Synthetic Leather Market Projected to Reach 208.81 Billion USD by 2026


Posted February 24, 2017 by samuel871

The global synthetic leather market was USD 51.81 Billion in 2015, and is projected to reach USD 208.81 Billion by 2026, at a CAGR of 13.4% from 2016 to 2026.

 
The report "Synthetic Leather Market by Type (Polyurethane, Polyvinyl Chloride, Bio-based), End-Use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets) - Global Forecast to 2026",The global synthetic leather market was valued at USD 51.81 Billion in 2015, and is projected to reach USD 208.81 Billion by 2026, at a CAGR of 13.4% from 2016 to 2026.

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The growing demand for synthetic leather in the footwear industry, and concerns regarding the killing of animals for the production of pure leather, is expected to drive the market in the future.

PU synthetic leather accounts for the largest share in the synthetic leather market

The global synthetic leather market is segmented based on type, into PU-based, PVC-based, and bio-based. In 2015, PU-based synthetic leather captured the maximum share of the overall market; it is also expected to witness the highest CAGR during the forecast period. PU leather is considered more environment friendly as compared to vinyl based leather, as it does not create dioxins. PU-based based leather is more expensive than PVC-based leather, due to the extensive manufacturing process that is required. Companies are also manufacturing microfiber PU leather, which is high quality leather, and has properties that are better than pure leather.

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Growing demand from the footwear industry to boost the synthetic leather market

The major end-use industries of synthetic leather are footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. The demand for synthetic leather in the footwear industry is projected to register the highest CAGR during the forecast period. The growth in this industry is driven by the growing incomes, and economic growth. Another major driver for the growth in demand for synthetic leather in various countries is the variation in climatic conditions, which requires different kinds of footwear.

Asia-Pacific: The largest market in synthetic leather

The global synthetic leather market is segmented into five regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The Asia-Pacific region is the largest synthetic leather market, closely followed by Europe, in terms of value. The growing end-use industries such as, automotive, footwear, and furnishing, coupled with regulations regarding animal welfare is driving the demand for synthetic leather in the Asia-Pacific region. The presence of many international fashion brands in Europe is driving the demand for synthetic leather in the region.

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Currently, market players such as, Kuraray Co. Ltd. (Japan), San Fang Chemical industry Co. Ltd (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Ltd. (India), Nan Ya Plastics Co. Ltd. (Taiwan), Filwel Co. Ltd. (Japan), Zhejiang Hexin Industry Group Co., Ltd. (China), Alfatex (Italy), H.R. Polycoats Pvt. Ltd. (India), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China) are leading the global synthetic leather market.

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Last Updated February 24, 2017