PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127441
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127441
Synthetic Leather Market size was valued at USD 33,100.8 Million in 2021, growing at a CAGR of 7.8% from 2022 to 2028.
Polyvinyl chloride (PVC) or polyurethane are frequently used in the construction of synthetic leather, a man-made material (PU). Although it seems like genuine leather, it is actually synthetic leather. Genuine leather's appearance is replicated by coloring and treating synthetic leather. This kind of leather is referred to as leather, imitation leather, leatherette, and vegan leather. The qualities of weather resistance, color resistance, and durability are just a few of the benefits of synthetic leather. Because there are no layers or joints, water cannot leak inside and harm the materials. It is mostly used in places where a leather-like feel is needed, such as footwear, furniture, clothing, interior design, and decor.
Globally rising demand from the footwear industry is anticipated to be a major driver of market expansion. Another aspect that has fueled the need for natural leather alternatives is the expensive price of natural leather. Another significant type of synthetic leather that has gained popularity is PVC leather, which is used for a wide range of products such as shopping bags, cosmetic bags, wallets, suitcases, purses, and travel bags. It is utilized in many different applications, such as fabrics, shoes, clothing, furniture, and others where a leather-like finish is necessary, but the material is unsuitable, unusable, or prohibitively expensive. Over the past few years, the manufacturing procedure for the shell coating that is applied on top of the synthetic polymer blend has changed.
The Global Synthetic Leather Market is segmented on the basis of Type, Application, and Region.
The market is divided into three categories based on product type: PU Synthetic Leather, PVC Synthetic Leather, and Bio-based Leather. PU Synthetic Leather held the majority of the market share of nearly 29.2% in terms of revenue. Its progress in terms of product quality, diversity, and yield has been encouraging. In comparison to actual hides, polyurethane is more easily torn and is lighter, softer, and waterproof. Sunlight has no effect on it either. Additionally, because it doesn't generate dioxins, it is a more environmentally friendly alternative to products made of vinyl. All these elements are anticipated to further increase demand for it.
The market is divided into five categories based on application: Furnishing, Automotive, Footwear, Wallets, Bags & Purses, and Clothing. The footwear Industry accounted for the largest share over 22.3% in 2021 of the Synthetic Leather market in 2021. Its use is becoming more similar to that of genuine leather, which is replacing applications in handbags, briefcases, furniture for cars, and clothes. The demand for footwear has been spurred by rising income levels and economic expansion, particularly in emerging economies. Additionally, the industry is driven by variances in regional climates, which call for various styles of footwear.
The global market for Synthetic Leather is made of a number of both international and local producers, making it a fairly competitive sector in the world. Some of the leading strategies adopted by corporations to expand their market share include new product launches, agreements, distribution network development, R&D spending, and mergers and acquisitions.
In June 2022, Sage-ONF, a synthetic leather supplier, launched serial production of Silicone Synthetic leather. The Sage-ONF plant has begun manufacturing Silicone Synthetic leather in Shanghai, China. Additionally, in January 2022, Dow Company introduced Luxsense Silicone Synthetic Leather which is considered to be the world's first high-end silicone-based product to meet specifications in transportation seating and interiors, furniture, fashion, consumer electronics, and wearable devices with unique features.
The scope of this report covers the market by its major segments, which include as follows: