The synthetic leather market size is projected to hit around US$ 40.5 billion by 2027 and growing at a noteworthy CAGR of 4.6% over forecast period 2020 to 2027.

OTTAWA, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The global synthetic leather market size was valued at US$ 29.6 billion in 2019, according to a new study by Precedence Research.

Synthetic or artificial leather is man-made leather that provides the appearance of the real leather. The product is marketed with various names for example vegan leather, faux leather, pleather, and leatherette. Synthetic leather comprises of a cloth base that is coated with a synthetic resin in order to resemble its appearance with animal hide on the surface. The surface of the leather fabric is dyed and treated with specific additives to make it look like a real leather. It is widely in the industries that require leather-like finish for example in upholstery, footwear, automobile, and clothing, among others. Further, it comes with no seams that prevent the water from seeping inside and damaging the inner material.

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Growth Factors

Remarkable properties of the synthetic leather over real leather such as high moisture resistance, easy washable, cost-effectiveness, and high durability drives its demand during the forthcoming years. Increasing demand for synthetic leather mainly from the footwear industry because of presence of durable and affordable leather expected to augment the market size for the product. In addition, robust demand for luxurious products from furniture and automotive sectors projected to accelerate the market growth over the coming years.

Additionally, stringent government norms for the protection of animals for leather products anticipated to bolster the market growth during the analysis period. Rising consumer awareness related to cruel practices of animal killing along with introduction of better alternatives of leather for furniture, clothing, and footwear applications likely to offer alluring opportunities to the market participants operating. Increasing Research & Development (R&D) investments for the production of bio-based leathers using fruits such as banana and jackfruit are further creating massive opportunities for the manufacturers over the upcoming years. However, the spread of corona virus disease which was centered at Wuhan, China expected to hamper the demand of the synthetic leathers in the near future.

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Report Highlights

• The Asia Pacific encountered the largest value share of more than 40% in the year 2019 and expected to maintain the same trend over the analysis period
• North America and Europe witness sluggish growth owing to the maturity of the market along with drastic decline in the cross-border trade with the spread of the coronavirus pandemic
• Polyurethane (PU) synthetic leather segment captured the largest value share of more than 50% in 2019 along with the promising growth over the upcoming years owing to the product quality, yield, and variety
• The PVC product segment expected to register slow growth over the analysis period owing to inability to maintain the body heat as well as gave a sticky feel when touched
• Bio-based product expected to witness prominent growth over the forthcoming years owing to presence of polyester polyol that has 70% to 75% renewable content
• Footwear application accounted for the maximum revenue share of more than 30% in 2019 due to increasing income levels and economic growth in the developing countries
• Automotive application witnesses significant growth over the analysis period owing to large application of PU because of its non-sticky and soft touch properties
  

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Regional Snapshots

Presently, the Asia-Pacific emerged as the largest market for synthetic leathers, in terms of value, followed by Europe. The prominent growth of the region is mainly because of the on-going technological innovations in the synthetic leather industry along with the presence of some of key market players in the region.

China is one of the major markets in the Asia Pacific region for synthetic leathers in terms of production and sales. Besides this, the recent outbreak of COVID-19 has drastically impacted the manufacturing output of the country. Several manufacturers have either slowed down or closed their operations to control the spread of the virus. This has adversely affected the demand for synthetic leather from various end-use applications.

North America expected to register a moderate growth rate over the analysis period owing to the considerable demand for synthetic leathers in automotive, footwear, and construction industries.

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Key Players & Strategies

The global leaders in the synthetic leather industry are largely focused towards new product development and geographic expansion to strengthen their market positions. Further, the development of bio-based synthetic leathers along with advanced & personalized products offer prominent growth openings to synthetic leather producers.

Some of the key players operating in the market are Kuraray Co., Ltd., Nan Ya Plastics Corporation, Yantai Wanhua Synthetic Leather Group Co., Ltd., Mayur Uniquoters Limited, Teijin Limited,San Fang Chemical Industry Co., Ltd., Filwel Co., Ltd., and Zhejiang Hexin Industry Group Co., Ltd. among others.

Market Segmentation

By Product

• PVC
• PU
• Bio Based
  

By Application

• Automotive
• Furnishing
• Footwear
• Clothing
• Bags & Wallets
• Others

By Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
  

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