The report "Synthetic Leather (Artificial Leather) Market by Type (Polyurethane, Polyvinyl Chloride, Bio-based), End-Use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Sports, Electronics) and Region - Global Forecast to 2025", The synthetic leather market is projected to reach USD 78.5 billion by 2025, at a CAGR of 4.4% from USD 63.3 billion in 2020.
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Synthetic leather, also known as faux leather, is an artificially made fabric, which is generally manufactured using polyurethane (PU) or polyvinyl chloride (PVC). It is processed and dyed to look similar to pure leather. Synthetic leather has properties such as durability and resistance to stain and weather.
PU-based is the largest type segment of the synthetic leather market. APAC was the largest market for synthetic leather in 2019, in terms of both volume and value. Factors such as growing demand from footwear industry, no animal killing involved, advantages over pure leather, and increasing demand for luxury cars and electric vehicles will drive the synthetic leather market.
Bio-based leather is projected to be fastest growing type for synthetic leather market between 2020 and 2025
Bio-based leather is manufactured by using natural materials. It is made by using natural fibers such as cotton or flax, further mixed with corn, palm, soybean, and other plant oils. These raw materials are laminated collectively into many layers to create bio-based leather. It is sustainable and has low carbon footprint. The bio-based leather market is in a nascent phase and has not been fully commercialized. But due to increasing government regulations and rising environmental concerns, the market is expected to grow in the near future.
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Footwear is projected to be the fastest growing end-use industry in synthetic leather market between 2020 and 2025.
Synthetic leather is widely used in the footwear industry due to its excellent properties and high durability. It is used in shoe linings, shoe uppers, and insoles to make different types of footwear such as sports shoes, shoes & boots, and sandals & slippers. The increasing demand for footwear in developed and emerging countries is expected to drive the demand for synthetic leather. Synthetic leather is widely used to manufacture sports shoes for various games around the world due to its cost-effectiveness. Sports shoes made from synthetic leather look similar to those of pure leather and are offer various other properties such as resistance to water, heat, and rigid climatic conditions. It is used to make formal men’s and women’s footwear for official purposes, boots for women and men in the fashion industry, and for those living in the cold regions around the world. Boots made out of real leather tear when exposed to snow and water, but synthetic leather offers excellent resistance to water and snow.
APAC projected to be fastest growing region for the synthetic leather market during the forecast period
The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The synthetic leather industry is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest synthetic leather market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
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The increasing population in the region accompanied with development of new technologies and products are projected to make this region an ideal destination for the growth of the synthetic leather industry. However, establishing new plants, implementing new technologies, and creating a value supply chain between raw material providers and manufacturing industries in the emerging regions of the APAC are expected to be a challenge for industry players as there is low urbanization and industrialization. Booming footwear and automotive sectors and advances in process manufacturing are some of the key drivers for the market in the APAC. Countries such as India, Indonesia, and China are expected to witness high growth in the synthetic leather market due to the increasing demand from the automotive industry.
Key Market Players
The key market players profiled in the report include Kuraray Co. Ltd. (Japan), San Fang Chemical Industry Co. Ltd. (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Limited (India), NAN YA plastics corporation (Taiwan), Filwel Co. Ltd. (Japan), Zhejiang Hexin Industry Group Co., Ltd. (China), Alfatex N.V. (Belgium), H.R. Polycoats Pvt. Ltd. (India), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China).
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