Global Synthetic Leather Market Insights Forecasts to 2030

• The global synthetic leather market was valued at USD 33.7 billion in 2021.
• The market is growing at a CAGR of 7.8% from 2021 to 2030
• The global synthetic leather market is expected to reach USD 66.2 billion by 2030
•  North America is expected to grow the fastest during the forecast period

The global synthetic leather market is expected to reach USD 66.2 billion by 2030, at a CAGR of 7.8% during the forecast period 2021 to 2030. It is expected that the rapidly growing demand in the footwear industry will be a major factor in the growth of the market as a whole. The price of natural leather is another reason why people are looking for cheaper alternatives.

Market Overview:

Synthetic leather is a material made to look and feel like real leather. Making real leather isn't cheap, and the material itself is made from the skin of animals. Plastics and polymers are the main things used to make synthetic leather. Because of this, they can be made much faster and easier and need much less care than raw leather. In the last few years, there has been a big rise in the amount of synthetic leather sold in the United States. Market demand has grown significantly in the United States in the last few years. It is expected that consumption will go up over the next few years. The demand for synthetic leather upholstery in cars is expected to grow significantly, which will benefit the whole market in the United States. During the forecast period, it is expected that activities meant to improve the supply chain will positively affect the market in the United States. Because it is being used increasingly in industries like cars, clothes, luggage, and home furnishings, there has been a shift in how it is wanted worldwide. Because of the wide availability of raw materials and the low cost of labor and shipping, manufacturers have been looking for new suppliers worldwide, focusing on Asian countries like China and Vietnam. But the recent global spread of the coronavirus has greatly affected the synthetic leather market. Many governments have taken preventative measures to stop the pandemic from spreading. This has led to a drop in the demand for and trade of synthetic leather worldwide, which is likely to hurt the industry's growth in the future. It is expected that developing markets like China, India, Brazil, Malaysia, Thailand, and Vietnam will play a big role in the product's demand. Over the next few years, it is expected that the widespread use of synthetic leather in the footwear industry in several different regional markets will also help the industry grow worldwide.

Report Coverage

This research report categorizes the market for the global synthetic leather market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global synthetic leather market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global synthetic leather market sub-segments.

Segmentation Analysis

• In 2021, the PU segment dominated the market with the largest market share of 39% and market revenue of 13.1 billion.

Based on type, the synthetic leather market is categorized into PU, PVC, and Bio-based. In 2021, the PU segment dominated the market with the largest market share of 39% and market revenue of 13.1 billion. Polyurethane can be cleaned with a solvent for dry cleaning and is easier to tear than real hides. It is also more comfortable and lighter than real leather. It is also waterproof. Also, the sun's rays have no effect on it. It is also better for the environment than goods made from vinyl because it doesn't give off dioxins. It is expected that when all of these things work together, the demand will go up even more.

• In 2021, the footwear segment accounted for the largest share of the market, with 30% and a market revenue of 10.1 billion.

Based on application, the synthetic leather market is categorized into Footwear, Clothing, Furnishing, Automotive, Wallets, and Bags & Purses. In 2021, footwear dominated the market with the largest market share of 30% and market revenue of 10.1 billion. Its uses are getting more and more like those of real leather, which is slowly replacing it in purses, briefcases, car seats, and clothes. Its uses are getting closer and closer to those of real leather. Rising incomes and overall economic growth, especially in developing countries, have made more people want to buy shoes. The industry also moves forward because of changes in the weather in different places, which makes it necessary to make different kinds of shoes.

Regional Segment Analysis of the Synthetic Leather Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, Asia-Pacific emerged as the largest market for the global synthetic leather market, with a market share of around 32.78% and 33.7 billion of market revenue in 2021.

• In 2021, Asia-Pacific emerged as the largest market for the global synthetic leather market, with a market share of around 32.78% and 33.7 billion of the market revenue. China, India, and South Korea are expected to have the fastest-growing economies in the APAC region. When people have more money to spend, and the population keeps growing, this will open up many industry opportunities. China is one of the most important markets for leather, both in terms of how much leather it makes and how much it sells. On the other hand, the coronavirus epidemic has greatly affected the number of things made in the country. To stop the virus from spreading, even more, several factories have shut down or slowed their production by a lot. In the not-too-distant future, it is expected that the limited production in the manufacturing industry due to a stop or slowdown in operations, limited supply and transportation in the country, and slowing infrastructure will hurt the demand for synthetic leather from the end-use application.
• The North America market is expected to grow at the fastest CAGR between 2022 and 2030. Animal rights groups like PETA, WWF, and others have become more worried over the past few years. This has made it harder for the leather industry to grow. As a direct result, there has been a rise in the demand for products made of fake leather in the area. The European market grew greatly because of how well the consumer electronics and car industries performed. Because of the ongoing global financial crisis, the region's governments are putting more effort into making cheap products from renewable resources that last a long time. Because of this change, the market for synthetic leather in this area will likely grow.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global synthetic leather market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Market Players:

• Kuraray Co., Ltd.
• H.R. Polycoats Pvt. Ltd.
• Alfatex Italia SRL
• Filwel Co., Ltd.
• Yantai Wanhua Synthetic Leather Group Co., Ltd.
• San Fang Chemical Industry Co., Ltd.
• Mayur Uniquoters Limited
• Teijin Limited
• Nan Ya Plastics Corporation

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Third-party knowledge providers
• Value-Added Resellers (VARs)

Recent Development

• In 2021, Hermès built a brand-new plant in France to make its Guyenne leather goods. This was done to meet the growing demand for its high-end handbags. Hermès has opened their 19th place where they will make leather goods.
• In March 2021, Starlite systems, made of special polymers and announced by Stahl Holdings BV, were used to make lightweight car leathers. When Starlite is used instead of regular leather, synthetic leather is 30 percent lighter than regular leather.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2030. Spherical Insights has segmented the global synthetic leather market based on the below-mentioned segments:

Global Synthetic Leather Market, By Type

• PU
• PVC
• Bio-based

Global Synthetic Leather Market, By Application

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

Global Synthetic Leather Market, Regional Analysis

• North America
  • The US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• The Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa