Synthetic leather, also known as faux leather or artificial leather, is a man-made material designed to mimic the appearance and texture of genuine leather. It has become an increasingly popular alternative to real leather due to its versatile nature, affordability, and eco-friendly attributes. Over the years, advancements in technology and increasing environmental concerns have contributed to the rapid growth of the synthetic leather market.
In 2022, the worldwide Synthetic Leather Market is anticipated to have reached a market size of US$ 27.92 billion, and between 2022 and 2032, it is anticipated to grow at a CAGR of 6% to reach US$ 50 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.
Stay Ahead of the Curve – Download Our Industry Overview Sample and Seize Growth Opportunities! 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.
Ready to scale your business? Start by obtaining the essential insights you need with a custom report crafted exclusively for you. Request it now @ https://www.futuremarketinsights.com/customization-available/rep-gb-4886
Key Segments Profiled In The Synthetic Leather Market 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
Synthetic Leather by Region:
- North America
- Latin America
- Asia Pacific Excluding Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
- Japan
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
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
