Synthetic Leather Market

Report scope & Overview:

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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MARKET DYNAMICS

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.

Impact of COVID-19 Analysis

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.

Key player

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.

Market Segmentation

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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 Regional Coverage

• 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