Synthetic Leather Market to Exceed Valuation of US$ 174.7 Bn by 2030
ALBANY, N.Y., March 7, 2022 /PRNewswire/ — The sales of synthetic leather has proliferated from the growing demand for animal-free products in the making of a wide array of consumer goods, furnishings, and sporting goods. The consumption of artificial leather has been propelled by the growing popularity of animal-free alternatives for use in materials in automobiles. The global synthetic leather market is projected to advance at a CAGR of 7.23% during 2021–2031.
Synthetic leather is rapidly gathering steam among end-use industries on the back of their relative inexpensiveness, which makes the products affordable to mass at large. Plastics are extensively used in synthetic leather, thus making them less costly to produce than real leather. In addition, the wide variety of products in different of colors and glass that can be produced using artificial leather is adding momentum to the sales of products in the synthetic leather market.
The size of the hide is limited, which severely constrains the use of real leather in several applications. This aspect is propelling the popularity, spurring revenue sales in the synthetic leather market.
Key Findings of Synthetic Leather Market Study
- Automotive Sector Witnessing Substantial Uptake: Changing consumer inclination toward animal-free alternatives have pivoted the expansion of avenues in the synthetic leather market. The substantial demand for synthetic leather for the making of range of automotive interiors and automobile parts. PVC leather is extensively used in the automotive industry. Rise in demand for high-grade synthetic leather in automotive industry has opened up new avenues, find the authors of the study on the synthetic leather market.
- Affordability Underpin Prospects of Synthetic Leather in Diverse Array of Products: Over the years, the use of synthetic leather has proliferated in footwear. The sales of sport goods and garments based on synthetic leather are driving the revenues considerably. The synthetic leather market is also gaining revenues from the growing popularity of artificial leather as a less expensive raw material for several high-end fashion brands.
- Shift Toward Sustainable Animal-free Products Steer Growth: Changing regulations on the adverse health impacts of the raw materials used for synthetic leather have nudged manufacturing companies to look for safe and sustainable materials. Though polyvinylchloride has been extensive used in final products, the authors of the synthetic leather market report observed that polyvinylchloride and polyurethane have attracted criticism due to these factors. A growing number of companies are thus leaning toward use of recycled polyester ultra-fine microfibers to meet the latest sustainability standards. Relentless pursuit of manufacturers in the synthetic leather market has spurred R&D in the use of cork, pineapple leaves, fruit waste, and recycled plastics.
Synthetic Leather Market: Key Drivers
- The synthetic leather market has evolved considerably on the back of the growing attention toward shunning away from the use of animal hide and skin for consumer products. Several campaigns over the decades have promoted the use of vegan products, notably by PETA (People for the Ethical Treatment of Animals).
- The use of eco-friendly raw materials is promoting synthetic leather as environmental-friendly, thus expanding the horizon in the synthetic leather market.
Synthetic Leather Market: Regional Growth Dynamics
The Asia Pacific contributed a major share of the global synthetic leather market in 2020. The regional market is projected to retain its lead during the forecast period, project the authors of the study on the synthetic leather market.
The rise in the use of synthetic leather in a bevvy of products such as automobiles, footwear, furnishing, and fashion garments in the region has propelled revenue growth of the Asia Pacific synthetic leather market. China, Japan, and India are lucrative country markets.
Synthetic Leather Market: Key Players
- FILWEL Co., Ltd.
- Toray Industries
- Zhejiang Hexin Holdings Co.
- Alfatex Italia SRL
- H.R.Polycoats Pvt. Ltd.
- Nan Ya Plastics Corporation Inc.
- Nan Ya Plastics Corporation Inc.
- Achilles USA, Inc.
- San Fang Chemical Industry Co., Ltd.
- Kuraray Co. Ltd.
Global Synthetic Leather Market: Segmentation
Synthetic Leather Market, by Type
- Polyurethane (PU)
- Polyvinylchloride (PVC)
Synthetic Leather Market, by End-user
- Performance Footwear
- Fashion Footwear
- Couches & Sofas
- Interior Décor & Surfacing
- Wall Tiles
- Steering Covers
- Sporting Goods
- Fashion Apparel
- Fashion Accessories
- Performance Apparel
- Luxury Goods
- Hard Luxury
- Soft Luxury
- Others (including Industrial)
Synthetic Leather Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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