Synthetic Leather Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Synthetic Leather Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global synthetic leather market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 48.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.

Synthetic leather, also called faux, artificial, rexine leather, or leatherette, is a material that has a similar appearance to leather but is not animal-made. It is composed of natural or synthetic fibers that are coated with plastic polymer. Usually, synthetic leather is primarily made from two types of materials – polyurethane (PU) and polyvinylchloride (PVC). Polyurethane leather or PU leather made of thermoplastic polymer is entirely manmade and offers the look and feel of genuine leather. Having a glossier appearance and less thickness than real leather, it is waterproof and easily washable. PU leather is extensively used in the making of furniture and shoes. In contrast, PVC leather is made from vinyl, which is less expensive and a good alternative to genuine leather. When altered with various fillers to change the texture, color, form, and effects, it can be used to manufacture various leather goods. Synthetic leather provides numerous benefits, such as enhanced durability and resistance to water, heat, severe climatic conditions, and UV (ultraviolet) rays.

Synthetic Leather Market Trends:

The market is primarily driven by the growing product demand from the footwear industry. Along with this, the increasing demand for luxury automotive and electric vehicles is facilitating the need for fancy leatherette car seats, which, in turn, is positively influencing the market. Additionally, with the evolving textile technologies, there has been a paradigm shift towards vegan fashion, which is fostering widespread product adoption across the globe. The augmenting demand for spandex clothes and competitive swimsuits is also propelling the product demand. Apart from this, stringent animal welfare laws enforced worldwide are further boosting the demand for synthetic alternatives, thereby creating a positive outlook for the market. Furthermore, rapid urbanization, rising environmental concerns among individuals, the growing awareness regarding sustainable fashion, and increasing investments in extensive research and development (R&D) activities are some of the other factors significantly contributing to the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global synthetic leather market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, application and end use industry.

Breakup by Type:

Bio-Based
Polyvinylchloride (PVC) Based
Polyurethane (PU) Based

Breakup by Application:

Clothing
Bags
Shoes
Purses and Wallets
Accessories
Car Interiors
Belts
Sports Goods
Others

Breakup by End Use Industry:

Footwear
Furniture
Automotive
Textile
Sports
Electronics
Others

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Asahi Kasei Corporation, DuPont Tate & Lyle Bio Products Company LLC, FILWEL Co. Ltd. (Air Water Inc.), H.R. Polycoats Pvt. Ltd., Kuraray Co. Ltd., Mayur Uniquoters Limited, Nan Ya Plastics Corporation, San Fang Chemical Industry Co. Ltd., Teijin Limited and Zhejiang Hexin Holdings Co. Ltd.

Key Questions Answered in This Report:

What was the size of the global synthetic leather market in 2022?

What is the expected growth rate of the global synthetic leather market during 2023-2028?

What are the key factors driving the global synthetic leather market?

What has been the impact of COVID-19 on the global synthetic leather market?

What is the breakup of the global synthetic leather market based on the type?

What is the breakup of the global synthetic leather market based on the application?

What is the breakup of the global synthetic leather market based on the end use industry?

What are the key regions in the global synthetic leather market?

Who are the key players/companies in the global synthetic leather market?