The Synthetic Leather Market is estimated to grow from USD 36.17 billion in 2022 to USD 59.42 billion by 2030. It occupies a CAGR of 6.4% during the forecast period 2023-2030. A major aspect driving market expansion has been the expanding product application scope in footwear. Furthermore, the increased relevance and knowledge of animal welfare, as well as strict legislation prohibiting the use of real leather, are driving demand for synthetic leather. Synthetic leather has many advantages, including a high gloss finish, strength, durability, and UV resistance, as well as ease of maintenance. Furthermore, synthetic leather products are less expensive, which continues to attract customers, particularly from the medium and upper income levels.
Even when exposed to snow and water, synthetic leather products do not deteriorate. This demonstrates how resistant leathers are to them. Synthetic leather has a cloth foundation that is coated with synthetic resin and is used in a variety of applications such as fabrics, apparel, and footwear. COVID has resulted in a decrease in trade and e-commerce, which has had a detrimental impact on the industry in recent years.
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Drivers
End-user industries making footwear, apparel garments, items for furnishing, for automotive applications, manufacturing bags, purses, clutches, wallets, and several other fashionable products are driving the synthetic leather market. The synthetic leather market is growing due to increased demand for non-animal-killing footwear, which has advantages over pure leather, as well as increased demand for luxury cars and electric vehicles.
Restraints
Raw materials including Polyvinyl Chloride and Polyurethane used for the manufacturing of synthetic leather as per the synthetic market trend which is harmful both for animals, humans, and the environment. The isocyanate PU, which is used in the production of synthetic leather, is extremely toxic to the lungs, causing asthma and even lung inflammation. These compounds induce skin irritation as well as breathing difficulties. Other health problems associated with PU include nausea, dizziness, vomiting and stomach distress. PVC is also harmful to one's health. Vinyl chloride monomer, phthalates, and dioxin are all hazardous components. Dioxin, for example, is a very poisonous chemical that is generated when chlorine-containing plastic is burned. As a result, the production of such dangerous chemicals works as a restraint, lowering the value and size of the synthetic leather market.
Opportunities
In the approaching years, the demand for synthetic leather over other industries will enhance the potential for rivals. By replacing conventional leather with bio-based leather made from natural fibers such as flax and cotton, the synthetic leather industry's opportunities are increased. These synthetic fibres' flexibility and strength present potential to grow the synthetic leather business.
Challenges
It has been noted that PU-based products are prone to tearing, posing a challenge for the leather sector. PU-based products are far more expensive than other synthetic leathers, which poses a significant environmental challenge. The lack of urbanisation and industry in APAC presents challenges in the synthetic market.
Pandemics have had a significant impact on the synthetic leather business. The epidemic has narrowed the window of opportunity for growth and development. Aside from the drawbacks of COVID, it has been noted that COVID has aided in market expansion as synthetic leathers are utilised for temporary medical, clinics, and healthcare institutes throughout the world have aided the furnishings, to support COVID patients. COVID has hindered the automotive sector, with car and other motor sales being reduced or eliminated. This has had an impact on the leather business, as synthetic leather is mostly used to furnish automobile interiors. Economic conditions in the industry deteriorated, and the production unit was severely impacted. Due to the government shutdown and lockdown, the business is nearly shuttered. The government imposed rigorous guidelines for wearing masks and using hand sanitizers. When such regulations were broken, they were penalised.
By Type
Bio-Based
Polyvinylchloride (PVC) Based
Polyurethane (PU) Based
By Application
Clothing
Bags
Shoes
Purses & Wallets
Accessories
Car Interiors
Belts
Sports Goods
Others
By End-Use Industry
Footwear
Furniture
Automotive
Textile
Sports
Electronics
Others
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North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Kuraray Co. Ltd., Teijin Limited, Mayur Uniquoters Limited, Filwel Co. Ltd., Alfatex N.V., Yantai Wanhua Synthetic Leather Group Co. Ltd., H.R. Polycoats Pvt. Ltd., NAN YA plastics corporation, San Fang Chemical Industry Co. Ltd., Zhejiang Hexin Industry Group Co. Ltd., and Others players.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 36.17 Billion |
| Market Size by 2030 | US$ 59.42 Billion |
| CAGR | CAGR of 6.4% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Bio-Based, Polyvinylchloride (PVC) Based, Polyurethane (PU)) • By Application (Clothing, Bags, Shoes, Purses & Wallets, Accessories, Car Interiors, Belts, Sports Goods, Others) • By End-Use Industry (Footwear, Furniture, Automotive, Textile, Sports, Electronics, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Kuraray Co. Ltd., Teijin Limited, Mayur Uniquoters Limited, Filwel Co. Ltd., Alfatex N.V., and Yantai Wanhua Synthetic Leather Group Co. Ltd., H.R. Polycoats Pvt. Ltd.,NAN YA plastics corporation, San Fang Chemical Industry Co. Ltd., Zhejiang Hexin Industry Group Co. Ltd., and Others players. |
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: Kuraray Co. Ltd. (Japan), Teijin Limited (Japan), Mayur Uniquoters Limited (India), Filwel Co. Ltd. (Japan), Alfatex N.V. (Belgium), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China), H.R. Polycoats Pvt. Ltd. (India),NAN YA plastics corporation (Taiwan), San Fang Chemical Industry Co. Ltd. (Taiwan) and Zhejiang Hexin Industry Group Co. Ltd. (China) are the major Key players of Global Synthetic Leather Market
Ans: Pandemics have had a significant impact on the synthetic leather business. The epidemic has narrowed the window of opportunity for growth and development. Aside from the drawbacks of COVID, it has been noted that COVID has aided in market expansion as synthetic leathers are utilised for temporary medical, clinics, and healthcare institutes throughout the world have aided the furnishings, to support COVID patients. COVID has hindered the automotive sector, with car and other motor sales being reduced or eliminated
Ans: PU-based products are prone to tearing and posing are the challenges faced by the Global Synthetic Leather Market.
Ans: During the projection period of 2021 to 2028, the synthetic leather market is estimated to grow from USD 66.0 billion to USD 89.33 billion globally. It occupies a CAGR of 4.4% during the forecast period.
Table of Content:
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Global Synthetic Leather Market, By Type
8.1 Bio-Based
8.2 Polyvinylchloride (PVC) Based
8.3 Polyurethane (PU) Based
9. Global Synthetic Leather Market, By Application
9.1 Clothing
9.2 Bags
9.3 Shoes
9.4 Purses & Wallets
9.5 Accessories
9.6 Car Interiors
9.7 Belts
9.8 Sports Goods
9.9 Others
10. Global Synthetic Leather Market, By End-Use Industry
10.1 Footwear
10.2 Furniture
10.3 Automotive
10.4 Textile
10.5 Sports
10.6 Electronics
10.7 Others
11.Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12.Company Profiles
12.1 Kuraray Co. Ltd.
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Teijin Limited (Japan
12.3 Mayur Uniquoters Limited
12.4 Filwel Co. Ltd., Alfatex N.V.
12.5 Yantai Wanhua Synthetic Leather Group Co. Ltd.
12.6 H.R. Polycoats Pvt. Ltd.
12.7 NAN YA plastics corporation
12.8 San Fang Chemical Industry Co. Ltd.
12.9 Zhejiang Hexin Industry Group Co. Ltd.
13.Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
14.Conclusion
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