NEW YORK, March 6, 2024 /PRNewswire/ — The latest report on the synthetic leather market, 2022-2027 estimates to register an incremental growth of USD 23.52 billion, at a CAGR of 9.44% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. The customization of synthetic leather is a trend fueling the market growth. Design, color, luster, and texture can all be modified through customization and customized synthetic leather has grown in popularity among numerous application industries. Additionally, customers can also choose traditional gliding and embossing using digital processes like laser printing and cutting. Hence, these trends will boost the growth of the market during the forecast period.
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Report Coverage | Details |
Page number | 173 |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 9.44% |
Market growth 2023-2027 | USD 23.52 billion |
Market structure | Fragmented |
YoY growth 2022-2023(%) | 7.73 |
Regional analysis | APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution | APAC at 54% |
Key countries | US, China, Japan, France, and Italy |
Key Company
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Air Water Inc., Akea Srl, Alfatex Italia Srl, Anhui Anli Material Technology Co. Ltd., Asahi Kasei Corp., Colence Pvt. Ltd., H.R. Polycoats Pvt. Ltd., Kolon Industries Inc., KURARAY Co. Ltd., Lederplast Spa, Marvel Vinyls Ltd., Mayur Uniquoters Ltd., Nan Ya Plastic Corp., San Fang Chemical Industrial Co. Ltd., Teijin Ltd., Toray Industries Inc., Uniroyal Global Engineered Products Inc., Winner Nippon Leatherette Pvt. Ltd., Zhejiang Hexin Industry Group Co. Ltd., and Zhejiang Yongfa Synthetic Leather Co. Ltd. are among some of the major market participants.
- Air Water Inc. – The company offers synthetic leather solutions through its subsidiary FILWEL.
- Alfatex Italia Srl – The company offers synthetic leather solutions to industries such as marine, automotive, and medical.
- Asahi Kasei Corp. – The company offers synthetic leather solutions such as DURANOL.
The shift of consumer preference from animal hide to synthetic leather products drives market growth.
Generally, leather is a premium or luxury material for shoes, clothing, and bags but a significant portion of the sales in the apparel, accessory, and footwear industries are made up of synthetic leather or fabric. Such goods are also reasonably priced and are sold on the market in a variety of colors, patterns, and textures but do not include leather as a raw material. Hence, such factors drive maket growth during the forecast period.
- Factors such as fluctuating raw material prices will challenge market growth.
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Market Segmentation
- Product
- PU-based
- PVC-based
- Bio-based
- End-user
- Footwear Industry
- Furnishing Industry
- Automotive Industry
- Bags Industry
- Others
- Geography
- APAC
- North America
- Europe
- South America
- Middle East And Africa
The PU-based segment will be significant for market growth during the forecast period. PU-based synthetics are lightweight. They can be made in a variety of colors and textures and is primarily utilized in the clothing, footwear, and auto industries. Furtermore, synthetic leather made from PU has a leather-like appearance, which results in many consumers are converting from animal-hide leather to synthetic leather. Hence, such factors boost the segment growth during the forecast period.
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Analyst Review
In the modern materials, synthetic leather has emerged as a versatile contender, catering to a multitude of industries. Its widespread applications span across footwear, furnishing, automotive, clothing, bags, and purses & wallets, offering a compelling alternative to traditional leather. This synthetic variant, crafted from substances like polyurethane (PU) and polyvinyl chloride (PVC), has revolutionized various sectors by providing cost-effective and sustainable solutions.
The footwear segment stands out as a major beneficiary, leveraging its durability and aesthetic appeal. From athletic shoes to fashion-forward boots, manufacturers capitalize on the flexibility of PU-based synthetic leather to meet diverse consumer demands. Moreover, the automotive sector integrates extensively for upholstery, steering wheels, and interior trims, utilizing materials such as isocyanate and vinyl chloride monomer to achieve desired performance and aesthetics.
Despite its numerous advantages, concerns linger regarding the environmental impact. Issues like the utilization of phthalates and dioxin in manufacturing processes raise questions about sustainability and ecological harm. Additionally, the reliance on petrochemicals underscores the industry’s dependence on non-renewable resources, exacerbating concerns about non-biodegradability and the proliferation of micro-plastics.
In response to mounting environmental pressures, the market has witnessed a surge in demand for bio-based synthetic leather derived from sustainable sources like flax, cotton, and pineapple leaves. This shift towards eco-friendly alternatives aims to mitigate the adverse effects associated with conventional synthetic leather production, reducing the emission of volatile organic compounds (VOCs) and minimizing ecological footprint.
As consumer preferences veer towards sustainable and ethical practices, the synthetic leather market is poised for transformation. Innovations in material science and manufacturing techniques hold the promise of delivering eco-conscious solutions without compromising on quality or performance. By embracing bio-based and recyclable materials, stakeholders can steer the industry towards a greener and more sustainable future, ensuring that synthetic leather continues to thrive in an increasingly conscientious marketplace.
Market Overview
The market is witnessing substantial growth, driven by diverse applications across various industries. Polyurethane (PU) and Polyvinyl chloride (PVC) emerge as key players in this market, finding extensive use in sectors like Footwear, Furnishing, Automotive, and Clothing. The demand for it in crafting Bags, Purses & wallets is also on the rise. The market’s vitality is further underscored by the utilization of components such as Isocyanate and Vinyl chloride monomer in the manufacturing process. As consumers seek sustainable alternatives,it stands out as an eco-friendly choice without compromising on style or functionality. The automotive and fashion industries, in particular, continue to fuel the market’s expansion, highlighting the adaptability and growing preference.
Related Reports:
The bio-based leather market size should rise by USD 250.48 million from 2021 to 2026 at a CAGR of 6.55%.
The coating agents for synthetic leather market size is expected to increase by USD 207.38 million from 2021 to 2026, at a CAGR of 7.12%.
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com
SOURCE Technavio
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