Report : Synthetic Leather Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Polyurethane, Polyvinyl Chloride, Bio-based); Application (Footwear, Furnishing, Automotive, Clothing and Accessories, Others) and Geography
According to our latest market study on “Synthetic leather Market Forecast to 2028 – COVID-19 Impact and Synthetic Leather Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Polyurethane, Polyvinyl Chloride, Silicone, and Others) and Application (Footwear; Furniture; Automotive; Clothing; Bags, Purses & Wallets; and Others),” the market was valued at US$ 27,533.71 million in 2021 and is projected to reach US$ 42,742.65 million by 2028; it is expected to register a CAGR of 6.5% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players, along with their developments in the market.
Synthetic leather is made using raw materials such as polyurethane, polyvinyl chloride, and color pigments. It costs much less than genuine leather and is typically more affordable than genuine leather. The synthetic leather market is mainly driven by growing demand from various end-use industries such as furniture, footwear, and automotive. The polyurethane segment held the largest share in the global synthetic leather market in 2020. There is high demand for polyurethane leather in furniture and automotive applications.
Synthetic leather is used to manufacture leather jackets, coats, handbags, purses, belts, etc. It is commonly used in manufacturing luggage trolleys, wallets, and cases. In the footwear industry, artificial leather is gaining traction due to its low cost, as well as abrasion and water resistance. It is also used in decorating residential and commercial interiors due to its availability in various colors, styles, textures, and patterns. In the automotive industry, car seats and other automotive interiors are styled using synthetic leather. Thus, the array of synthetic leather applications in various end-use industries is propelling its demand.
Some of the key market players in the global synthetic leather market include San Fang Chemical Industry Co., Ltd; KURARAY CO., LTD.; Teijin Limited; Nan Ya Plastics; FILWEL Co., Ltd.; Mayur Uniquoters Limited; H.R.Polycoats Pvt. Ltd.; BASF SE; Alfatex Italia; and FUJIAN POLYTECH TECHNOLOGY CORP.,LTD.
Impact of COVID-19 Pandemic on Synthetic Leather Market
The COVID-19 pandemic affected economies and industries worldwide due to lockdowns, travel bans, and business shutdowns. The demand for synthetic leather has been negatively affected due to a decline in the growth of several industrial sectors. Many synthetic leather production sites were either closed partially or completely to combat the spread of the virus. The COVID-19 pandemic also caused fluctuations in the raw material prices of synthetic leather. In the automotive industry, the sales of cars and other vehicles dropped during the pandemic. However, with the various economies planning to revive their operations, the demand for synthetic leather is expected to rise in the future.
The global synthetic leather market, by type, is segmented into polyurethane, polyvinyl chloride, silicone, and others. Based on application, the market is segmented into footwear, furniture, automotive, clothing, bags purses & wallets, and others. Geographically, the synthetic leather market is broadly segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, the UK, Italy, Russia, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of MEA), and South and Central America (Brazil, Argentina, and the Rest of South and Central America).