Synthetic Leather Market Size Analysis & Forecast to 2028

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

Publication Month : Dec 2021

  • Report Code : TIPRE00003932
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 147
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[Research Report] The synthetic leather 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. 

MARKET ANALYSIS

Synthetic leather is a man made leather obtained from synthetic process. It is made of different materials such as polyurethane and polyvinyl chloride. Synthetic leather is in high demand due to its widespread use in footwear, furniture, clothing, bags and purses and automotive industries. Moreover, growth of the global footwear industry owing to rapid rise of global population and rising urbanization is driving the demand for synthetic leather. Growing concerns regarding animal treatment for natural leather tanning is likely to boost the utilization of synthetic leather in apparel, bags& wallets, sports accessories and   other stationery goods. Furthermore, growth of automotive sector is also expected to drive the demand for synthetic leather.

GROWTH DRIVERS AND CHALLENGES

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. There is increasing use of synthetic leather in jackets, coats, handbags, purses, belts, etc. Moreover, there is a high demand for synthetic leather in the footwear industry. In the footwear industry, synthetic leather is frequently used in shoes. Synthetic leather is suitable for shoes due to its low cost, abrasion resistance, and water resistance. Synthetic leather has become more popular for furniture items. Synthetic leather is used for upholstery purposes, such as covering chairs, lining the tops of writing desks and tables. It is commonly used in sofas, chairs, headboards, etc. As synthetic leather is available in various colors, styles, textures, and patterns, it is increasingly used in decorating residential or commercial interiors. This is further fueling the growth of the synthetic leather market. Synthetic leather is used in the automotive industry, especially in making automotive interiors. Synthetic leather is used for car seating as it helps in cost reduction. The demand for automotive interior materials is increasing with the growing automotive industry. The growing demand for automotive interior materials from economies like India, China, Mexico, the US, and Germany is boosting the growth of the synthetic leather market. Hence, the increase in demand for synthetic leather from various end-use industries such as footwear, furnishing, clothing, and automotive is driving the synthetic leather market. Polyvinyl chloride (PVC) and polyurethane (PU) are two of the most widely used synthetic plastic polymers to make synthetic leather. Synthetic leather made by using plastic is not eco-friendly. The production process of plastics used in most synthetic leathers is often a relatively energy-intensive and chemical-filled process that also produces significant waste. Hence, the harmful effects of PVC and PU, coupled with less durability of synthetic leather compared to leather, may restrain the market growth.

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Synthetic Leather Market: Strategic Insights

synthetic-leather-market
Market Size Value inUS$ 27,533.71 million in 2021
Market Size Value byUS$ 42,742.65 million by 2028
Growth rateCAGR of 6.5% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
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REPORT SEGMENTATION AND SCOPE

The "Global Synthetic Leather Market Analysis to 2027" is a specialized and in-depth study with a major focus on the global synthetic leather market trends and growth opportunities. The report aims to provide an overview of the global synthetic leather market with detailed market segmentation by product, application, and geography. The global synthetic leather market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of synthetic leather worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the synthetic leather market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the synthetic leather market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative synthetic leather market opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global synthetic leather market, which helps understand the entire supply chain and various factors affecting the market growth.

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SEGMENTAL ANALYSIS

The global synthetic leather market is segmented based on type, and application. Based on type the synthetic leather market is segmented as polyurethane, polyvinyl chloride, silicone, and others. On the basis of application, the market is segmented as footwear, furniture, automotive, clothing, stationery goods, and others.

 On the basis of type polyurethane led the synthetic leather market with a largest market share. Polyurethane-based leather is created by coating a fabric such as polyester or cotton with a flexible polymer. It is then treated by various processes to make it look like real leather. Polyurethane-based leather is waterproof, lightweight, and soft. It does not fade or crack when exposed to sunlight. Based on application footwear segment is dominating the synthetic leather market. Synthetic leather is increasingly being used in the footwear industry as a replacement of traditional leather. It is used in shoe uppers, sandals, shoe lining, and insoles. There are several benefits of wearing synthetic leather shoes instead of actual leather. Synthetic leather shoes exhibit great waterproof qualities, as it is combined with a few chemicals that impart waterproof features to this leather. The synthetic leather manufacturing is a straightforward and automated process, which lowers the cost of shoes made from synthetic leather. Thus, there is a high demand for synthetic leather in the footwear industry.

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REGIONAL ANALYSIS

The report provides a detailed overview of the global synthetic leather market with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia Pacific accounted for a large portion of the global synthetic leather market share and is valued at more than US$ 12440 million in 2020. The Asia Pacific footwear market is primarily driven by rapid urbanization and industrialization in countries such as China, Indonesia, and India. Also, the increasing penetration of e-commerce platforms such as Amazon and Alibaba have facilitated consumers to choose from a wide variety of footwear available online. Europe is also expected to witness considerable growth valued at approximately US$ 9123 million in 2028. The increasing demand from the automotive industry in Europe is the major driver for the automotive interior materials market, which indirectly drives the synthetic leather market. Furthermore, in North America, there has been a widespread usage of synthetic leather in footwear industry. The synthetic leather market in North America is augmented to grow at CAGR of 6.5% during the forecast period.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

Partnership, acquisitions, and new product launches were found to be the major strategies adopted by the players operating in the global synthetic leather market.

In Aug 2021, Guardian Glass had added a new jumbo production line of synthetic leather  at Ryazan, Russia plant. This investment had enabled the strong growth in the commercial and residential sectors.

IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION

Lockdowns, travel restrictions, and business shutdowns due to the COVID-19 pandemic adversely affected economies and industries in various countries in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA). The crisis disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. Further, the international travel bans imposed by various governments in Europe, Asia Pacific, and North America forced several companies to discontinue their collaboration and partnership plans. All these factors hampered the chemical & material industry in 2020 and early 2021, thereby restraining the growth of synthetic leather market.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Some of the key players operating in the synthetic leather market include 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., and BASF SE among others.

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

Frequently Asked Questions


Can you list some of the major players operating in the global synthetic leather market?

The major players operating in the global synthetic leather market are 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; FUJIAN POLYTECH TECHNOLOGY CORP.,LTD. ; among others.

Which region held the largest share of the global synthetic leather market?

In 2021, Asia Pacific held the largest share of the global synthetic leather market. Asia Pacific footwear market is mainly driven by rapid urbanization and industrialization in various countries such as China, India, etc. The rising demand for furniture in the region is driven by population growth and rapid urbanization. Moreover, the growing textile industry in this region drives the market for synthetic leather.

Based on type, which segment is leading the global synthetic leather market during the forecast period?

The polyurethane segment held the largest share of the global synthetic leather market in 2021. Polyurethane-based leather is created by coating a fabric such as polyester or cotton with a flexible polymer. It is then treated by various processes to make it look like real leather. It is waterproof, lightweight, and soft.

Based on application, which segment is leading the global synthetic leather market during the forecast period?

The footwear segment held the largest share of the market in 2021. Synthetic leather is increasingly being used in the footwear industry as a replacement of traditional leather. Synthetic leather is used in shoe uppers, sandals, shoe lining, and insoles.

Which region held the fastest CAGR in the global synthetic leather market?

Asia Pacific is estimated to register the fastest CAGR in the global synthetic leather market over the forecast period. The growth of the synthetic leather market in Asia-Pacific is driven by rising demand for synthetic leather from various end-use industries such as footwear, furniture, clothing, etc.

Based on application, which segment is the fastest growing segment in the global synthetic leather market?

The furniture segment is the fastest growing segment in the global synthetic leather market during the forecasted period. Synthetic leather is used in chair, and sofa, headboard covers, among others. Furthermore, it is used in upholstery materials for furniture in hospitals, nursing homes, etc.

The List of Companies - Synthetic Leather Market

  1. San Fang Chemical Industrial Co Ltd            
  2. KURARAY CO., LTD.            
  3. Teijin Limited        
  4. Nan Ya Plastics     
  5. FILWEL Co., Ltd.                   
  6. Mayur Uniquoters Limited              
  7. H.R.Polycoats Pvt. Ltd.      
  8. BASF SE                   
  9. Alfatex Italia          
  10. FUJIAN POLYTECH TECHNOLOGY CORP.,LTD.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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