Synthetic Leather Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

Synthetic Leather Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Polyurethane, Polyvinyl Chloride, Silicone, and Others); Application (Footwear, Furniture, Automotive, Clothing, Stationery Goods, and Others), and Geography

  • Report Code : TIPRE00003932
  • Category : Chemicals and Materials
  • No. of Pages : 150
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Synthetic Leather Market Size and CAGR by 2031

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The Synthetic Leather Market size is projected to reach US$ 50.41 billion by 2031 from US$ 30.25 billion in 2023. The market is expected to register a CAGR of 6.5% in 2023–2031. The growing focus on the development of biobased leather is likely to remain a key Synthetic Leather Market trend.

Synthetic Leather Market Analysis

Synthetic leather has gained popularity is the last few years. It is used in various industries, including footwear, clothing, furniture, and automotive. The most common use of synthetic leather is in clothing, luggage, and cases. synthetic leather is increasingly used in jackets, coats, handbags, purses, belts, etc. Synthetic leather is suitable for footwear application due to its low cost, and abrasion resistance.

Synthetic Leather Market Overview

Synthetic leather is prepared by extrusion of raw materials such as polyvinyl chloride, polyurethane, color pigments, backing materials, and others. The growing demand from industries such as furniture, footwear, and automotive is expected to drive the demand for synthetic leather. In addition, growing investments by major players are expected to boost the market growth.

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Synthetic Leather Market: Strategic Insights

Synthetic Leather Market

  • CAGR (2023 - 2031)
    6.5%
  • Market Size 2023
    US$ 30.25 Billion
  • Market Size 2031
    US$ 50.41 Billion

Market Dynamics

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OPPORTUNITIES
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Key Players

  • Kuraray Co., Ltd.
  • SAN FANG CHEMICAL INDUSTRY CO., LTD.
  • TEIJIN LIMITED
  • NAN YA PLASTICS CORPORATION
  • FILWEL Co., Ltd.
  • Alfatex Italia
  • Mayur Uniquoters Limited
  • H.R. POLYCOATS PVT. LTD.
  • FUJIAN POLYTECH TECHNOLOGY CORP.,LTD.
  • BASF SE

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Type
  • Polyurethane
  • Polyvinyl Chloride
  • Silicone
Application
  • Footwear
  • Furniture
  • Automotive
  • Clothing
  • Stationery Goods
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Synthetic Leather Market Drivers and Opportunities

Advantages of Synthetic Leather

Synthetic leather provides several advantages. It reflects a visual appearance with realistic leather quality when modified and improved. It is a versatile material available in a variety of colors, finishes, and patterns. The cost of synthetic leather is lesser as compared to genuine leather, which makes it a much more affordable option. Moreover, synthetic leather is a waterproof material and can resist water penetration since it consists of a plastic base layer with a plastic coating. As a result, synthetic leather is the perfect choice for applications with continuous exposure to moisture and humidity. Thus, the advantages associated with the usage of synthetic leather are driving the market.

Growing Demand from the Footwear Industry

The footwear industry is one of the significant segments of the synthetic leather industry. The high demand for shoes is providing opportunities for the footwear industry to develop and grow. Synthetic leather material is suitable for shoes due to its low cost and abrasion resistance. Also, synthetic leather shoes offer great waterproof qualities. Synthetic leather can be mixed with a few chemicals to add waterproof features. There is a high demand for synthetic leather from the footwear industry. Moreover, many footwear brands are focusing on developing plant-based leather shoes and vegan leather shoes. This is further contributing to the high demand for synthetic leather. Thus, growing demand from the footwear industry creates opportunities in the synthetic leather market.

Synthetic Leather Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Synthetic Leather Market analysis are base oil, product type, and end-use industry.

  • Based on type, the Synthetic Leather Market is divided into polyurethane, polyvinyl chloride, silicone, and others. The polyurethane segment held a larger market share in 2023.
  • By application, the market is segregated into footwear, furniture, automotive, clothing, stationery goods, and others. The footwear segment held the largest share of the market in 2023.

Synthetic Leather Market Share Analysis by Geography

The geographic scope of the Synthetic Leather Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

Asia Pacific has dominated the Synthetic Leather Market. The Asia Pacific footwear market is driven by rapid urbanization, growing population, and industrialization in countries such as China, Indonesia, and India. Also, the penetration of e-commerce platforms such as Amazon and Alibaba has facilitated consumers' convenient purchase of footwear. As a result, the growing demand from the footwear industry, fashion, and upholstery industries includes a wide variety of items such as shoes and jackets, luggage and wallets, and car interiors—particularly seats, electronics cases, and sofas. Asia Pacific is anticipated to be the fastest growing region in the coming period.

Synthetic Leather Market Report Scope

Report Attribute Details
Market size in 2023 US$ 30.25 Billion
Market Size by 2031 US$ 50.41 Billion
Global CAGR (2023 - 2031) 6.5%
Historical Data 2021-2022
Forecast period 2023-2031
Segments Covered By Type
  • Polyurethane
  • Polyvinyl Chloride
  • Silicone
By Application
  • Footwear
  • Furniture
  • Automotive
  • Clothing
  • Stationery Goods
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Kuraray Co., Ltd.
  • SAN FANG CHEMICAL INDUSTRY CO., LTD.
  • TEIJIN LIMITED
  • NAN YA PLASTICS CORPORATION
  • FILWEL Co., Ltd.
  • Alfatex Italia
  • Mayur Uniquoters Limited
  • H.R. POLYCOATS PVT. LTD.
  • FUJIAN POLYTECH TECHNOLOGY CORP.,LTD.
  • BASF SE
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Synthetic Leather Market News and Recent Developments

    The Synthetic Leather Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

    • General Silicones (GS), an expert manufacturer of silicone products with 50 years of experience, is announcing the availability of its new Compo-SiL® SL silicone vegan leather product series. The SL series is suitable for manufacturers of consumer products such as bags and backpacks, shoes, wallets, belts, book bindings, and covers that are looking for vegan leather supplies with factory-applied fabric lining. (Source: General Silicones Co., Ltd., Company News, 2023)

    Synthetic Leather Market Report Coverage and Deliverables

    The “Synthetic Leather Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Market dynamics such as drivers, restraints, and key opportunities
    • Key future trends
    • Detailed Porter’s Five Forces and SWOT analysis
    • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Type, and Application

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

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