According to the latest report by IMARC Group, titled “Synthetic Leather Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global synthetic leather market size reached US$ 37.6 Billion in 2022. Synthetic leather, also called faux leather, is a material designed to mimic the aesthetic qualities and feel of real leather without using animal products. It is engineered from a variety of base materials and coated with a layer that imitates the texture and color of real leather. The base material can be polyester, polyvinyl chloride (PVC), or polyurethane. This base is treated to resemble the leather grain pattern and coated to provide the final product's color and feel. Each type of synthetic leather has its distinct characteristics. Synthetic leather is widely used in various sectors, such as furniture, clothing, automotive, and footwear, due to its lower cost, durability, and ease of maintenance compared to real leather. Additionally, it provides a viable alternative for those seeking cruelty-free and vegan products, thus broadening its appeal.
Global Synthetic Leather Market Trends:
The increasing consumer awareness regarding animal welfare has led to a surge in demand for cruelty-free and vegan alternatives in fashion and interiors. Synthetic leather, mimicking the aesthetic and tactile properties of genuine leather, serves as an appealing option. Moreover, the lower cost and greater durability of synthetic leather, coupled with easy maintenance, have enhanced its appeal across industries such as footwear, clothing, automotive, and furniture, creating a favorable outlook for market expansion. In addition to this, ongoing technological advancements and innovations are enhancing the quality of synthetic leather, making it more similar to genuine leather in texture and appearance, which, in turn, is aiding in market expansion. Concurrently, the advent of eco-friendly manufacturing processes and bio-based materials in response to sustainability concerns associated with traditional synthetic leather production are contributing to the market's growth. Furthermore, various regulatory bodies across the globe are imposing stringent laws regarding the use of real leather due to its environmental impact, especially concerning deforestation and greenhouse gas emissions associated with livestock farming, which is acting as a major growth-inducing factor. Besides this, the adaptability of synthetic leather to various colors, textures, and designs also facilitates its integration into a wide range of styles and trends, thus strengthening the market growth. Looking forward, the market value is projected to reach US$ 48.4 Billion by 2028, expanding at a CAGR of 4.2% during 2023-2028.
- On the basis of the type, the market has been divided into bio-based, polyvinylchloride (PVC) based, and polyurethane (PU) based.
- Based on the application, the market is categorized into clothing, bags, shoes, purses and wallets, accessories, car interiors, belts, sports goods, and others.
- On the basis of the end use industry, the market has been segregated into footwear, furniture, automotive, textile, sports, electronics, and others.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Asahi Kasei Corporation, DuPont Tate & Lyle Bio Products Company LLC, FILWEL Co. Ltd. (Air Water Inc.), H.R. Polycoats Pvt. Ltd., Kuraray Co. Ltd., Mayur Uniquoters Limited, Nan Ya Plastics Corporation, San Fang Chemical Industry Co. Ltd., Teijin Limited and Zhejiang Hexin Holdings Co. Ltd.
|Base Year of the Analysis
||Type, Application, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Asahi Kasei Corporation, DuPont Tate & Lyle Bio Products Company LLC, FILWEL Co. Ltd. (Air Water Inc.), H.R. Polycoats Pvt. Ltd., Kuraray Co. Ltd., Mayur Uniquoters Limited, Nan Ya Plastics Corporation, San Fang Chemical Industry Co. Ltd., Teijin Limited and Zhejiang Hexin Holdings Co. Ltd.
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