PUBLISHER: Grand View Research | PRODUCT CODE: 1433597
PUBLISHER: Grand View Research | PRODUCT CODE: 1433597
The global synthetic leather market is anticipated to reach USD 66.24 billion by 2030 and is projected to grow at a CAGR of 7.87% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing awareness among consumers regarding animal exploitation, aided by programs run by organizations such as PETA, has played a major role in increasing the demand for leather alternatives. The growing supply-demand gap in the natural leather industry is also a major factor responsible for manufacturers opting for synthetic or artificial leather.
Furthermore, natural leather is obtained from animals, which has resulted in animal killings. There have been various guidelines and laws established by various countries to protect animal rights. Animal rights laws have become a major hurdle for natural leather manufacturers in several countries.
Manufacturing activities of natural leather, especially tanning, lead to pollution of the nearby surroundings. This is another major reason leading to the shift in preference toward synthetic leather. Stringent environmental laws and government regulations have been influential in promoting the demand for synthetic leather.
India is among the world's top five producers of leather. However, the Central government of India has banned the slaughter of cows for meat and leather, which has adversely affected the leather industry in the country. Most of India's leather and meat industry comprises unorganized players, owing to which a reduction in the annual production from these industries is not feasible to estimate. The market situation has widened the demand-supply gap of genuine leather, which is expected to supplement the India PU market's growth over the forecast period.