Synthetic leather, also known as faux leather or artificial leather, encompasses the production of materials that mimic the appearance and texture of genuine leather. Synthetic leather is created by applying various coatings and treatments to a fabric substrate, typically made of polyester or polyurethane.
The Synthetic Leather Industry caters to a wide range of sectors and applications. It is commonly used in the manufacturing of footwear, apparel, bags, and accessories. The automotive industry also utilizes synthetic leather for upholstery, steering wheel covers, and interior components. Furniture and upholstery sectors benefit from synthetic leather’s versatility, as it can be designed to mimic various textures and finishes.
According to a recent report by FMI, the global market for synthetic leather would grow at a 6% CAGR between 2022 and 2032. By the end of the aforementioned assessment period, a market valuation of US$ 50 billion is anticipated. The industry grew noticeably between 2017 and 2021, showing a CAGR of 1% in terms of value and concluding at US$ 26.34 billion.
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Additionally, major participants in the synthetic leather industry are releasing goods that extensively utilize the material, which will increase its use. Sales of synthetic leather are being boosted by its application in the automobile, consumer electronics, and fashion industries. This, in turn, is assisting in the market’s expansion.
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.
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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.
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