Synthetic Leather Market Size | Uses, Price, Growth, Key Players, Development Strategy, Sales Revenue and Forecast 2023
Market Overview:
Synthetic leather, also marketed under names such as “leatherette”, “faux leather”, “vegan leather”, “PU leather” and “pleather” is a fabric made of artificial materials such as polyurethane (PU), polyvinylchloride (PVC) and other bio-based materials, to produce a material resembling leather. Market Research Future (MRFR) has deemed the growth of the global synthetic leather market to be healthy and reach a significant valuation over the forecast period of 2016-2023.
Key Players:
H.R. Polycoats Pvt. Ltd. (India), TEIJIN LIMITED (Japan), Mayur Uniquoters Limited (India), KURARAY CO., LTD. (Japan), SAN FANG CHEMICAL INDUSTRY CO., LTD. (Taiwan), TORAY INDUSTRIES, INC. (Japan), DuPont Tate & Lyle Bio Products (U.S.), FILWEL CO., LTD. (Japan), NAN YA PLASTICS CORPORATION (Taiwan), and Yantai Wanhua Synthetic Leather Group Co., Ltd. (China).
Industry Updates:
In May 2018, researchers at Ohio State University developed a new type of Synthetic Leather Market that is both animal-free and water-repellent. Unlike all synthetic leathers that become sticky in high temperatures, the new leather would not become sticky in high temperatures as high as 158 degrees Fahrenheit.
Synthetic leather has substituted real leather in diverse uses including, footwear, clothing, furniture, fabric, and upholstery among others. It finds extensive application in places where a leather-like finish is desired, but real leather cannot be used due to ethical and economic reasons. Synthetic leather offers various advantages over genuine leather which make them highly popular.
They are durable, come with no seams which prevent water seepage and damage, easy to wash, durable, moisture resistant and most importantly cost effective. One of the prime reasons driving the growth of the global synthetic leather market is the enormous shortfall in real leather production which is not enough to satiate the demand for leather for shoes, clothing, accessories, and upholstery.
Growing consumer awareness towards the elimination of animal products is a major drive behind the growth of the global synthetic leather market. Synthetic leather is increasingly become popular and has become a status symbol, with established fashion brands promoting the use of synthetic leather. Additionally, synthetic leather is progressively becoming the preferred material choice for automobile seats which is further augmenting the growth of the market.
Massive investment in R&D activities by textile companies to develop better quality, affordable synthetic leather varieties to cater to the increased demand for synthetic leather has fostered the growth of the global synthetic leather market. On the other hand, the growth of the market might be hindered by escalating costs of synthetic leather and side effects associated with them.
North America and Europe have laid down stringent regulation on the use of toxic synthetic materials such as PVC and PU which might restrict the growth of the market over the forecast period. Meanwhile, the development of bio-based synthetic leather is likely to provide lucrative growth opportunities over the forecast period.
Competitive Landscapes:
The Synthetic Leather report analyses the degree of competition among the major players as well as industry growth and market scenario. The global synthetic leather market comprises of numerous players operating in the market which include large scale and medium size manufacturers. The prominent market players operating in the global synthetic leather industry is focusing towards growth association specifically by Asia Pacific as medium scale and small scale producers are from this region specifically from China, South Korea, India, Taiwan, Malaysia, and Japan. Furthermore, the company is focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their production capacity of synthetic leather to meet the growing demand for synthetic leather.
Segments:
The global synthetic leather market has been segmented based on type and end use. By type, the global synthetic leather market has been segmented into polyurethane (PU), polyvinylchloride (PVC) and bio-based. By end use, the global synthetic leather market has been segmented into footwear, furniture & upholstery, automotive, clothing, accessories, and sports, among others.
Regions:
By region, the global synthetic leather market has been segmented into North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
APAC is at the forefront of the global synthetic leather market driven by expanding footwear, automotive and construction industry in the region. Countries such as China, India, and Japan are increasingly investing in major end uses of synthetic leather which further supports the growth of the market.
Europe follows APAC and is the second largest market for synthetic leather. The growth of end-use industries such as the aerospace and automotive in the region can be credited for the growth of the Europe market. The key markets in the region include the UK, Germany, France, and Italy. Additionally, Growing use of synthetic leather in footwear and accessories segment is expected to stimulate the growth of the market.
North America is an important revenue pocket led by the US. Steep rise construction and revamping activities in the region are expected to fuel the demand for synthetic leather in the region.
Latin America is anticipated to exhibit moderate growth over the forecast due to the steady growth of end-use industries in countries such as Argentina and Brazil.