By the end of 2033, the microfiber synthetic leather industry is anticipated to reach USD 5,787.8 million. The global industry is anticipated to expand at a 6.1% CAGR from 2023 to 2033.
In 2018, the size of the global microfiber synthetic leather market was USD 2,737.3 million. In 2023, it’s predicted to be worth USD 3,203.2 million.
Microfiber synthetic leather is often promoted as a vegan and eco-friendly alternative to genuine leather, attracting consumers who prioritize ethical and sustainable choices. Global demand for microfiber synthetic leather is increasing due to its rising applications in footwear, fashion, apparel, and automotive industries.
Technological advances have paved the way to develop novel microfiber synthetic leather products with enhanced qualities and functionality. These technological advances are serving as catalysts, boosting market expansion.
The market is expected to have considerable investment opportunities by 2033, owing to rising fashion and footwear industry demand. Both the footwear and fashion industries have gradually embraced microfiber synthetic leather in producing shoes, purses, and clothing items. This material offers a wide range of design possibilities and can accurately mimic the appearance & texture of natural leather.
As environmental awareness develops, so does the need for sustainable and eco-friendly products. This trend is likely to help bolster demand for microfiber leather, which is frequently regarded as a more environmentally friendly alternative to classic leather.
Consumers are increasingly looking for products with a low environmental impact, such as those made from recycled materials or manufactured using procedures that limit waste and chemical usage. Microfiber leather manufacturers are reacting by inventing novel, sustainable materials to meet this need.
As a result of these factors, the market for microfiber synthetic leather continues to rise, aided by its efficiency and versatility. Its alignment with the growing desire for sustainable practices in various industries also augments demand.
Key Takeaways from the Microfiber Synthetic Leather Market Study
- The microfiber synthetic leather industry witnessed a CAGR of 2.6% over the historical period from 2018 to 2022.
- The United States is projected to create a total financial potential worth USD 474.1 million by 2033.
- The market in China is expected to elevate at a CAGR of 5.2% during the forecast period.
- By application, the footwear segment is expected to surge at a CAGR of 6.6% during the forecast period.
- The bio-based product type segment is anticipated to surge at a considerable CAGR of 8.5% from 2023 to 2033.
“The market for microfiber synthetic leather has been significantly impacted by growing environmental and animal welfare consciousness. Genuine leather alternatives are waning in popularity as buyers look for greener options that don’t use animal hides. An appealing eco-friendly alternative would be microfiber synthetic leather, especially if it uses bio-based materials.” – Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
A competitive landscape, including established players and creative newcomers, characterizes the global market. Key players such as
- Kolon Industries Inc.
- San Fang Chemical Industry Co., Ltd.
- Kuraray Co., Ltd.
- TORAY INDUSTRIES, INC.
- Asahi Kasei Corporation
- Nan Ya Plastics Corporation
- Teijin Limited
- BZ Leather
- Henan Bensen Industrial Co., Ltd.
- Colence Private Limited
- Ji’an City Sanling Microfiber Co. Ltd
- Top Gear Leather Co., Ltd.
- ANAN (CHINA) CO., LTD
- HELI Leather
- Guangzhou Tengxiang Leather Co., Ltd.
- Dongguan Daocheng Leather CO., LTD.
- Dongguan Boze Leather Co., Ltd.
They are set to compete based on product quality, technological breakthroughs, and environmental initiatives. Furthermore, new entrants such as Nan Ya Plastics Corporation and others are gaining traction by providing specialized solutions and encouraging innovation.
Key market participants are positively engaged in the expansion of their offerings and development activities for microfiber synthetic leather to cater to the rising demand of end-users. Pursuing eco-friendly materials, personalization, and addressing varied demands, particularly in the fashion, automotive, and upholstery sectors, drive competitiveness in this market.
For instance,
- General Silicones (GS) debuted its newest Compo-SiL (SL series) silicone vegan leather product in April 2023. It is a manufacturer of silicone goods with a base in Taiwan. The new series is intended for companies that produce consumer goods such as wallets, book bindings, backpacks, belts, handbags and covers for books. It is perfect for anyone looking for factory-applied fabric lining and vegan leather accessories that have received PETA approval.
- Sage-ONF began manufacturing Silicone Synthetic leather in China in July 2022. It is a synthetic leather supplier with 29 years of experience in research, development, production, and sales. By providing Silicone Synthetic leather as a cutting-edge, non-carbon-based, and petroleum-free alternative, this new initiative builds on Sage-ONF’s history of sustainability. This cutting-edge substance stays away from plasticizers and DMF since it is strongly committed to continued innovation and environmentally friendly business practices.
Get More Valuable Insights into the Microfiber Synthetic Leather Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global microfiber synthetic leather market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. The market is segmented based on product type, application, and region to understand the global market potential, growth, and scope.
Microfiber Synthetic Leather Market Outlook by Category
By Product Type:
- Bio-based
- PU-based
- Others
By Application:
- Clothing
- Furnishing
- Bags
- Sports Equipment
- Footwear
- Automotive
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa
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