Synthetic Leather Market Size

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.

Industry

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

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.