PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1409029
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1409029
Scope of the Report | |
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Years Considered for the Study | 2017-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Million) and Volume (Million Sq. Meter) |
Segments | Type, End-use Industry, and Region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, South America |
The synthetic leather market is poised for significant growth, with a projected value of USD 88.0 billion by 2028, exhibiting a robust CAGR of 5.1% from its 2023 value of USD 68.7 billion. The synthetic leather market is witnessing substantial growth, primarily driven by two key factors. First, the ever-expanding footwear industry has increasingly adopted synthetic leather due to its versatility, affordability, and durability. Second, there's a growing global concern about animal welfare, prompting consumers and manufacturers to seek ethical and sustainable alternatives to genuine leather. These combined forces are propelling the demand for synthetic leather products in various end-use industries such as footwear, furnishings, automotive, clothing, bags, purses, & wallets, and others.
"PU-based synthetic leather segment was the largest type of synthetic leather in 2022, in terms of value."
The PU-based (Polyurethane) synthetic leather segment is the largest type in the synthetic leather market due to its versatile properties. PU-based synthetic leather is cost-effective, durable, and can mimic the look and feel of genuine leather. It is widely used in various end-use industries including footwear, furnishings, automotive, clothing, bags, purses, & wallets, and others making it the preferred choice for manufacturers and consumers seeking a balance between quality and affordability.
"Footwear segment is estimated to be the largest end-use industry of synthetic leather market in 2022, in terms of value."
The footwear segment dominates the synthetic leather market due to cost-effectiveness, durability, and customization. Synthetic leather offers a wide array of colors, patterns, and textures, catering to fashion-forward consumers. Moreover, it aligns with sustainability and animal welfare concerns, and advancements in technology have made it an excellent alternative to genuine leather. Easy maintenance, regulatory support, and a stable supply chain further contribute to its leadership in the footwear industry.
"Asia Pacific is estimated to be the largest synthetic leather market in 2022, in terms of value."
Asia Pacific's status as the largest synthetic leather market is driven by economic growth, urbanization, and robust manufacturing capabilities. The region is a major producer of synthetic leather, particularly in countries like China and South Korea, benefiting from economies of scale. The fashion, footwear, and automotive industries have embraced synthetic leather, and government support in some countries has further bolstered production. Ethical and environmental concerns have also propelled the shift to synthetic leather. This, combined with price competitiveness, has solidified the region's dominant position in the synthetic leather market.
The key market players illustrated in the report include Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), NAN YA PLASTICS CORPORATION (Taiwan), Wanhua Chemical Group Co., Ltd. (China), Mayur Uniquoters Limited (India), FILWEL Co., Ltd. (Japan), Zhejiang Hexin Holdings Co., Ltd. (China), Alfatex Italia SRL (Italy), and H.R. Polycoats Private Limited (India).
Research Coverage
This report segments the market for synthetic leather on the basis of type, end-use industry, and region, and provides estimations for the overall value (USD Million) of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for synthetic leather.
Reasons to buy this report
This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the synthetic leather market; high-growth regions; and market drivers, restraints, opportunities, and challenges.