Synthetic Leather Market Size to Grow by USD 13.89 Bn | High Demand from Developing Economies to Boost Market Growth | 17,000+ Technavio Research Reports

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Key Market Dynamics:

• Market Driver

The high demand from developing economies and the availability of a wide range of products are some of the key market drivers. The rapid growth of industries such as automotive, footwear, and bags, which is driven by rising disposable income and increasing economic activities in emerging markets such as China, is boosting the demand for synthetic leather. In addition, growing investments in the manufacturing sector, which includes manufacturers from industries in developing countries including Brazil, Russia, India, China, and South Africa (BRICS), are increasing the consumption of synthetic leather. 

• Market Challenges

However, factors such as fluctuating raw material prices will challenge market growth. Substrates such as polymer film and silicone are mainly used for the production of synthetic leather. Fluctuations in the prices of raw materials, including polymers such as PVC (polyvinyl chloride) and PU, are directly related to fluctuations in the price of crude oil. In addition, fluctuations in the prices of petroleum-based raw materials and the surging competition from local manufacturers, especially in developing economies, will pose a challenge to the market vendors.

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Key Market Segment Analysis:

The synthetic leather market report is segmented by Product (PU-based, PVC-based, and bio-based), End-user (footwear industry, furnishing industry, automotive industry, bags industry, and others), and Geography (APAC, North America, Europe, South America, and MEA). The PU-based product segment held the largest synthetic leather market share in 2020 and will continue to account for the largest share during the forecast period. The PU-based products are easy to maintain, waterproof, and soft when compared to other types of synthetic leather, which makes them a viable solution for many industries. By end-user, the footwear industry contributed the largest revenue during the forecast period. The major reason for this is the growth of the global footwear market, the gradual shift of consumers from animal-hide leather to synthetic leather, and the rising number of regulations in the footwear industry, especially for products made from leather.

In terms of Geography, APAC will be the leading region with 54% of the market's growth during the forecast period. China and Japan are the key markets for synthetic leather in APAC. Market growth in APAC will be faster than the growth of the market in other regions. The growth of this region can be attributed to the rapid growth of industries such as footwear, apparel, automotive, furnishing, and bags, using synthetic leather.

View our sample report for additional insights into the contribution of all the segments, and regional opportunities in the report.

Vendor Analysis

The synthetic leather market is fragmented and the vendors are launching new products to compete in the market. Key players are performing strong strategies to strengthen their positions in the market. In addition, they are developing partnerships with other brands to supply luxury goods using synthetic leather, in turn, boosting the overall synthetic market growth.

Companies Mentioned with their Offerings

• Asahi Kasei Corp.: The company offers synthetic leather that enables changes to its design ability and improvement of functionality such as fire retardancy and anti-static property by modifying the combination of raw materials, under the brand name of Lamous. In December 2021, the company acquired US-based mycoplasma testing services provider Bionique. In November 2021, the company acquired Brewer Companies.
• Kuraray Co. Ltd.: The company offers synthetic leather that has anti-static properties by modifying the combination of raw materials, under the brand name of Clarino.
• Toray Industries Inc.:The company offers synthetic leather that are soft with elegant texture and feel and widely used in the interiors of automobiles and airplanes, sports gear, cases and accessories for smartphones and mobile devices, and more, under the brand name of Ultrasuede. In December 2021, the company developed microled display materials contributing to total mass production solutions.

Some Other Dominant Players covered in this report are:

• Alfatex Italia Srl
• Air Water Inc.
• Anhui Anli Material Technology Co. Ltd.
• Mayur Uniquoters Ltd.
• Nan Ya Plastics Corp.
• San Fang Chemical Industrial Co. Ltd.
• Teijin Ltd.

• To gain access to more vendor profiles with their key offerings available with Technavio, Click Here

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Synthetic Leather Market in India by Application and Geography - Forecast and Analysis 2021-2025

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Leather Chemicals Market by Application and Geography - Forecast and Analysis 2021-2025

Tannin Market by Application and Geography - Forecast and Analysis 2020-2024

Key Topics Covered:

• Executive Summary
• Market Landscape
• Market Sizing
• Five Forces Analysis
• Market Segmentation by Product
• Market Segmentation by End-user
• Customer landscape
• Geographic Landscape
• Vendor Landscape
• Vendor Analysis
• Appendix

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SOURCE Technavio