Global Synthetic Leather market is segmented by End-user into Consumer goods, Automotive, Textile and Apparel and Others. The consumer goods segment held the largest market share in 2022, owing to rapid urbanization and an increase in disposable income has led to higher spending on consumer goods like clothing and footwear. To impart a smooth feel to consumer items like purses, luggage, and shoes, synthetic leather is employed. It contributes to the comfort of sitting or lying down on this material’s furnishings.
Global Synthetic Leather Market By Geography
The Global Synthetic Leather market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific is expected to account for the largest share among all regions within the total synthetic leather market, during the forecast period 2022-2028.
The major economies in the region are likely to drive growth in South Korea, China, and India. Population growth and rising disposable income are expected to open up a wide range of business opportunities. In terms of both production and sales, China is one of the major markets for leather. To address rising product demand and increase profitability, major market competitors concentrate in developing nations.
Competition Scenario In Global Synthetic Leather Market
The Global Synthetic Leather Market is Significantly competitive with ~150 players which include globally diversified players, regional players, and country-niche players with their niche in the Synthetic Leather Market.
Regional players constitute ~40% of the market, while the county-niche players are the largest by type. Some of the major players in the market include H.R. Polycoats Private Limited., Kuraray Co., Ltd., Teijin Limited, Nan Ya Plastics Corporation, Mayur Uniquoters Limited, San Fang Chemical Industry Co., Ltd., Filwel Co., Ltd., Zhejiang Hexin Science and Technology Co., Ltd., Asahi Kasei Corporation., and among others.
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What is the Expected Future Outlook for the Overall Global Synthetic Leather Market Across the globe?
The Global Synthetic Leather market was valued at USD ~billion in 2022 and is anticipated to reach USD ~45 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Synthetic Leather market is driven by increased demand from the footwear industry, restrictions on animal slaughter, advantages over pure leather, and increased demand from automotive OEMs. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing collaboration and emergence of new products, the Global Synthetic Leather market is changing rapidly. For instance, In September 2021, Teijin Cordley Limited, a part of Japan’s Teijin Frontier Group, created the most recent antiviral and antibacterial artificial leather, which includes a long-lasting antibacterial ingredient. Children’s bags are made using earlier incarnations, and athletic gear like leather balls and shoes are made using later ones. The company sold 30,000 meters in its fiscal year 2021, and it expects to sell 580,000 meters in its fiscal year 2024.
In May 2019, The Teijin Group’s fibers and products converting business, Teijin Frontier Co. Ltd., developed polishing pads constructed of the non-woven material “NANOFRONT” to improve silicon wafer quality while lowering production costs. A flexible, water-absorbent polymer and polyurethane resin are used to create the ultra-fine nanofiber known as “NANOFRONT.”
The Global Synthetic Leather Market is forecasted to continue the growth that is witnessed since 2017, Globally rising demand from the footwear industry is anticipated to be a major driver of market expansion. Another aspect that has fueled the need for natural leather alternatives is the expensive price of natural leather. Though the market is Significantly competitive with ~150 players, few global players control the dominant market share and regional players also hold a significant market share.
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