Synthetic Leather Market to be Worth $66.84 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 11, 2022 /PRNewswire/ -- The global synthetic leather market size is expected to reach USD 66.84 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.0% from 2022 to 2030. The expanding product application scope in footwear has been a major factor driving the market. Furthermore, the increased significance of animal rights and growing awareness regarding that, as laid forth by various groups, and strict legislation prohibiting the use of real leather are driving the demand for synthetic leather.

Key Industry Insights & Findings from the report:

• The global market is projected to witness significant growth during the forecast period owing to the rising product demand in automotive and footwear applications.
• PU synthetic leather emerged as the largest product segment in 2021 and is estimated to maintain its lead over the forecast period.
• The Asia Pacific is expected to witness the fastest growth during the forecast period owing to the rapid economic growth across various countries, such as Japan, India, China, and Korea. The rapid growth of the automotive and construction manufacturing industries in APAC is also fueling the product demand in the regional market.
• Countries such as India, South Korea, China, and Taiwan are emerging as key producers in the global market as a result of the availability of lower-cost raw materials. For instance, in May 2019, Teijin Frontier Co. Ltd., the fibers and products converting company of the Teijin Group, developed polishing pads with non-woven material 'NANOFRONT' to improve the quality of silicon wafers while also lowering production costs.

Read 119 page market research report for more Insights, "Synthetic Leather Market Size, Share & Trends Analysis Report By Type (PU, PVC, Bio-based), By Application (Footwear, Clothing, Furnishing, Automotive, Wallets, Bags & Purses), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Synthetic Leather Market Growth & Trends

Synthetic leather has many advantages, including a high gloss surface, durability, strength, UV resistance, and ease of maintenance. Additionally, synthetic leather products are less expensive so they continue to appeal to consumers, particularly those in the medium and upper-income level groups. However, in some places, like Japan, the product is competing with Fumikodata, which is a vegan material that looks like real leather. In 2021, polyurethane (PU) was the most popular product category, and it is predicted to expand at the fastest CAGR during the forecast period.

PVC is expected to grow slowly on account of its properties, such as lesser durability and sticky finish. The footwear application segment is predicted to increase significantly in the coming years owing to cheaper prices and changing environmental circumstances in various places, which require the use of different types of footwear. The demand for synthetic leather in the footwear market is being sustained by rising disposable income levels in developing markets. Furthermore, the trend of mixing athletic shoes into an everyday lifestyle is boosting product demand.

Footwear was the largest application segment in 2021. Due to the increased demand from emerging nations, the footwear sector has witnessed significant growth in recent years, although consumer spending in the U.S. and several European countries has slowed slightly due to the global recession. There has been a strong demand from countries such as China, India, Thailand, South Korea, Vietnam, and other South Asian countries. This is expected to have a major influence on synthetic leather demand in the Asian market.

Synthetic Leather Market Segmentation

Grand View Research has segmented the global synthetic leather market based on type, application, and region:

Synthetic Leather Market - Type Outlook (Volume, Million Meter; Revenue, USD Million, 2019 - 2030)

• PU Synthetic Leather
• PVC Synthetic Leather
• Bio-based Leather

Synthetic Leather Market - Application Outlook (Volume, Million Meter; Revenue, USD Million, 2019 - 2030)

• Furnishing
• Automotive
• Footwear
• Wallets, Bags & Purses
• Clothing
• Others

Synthetic Leather Market - Regional Outlook (Volume, Million Meter; Revenue, USD Million, 2019 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• Italy
• France
• U.K.
• Asia Pacific
• China
• India
• Japan
• South Korea
• Central & South America
• Brazil
• Middle East & Africa

List of Key Players in the Synthetic Leather Market

• Kuraray Co., Ltd.
• H.R. Polycoats Pvt. Ltd.
• Alfatex Italia SRL
• Filwel Co., Ltd.
• Yantai Wanhua Synthetic Leather Group Co., Ltd.
• San Fang Chemical Industry Co., Ltd.
• Mayur Uniquoters Limited
• Teijin Limited
• Nan Ya Plastics Corporation

Check out more studies published by Grand View Research:

• Automotive Interior Leather Market - The global automotive interior leather market size is projected to reach USD 46.84 billion by 2025, according to a new study by Grand View Research, Inc., progressing at a CAGR of 6.5% during the forecast period. The boom in the automotive manufacturing industry, particularly in emerging economies of Asia Pacific, coupled with a rise in demand for artificial leather is poised to propel the market over the forecast period.
• Silicone Solutions for Leather & Textiles Market - The global silicone solutions for leather & textiles market is expected to reach USD 760.7 million by 2025, according to a new report by Grand View Research, Inc. Rising demand for transparent silicone coatings in fabric manufacturing, owing to their superior properties such as improved durability as well as water, dirt, & temperature resistance is the key factor for industry growth.

Browse through Grand View Research's  Plastics, Polymers & Resins Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.