Synthetic Leather Market Size & Share, By Product (PVC, PU, and Bio Based), Application (Automotive, Furnishing, Footwear, Clothing, Bags & Wallets, Others), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Synthetic Leather Market crossed USD 42.52 Billion in 2023 and is expected to reach USD 85.71 Billion by end of the year 2032, witnessing more than 8.1% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 42.52 Billion
• CAGR (2024-2032): 8.1%
• Forecast Year Value (2032): USD 85.71 Billion
• Historical Data Period: 2019-2023
• Largest Region: Asia Pacific
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

A major contributor to the growth of the synthetic leather market is the increasing demand for animal-friendly and sustainable alternatives to natural leather. As consumers become more eco-conscious and concerned about animal welfare, the demand for synthetic leather products is expected to grow significantly in the coming years.

Additionally, a significant factor fueling growth in the synthetic leather market is the rising popularity of vegan fashion. With more and more consumers opting for vegan lifestyles, the demand for synthetic leather goods, such as shoes, bags, and clothing, is expected to increase, driving the growth of the market.

The growing automotive industry is also a major growth driver for the synthetic leather market. With increasing demand for synthetic leather upholstery in vehicles, the market is poised for significant growth in the foreseeable future.

Report Scope

Report Coverage	Details
Segments Covered	Product, Application
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Kuraray, Nan Ya Plastics, Yantai Wanhua Synthetic Leather Group, Mayur Uniquoters Limited, Teijin Limited, San Fang Chemical Industry, Filwel, and Zhejiang Hexin Industry Group

Industry Restraints:

A major obstacle for the synthetic leather market is Availability of cheap alternatives, such as low-quality natural leather and other synthetic materials. These cheaper options pose a challenge to the growth of the synthetic leather market, as price-sensitive consumers may opt for these alternatives over synthetic leather products.

Another growth barrier to the synthetic leather market is the negative environmental impact of synthetic materials. Despite being a more sustainable option compared to natural leather, synthetic leather production still has a significant environmental footprint, which may deter some consumers from choosing synthetic leather products.

Regional Forecast:

In North America, the synthetic leather market is driven by the presence of a strong automotive industry in countries like the U.S. and Canada. The demand for synthetic leather in the automotive sector is high due to its cost-effectiveness and durability. Additionally, the region also has a thriving fashion industry that contributes to the growth of the synthetic leather market.

In Asia Pacific, countries like China, Japan, and South Korea are major contributors to the synthetic leather market. China, in particular, has a large manufacturing sector that produces synthetic leather for various industries including automotive, footwear, and furniture. Japan and South Korea are known for their technological advancements in the synthetic leather production process.

In Europe, countries like the United Kingdom, Germany, and France play a significant role in the synthetic leather market. These countries have a strong presence in the automotive and fashion industries, which drive the demand for synthetic leather. Additionally, consumers in Europe are increasingly choosing synthetic leather over genuine leather due to sustainability concerns.

Segmentation Analysis:

In terms of segmentation, the global Synthetic Leather market is analyzed on the basis of Product, Application.

PVC:

The PVC segment in the synthetic leather market is expected to witness steady growth, driven by increasing demand from the automotive and furnishing industries. PVC synthetic leather offers a cost-effective and durable alternative to genuine leather, making it a popular choice for upholstery and interior applications in automotive and furnishing sectors.

PU:

The PU segment in the synthetic leather market size is anticipated to experience significant growth, propelled by expanding applications in footwear, clothing, bags, and wallets. PU synthetic leather is known for its versatility, soft texture, and resemblance to genuine leather, making it a preferred choice for fashion and accessory products across various industries.

Bio Based:

The bio-based segment in the synthetic leather market is poised for robust growth, fueled by rising consumer awareness and demand for sustainable and eco-friendly products. Bio-based synthetic leather, derived from natural materials such as plant-based polymers, offers a greener alternative to traditional synthetic leather and aligns with the growing trend towards sustainability in the global market.

Automotive:

The automotive segment in the synthetic leather market is expected to show steady growth, driven by increasing demand for high-quality, cost-effective upholstery solutions in the automotive industry. Synthetic leather offers benefits such as durability, easy maintenance, and customization options, making it a popular choice for interior applications in vehicles.

Furnishing:

The furnishing segment in the synthetic leather market is projected to witness significant growth, fueled by the growing popularity of synthetic leather materials in the furniture industry. Synthetic leather offers a wide range of design options, color choices, and durability, making it an attractive choice for upholstery, sofa covers, and other furnishing applications.

Footwear:

The footwear segment in the synthetic leather market size is anticipated to experience robust growth, driven by the increasing demand for fashionable and durable footwear products. Synthetic leather, particularly PU synthetic leather, offers a cost-effective, versatile, and stylish alternative to genuine leather, making it a preferred material for footwear manufacturing.

Clothing:

The clothing segment in the synthetic leather market is poised for substantial growth, propelled by the rising trend of incorporating synthetic leather materials in fashion and apparel products. Synthetic leather clothing items, such as jackets, pants, and skirts, offer a trendy and animal-friendly option for consumers looking for fashionable and sustainable clothing choices.

Bags & Wallets:

The bags and wallets segment in the synthetic leather market is expected to witness steady growth, driven by the increasing demand for stylish and functional accessories made from synthetic leather materials. Synthetic leather bags and wallets offer a wide range of design options, colors, and textures, making them a popular choice for consumers looking for affordable and trendy accessories.

Competitive Landscape:

The competitive landscape in the Synthetic Leather Market is characterized by key players focusing on innovation and sustainability to meet the growing demand for eco-friendly alternatives to natural leather. Major companies are investing in research and development to enhance product durability, texture, and aesthetic appeal while maintaining compliance with environmental regulations. The rise of veganism and ethical fashion has also prompted brands to diversify their product lines to include more synthetic leather options. Additionally, strategic partnerships, mergers, and acquisitions are prominent as companies aim to expand their market presence and improve their supply chain efficiencies. As a result, the market is seeing increasing competition not only from established manufacturers but also from new entrants offering innovative solutions.

Top Market Players

- Toray Industries, Inc.

- BASF SE

- Hyundai Marine & Fire Insurance Co., Ltd.

- Covestro AG

- Teijin Limited

- Asahi Kasei Corporation

- Synthesia S.p.A

- ZheJiang Hexin Industry Group Co., Ltd.

- Dongguan Sishui Textile Co., Ltd.

- Guangzhou Huadun Leather Co., Ltd.