Synthetic Leather Market Value to Grow by Almost US$ 50 Billion from 2022 to 2032

Synthetic Leather Market

A recently published study by FMI expects the global synthetic leather market to augment at a 6% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 50 Billion is expected for the market. From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 1% and closing at US$ 26.34 Billion.

Manufacturing, innovation and use of synthetic leather is undergoing several changes. This has led to the rapid adoption of synthetic leather in various end user industries. Although the COVID-19 pandemic affected the sales of synthetic leather, post-pandemic, the sales of the same have increased owing to its various properties. Manufacturers are now making synthetic leather made of environmentally friendly materials.

Furthermore, key players in the synthetic leather market are launching products that make wide use of synthetic leathers, thus, increasing use of the same. The use of synthetic leather in automotive, consumer electronic and fashion industries is propelling the sales of the same. This, in turn, is contributing to the growth of the market.

Request Sample@ https://www.futuremarketinsights.com/reports/sample/rep-gb-4886

Key Takeaways from the Market Study

  • By material type, polyurethane (PU) synthetic leather is expected to possess 40% market share for synthetic leather market in 2022.
  • Italy is expected to hold nearly 30% market share for synthetic leather market in 2022.
  • India is expected to possess 25% market share for synthetic leather market in 2022
  • S. is expected to hold 35% market share for synthetic leather market in 2022
  • Japan is expected to procure 33% market share for synthetic leather market in 2022.

“The synthetic leather industry is undergoing a drastic change. Innovations in manufacturing sustainable leather along with making it durable is increasing the usage of the same.” states an FMI analyst.

Market Competition

FMI has identified Asahi Kasei, Nan Ya Plastics Corporation, Toray Industries, Teijin Limited, Kuraray Co., Ltd., Daewon Chemical Co Ltd., Kolon Industries Inc., Achilles Corp, and Mayur Uniquoters as leading players in synthetic leather market. They collectively account for more than 30% of global market share as of 2022.

  • Bucha Bio launched plant based leather which is completely made in laboratory in July 2021, in an attempt to push the envelope towards introducing a sustainable leather alternative that can be used for shoes, clothing, accessories and more.
  • In June 2021, Gucci launched its brand new range of footwear made from bio-based synthetic leather derived from wood pulp.

Request Report Methodology@ https://www.futuremarketinsights.com/request-report-methodology/rep-gb-4886

Key Segments Profiled In The Synthetic Leather Market Industry Survey

Synthetic Leather by Material Type:

  • Polyvinyl Chloride
  • Polyurethane
  • Bio Based

Synthetic Leather by Application:

  • Synthetic Leather for Footwear
  • Synthetic Leather for Furnishing
  • Synthetic Leather for Automotive
  • Synthetic Leather for Clothing
  • Synthetic Leather for Bags
  • Synthetic Leather for Sports
  • Synthetic Leather for Electronics

More Insights Available

FMI, in its new offering, presents an unbiased analysis of the global synthetic leather market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of Material Type (Polyvinyl Chloride, Polyurethane, Bio Based), by Application (Footwear, Furnishing, Automotive, Clothing, Bags, Sports, Electronics) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedInTwitterBlogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com

About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these