Synthetic Leather Market Size Worth $42,742.65 Million, Globally, by 2028 at 6.5% CAGR - Exclusive Report by The Insight Partners

NEW YORK, Jan. 11, 2022 /PRNewswire/ -- According to the new market research 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", published by The Insight Partners, the global 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.

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Synthetic Leather Market: Competition Landscape and Key Developments

A few key players operating in the global synthetic leather market are 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.

Key Developments:

• Nissha Co., Ltd. and Kuraray Co., Ltd. collaborated on a material insert that used synthetic leather clarino and began selling it through both businesses' sales channels.
• Teijin cordley limited announced that it had developed antibacterial and antiviral synthetic leather that is good for functional materials used in sports and outdoor wore.
• BASF SE offered a high-performance and sustainable drop-in solution for premium synthetic leather applications in fashion goods, furniture, and automotive with elastollan thermoplastic polyurethane (TPU).

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In 2020, Asia Pacific held the largest share of the global synthetic leather market. China and India are the two leading producers of synthetic leather across the world. The growing population in this region, coupled with an increase in consumer purchasing power, has fueled the consumption of synthetic leather extensively. The rise in income is altering consumer spending in Southeast Asia, leading to increased demand for synthetic leather in automotive interiors due to its aesthetic values. The technological advancement in the leather industry and innovation of green leather or bio-based leather are other factors driving the synthetic leather market.

Synthetic leather is employed in various industries, such as footwear, clothing, furniture, and automotive, and is commonly used in manufacturing luggage trolleys, wallets, and cases. In the apparel industry, synthetic leather is used to manufacture leather jackets, coats, handbags, purses, belts, etc. The footwear industry has been achieving significant growth in the past few years due to lifestyle changes, especially the youth population. The high demand for synthetic leather in the footwear industry is due to its low cost, abrasion resistance, and water resistance. Furthermore, synthetic leather is highly used in manufacturing furniture. 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, a wide range of synthetic leather applications in various end-use industries is propelling its demand. 

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Synthetic leather Market: Segmental Overview

By type, the Synthetic Leather Market is segmented into polyurethane, polyvinyl chloride, silicone, and others. In 2020, the polyurethane segment held the largest market share. Polyurethane-based leather is known for its efficiency and characteristics such as waterproof, lightweight, and soft texture. It does not fade or crack when exposed to sunlight. The upholstery made of polyurethane offers a realistic imitation of genuine leather. The increasing consumption of furniture items made of polyurethane will continue to boost its demand during the forecast period.

Based on application, the synthetic leather market is segmented into footwear, furniture, automotive, clothing, bags purses & wallets, and others. In 2020, the footwear segment held the largest market share. Synthetic leather as a replacement for traditional leather in the footwear industry has increased in the past few years. These are cruelty-free, climate-friendly, and leather-like in feel and appearance, requiring low production cost. The emergence of leather alternatives such as plant and vegan-based leather has prompted footwear brands, such as Adidas, to consider these over animal leather.  

Impact of COVID-19 Pandemic on Synthetic Leather Market:

The ongoing COVID-19 pandemic compelled the implementation of preventive measures that drastically altered the status of the chemicals & materials and negatively impacted the growth of the synthetic leather market. Governments across the globe have ordered the closure of their international ports, further causing disruptions in the synthetic leather supply chain, impacting the operational efficiencies of footwear, automotive, and clothing. The COVID-19 pandemic impacted the availability of raw materials to prepare synthetic leather in almost all countries. Polyurethane and polyvinylchloride are the major raw materials in synthetic leather. Many countries worldwide that depend on imports of these raw materials to prepare synthetic leather have faced substantial problems procuring the material. This resulted in partial or complete shutdown of the synthetic leather production sites. However, as the economies are planning to revive their operations, the demand for synthetic leather is expected to rise globally. The expanding demand for synthetic leather and significant investments by prominent manufacturers for bio-based leathers are expected to drive the growth of synthetic leather during the forecast period. 

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