Global Synthetic Leather Market is expected to reach USD 85.05 billion by 2025. Synthetic leather is also termed as an artificial leather or rexine, leatherette, or faux leather is manufactured using polyurethane (PU) or PVC, which is treated and dyed to look like real leather. It is versatile leather made from tanned animal hides. It is exclusively used in fashion industries for products like wallets, shoes, luggage, jackets, sofas and electronic cases, and car interiors. It is cost efficient, strong, and stain resistant. The Synthetic Leather Market is estimated to grow at a significant CAGR of 9.5% over the forecast period as the scope and its applications are rising enormously across the globe.
Rising demand for lightweight leather in automobile industry, changing lifestyle as increasing number of passenger cars, growing demand for luxurious goods, and increasing population in developing countries like India and China are documented as major factors of Synthetic Leather Market that are estimated to enhance the growth in the years to come. However, harmful effects of PVC and PU processing on human health and environment may restrain overall market in the coming years. Synthetic Leather industry is segmented based on type, end-user, and region.
Bio-based, PU-based, and PVC-based are the types that could be explored in Synthetic Leather in the forecast period. PU-based sector accounted for the largest market share of Synthetic Leather and is estimated to lead the overall market in the coming years. Also, the sector is estimated to grow at highest CAGR in the coming years. This may be because of high demand from developed countries like Europe and North America and rising fashion and automotive industries.
The market may be categorized based on end users like bags, purses & wallets, footwear, clothing, furnishing, automotive, and others that could be explored in the forecast period. Footwear accounted for the substantial market share of Synthetic Leather and is estimated to lead the overall market in the coming years. This may be because of changing lifestyle, varying climatic conditions, and rising disposable income.
Globally, Asia Pacific accounted for the substantial market share of Synthetic Leather in terms of value and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be enhanced technological innovations and presence of key manufacturers in the region. The developing countries like India and China are the major consumers of Synthetic Leather in the region.
Instead, Europe and North America are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, North America is estimated to grow at fastest pace with the highest CAGR in the foremost period.
The key players of Synthetic Leather Market are San Fang Chemicals, Kuraray, Filwel, Tejin, MayurUniquoters, Toray, Favini, Daewon Chemicals, Alflatex, and HR Polycoats. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
Synthetic Leather Product Outlook (Volume, Million Meters; Revenue, USD Billion, 2014 - 2025)
• Bio based
Synthetic Leather Application Outlook (Volume, Million Meters; Revenue, USD Billion, 2014 - 2025)
• Bags & wallets
Synthetic Leather Regional Outlook (Volume, Million Meters; Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa
Research Support Specialist, USA