NEW
YORK, Oct. 4, 2024 /PRNewswire/ -- Report with
market evolution powered by AI - The Global Synthetic Leather
Market size is estimated to grow by USD 25.3
billion from 2024-2028, according to Technavio. The
market is estimated to grow at a CAGR of 9.42% during
the forecast period. High demand from developing economies is
driving market growth, with a trend towards customization
of synthetic leather. However, fluctuating raw material prices
poses a challenge - Key market players include AIR WATER
INC., Akea Srl, Alfatex Italia Srl, Anhui Anli Material Technology
Co. Ltd., Asahi Kasei Corp., Colence Pvt. Ltd., H.R. Polycoats Pvt.
Ltd., Kolon Industries Inc., KURARAY Co. Ltd., Lederplast Spa,
Marvel Vinyls Ltd., Mayur Uniquoters Ltd., Nan Ya Plastic Corp.,
San Fang Chemical Industrial Co. Ltd., Teijin Ltd., Toray
Industries Inc., Uniroyal Global Engineered Products Inc., Winner
Nippon Leatherette Pvt. Ltd., Zhejiang Hexin Industry Group Co.
Ltd., and Zhejiang Yongfa Synthetic Leather Co. Ltd..
Key insights into market evolution with
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Synthetic Leather
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2017 - 2021
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
9.42%
|
Market growth
2024-2028
|
USD 25.3
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
8.31
|
Regional
analysis
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 57%
|
Key
countries
|
China, US, France,
Italy, and Japan
|
Key companies
profiled
|
AIR WATER INC., Akea
Srl, Alfatex Italia Srl, Anhui Anli Material Technology Co. Ltd.,
Asahi Kasei Corp., Colence Pvt. Ltd., H.R. Polycoats Pvt. Ltd.,
Kolon Industries Inc., KURARAY Co. Ltd., Lederplast Spa, Marvel
Vinyls Ltd., Mayur Uniquoters Ltd., Nan Ya Plastic Corp., San Fang
Chemical Industrial Co. Ltd., Teijin Ltd., Toray Industries Inc.,
Uniroyal Global Engineered Products Inc., Winner Nippon Leatherette
Pvt. Ltd., Zhejiang Hexin Industry Group Co. Ltd., and Zhejiang
Yongfa Synthetic Leather Co. Ltd.
|
Market Driver
The customization trend in synthetic leather is gaining traction
worldwide, particularly among luxury consumer product
manufacturers. This involves customizing the design, color, luster,
and texture of synthetic leather. Over the past five years,
customized synthetic leather has become increasingly popular across
various industries. Vendors like Toray are responding to this
trend by offering a wide range of customization options, including
pattern, design, luster, texture, and prints. Customers can even
opt for traditional techniques like gliding and embossing through
digital methods such as laser printing and cutting. While
customized synthetic leather products are more expensive than
standard ones, the ability to create personalized items is driving
market growth. Thus, customization is a significant trend fueling
the expansion of the global synthetic leather market.
The Synthetic Leather market, also known as Artificial Leather,
is experiencing significant growth due to its cost-efficient and
durable nature. Two primary materials, Polyurethane (PU) and
Polyvinyl Chloride (PVC), dominate the industry. However,
eco-conscious consumers are driving a trend towards bio-based
synthetic leather made from natural fibers like flax, cotton, and
even pineapple leaves. Bio-based materials offer ethical
considerations, reducing health and environmental risks associated
with traditional synthetic leather production. Pinatex, made from
pineapple leaves, is a popular alternative. However, concerns over
non-biodegradability and micro-plastics remain. The market spans
various sectors, including footwear, furnishing, clothing, bags,
purses, and wallets. Fashionable footwear and upholstery are
significant markets. Durability, breathability, waterproof,
washable, and stain-resistant properties make synthetic leather
attractive. Ethical considerations and personalization are also key
trends. Manufacturing requires a skilled workforce and raises
concerns over carbon emissions, volatile organic compounds, and
animal-friendly alternatives. Sustainable materials, such as vegan
materials and eco-friendly bio-mass balanced synthetic leather, are
gaining traction. In conclusion, the Synthetic Leather market is
evolving, driven by cost-efficiency, durability, and
eco-consciousness. Companies must navigate health, environmental,
and ethical considerations while adapting to consumer trends and
demands.
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Market Challenges
- The synthetic leather market faces significant challenges due
to the volatility of raw material prices. Crude oil and forest
products heavily influence the cost of substrates like polymer film
and silicone, which are essential for manufacturing synthetic
leather. Petroleum derivatives, the primary raw materials, are
subject to price fluctuations based on the cost of natural gas and
crude oil. In 2019, the average crude oil price was USD64.4 per barrel, but it dropped to
USD41.96 per barrel in 2020 and rose
to USD70.68 per barrel in 2021. These
price changes forced manufacturers of petroleum derivative-based
products to increase their prices. The unpredictable nature of raw
material costs poses a significant challenge to the growth of the
global synthetic leather market.
- The synthetic leather market faces several challenges in its
quest for sustainability and ethical production. Bio-based
synthetic leather, made from natural fibers like flax and cotton,
offers a more eco-friendly alternative to traditional
petroleum-based materials. However, the production of Pinatex from
pineapple leaves and other bio-based materials still poses
challenges in terms of scalability and cost. Non-biodegradable
synthetic leather, such as PVC, contributes to micro-plastics
pollution and carbon-intensive production processes. Volatile
Organic Compounds (VOCs) are a concern for both production and
end-use applications. Upcycling and personalization are trends
driving demand for synthetic leather, but ethical considerations
and the need for a skilled workforce can pose challenges. Vegan
materials, including synthetic leather, are gaining popularity, but
ensuring durability and consumer trust remains a challenge.
Sustainable materials, such as agricultural wastes, are being
explored for use in upholstery, automotive upholstery, marine
furnishing, and textile applications. These materials must be
breathable, waterproof, washable, stain resistant, and abrasion
resistant. Bio-mass balanced production and reducing carbon
emissions are important considerations for the industry.
Animal-friendly alternatives to natural leather are gaining
traction in the footwear sector, but consumer education and
distribution networks are necessary for widespread adoption. Faux
leather and imitation leather continue to dominate the market, but
the shift towards bio-based materials and ethical production is
gaining momentum. Consumer appliances and textile applications are
also potential growth areas for synthetic leather.
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Segment Overview
This synthetic leather market report extensively covers market
segmentation by
- Product
- 1.1 PU-based
- 1.2 PVC-based
- 1.3 Bio-based
- End-user
- 2.1 Footwear industry
- 2.2 Furnishing industry
- 2.3 Automotive industry
- 2.4 Bags industry
- 2.5 Others
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 PU-based- The Synthetic Leather Market is
growing due to increasing demand for eco-friendly and affordable
alternatives to natural leather. Key players in this market include
BASF SE, Toray Industries Inc., and WL Plastics. These companies
produce synthetic leather through processes like coating,
laminating, and casting. Synthetic leather is used extensively in
industries like automotive, fashion, and furniture due to its
durability and versatility. Market growth is driven by factors like
rising consumer awareness, technological advancements, and
expanding applications.
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Research Analysis
Synthetic leather, also known as artificial leather, is a
sustainable and cost-efficient alternative to traditional
animal-derived leather. It is made from various materials such as
polyurethane (PU) and polyvinyl chloride (PVC). The production
process of synthetic leather is eco-friendly, using renewable
content like plant-based polyester polyol, agricultural wastes, and
bio-based materials. Synthetic leather is widely used in various
industries, including footwear, furnishing, and clothing, due to
its lightweight, scratch-resistant, breathable, and waterproof
properties. It is also an excellent choice for vegan fashion and
consumer appliances, as it aligns with the values of animal rights
organizations promoting the use of vegan materials and sustainable
materials. The market for synthetic leather continues to grow, with
applications extending to marine furnishing and upholstery.
Market Research Overview
Synthetic leather, also known as artificial leather, is a
popular alternative to natural leather made from materials like
Polyurethane (PU) and Polyvinyl chloride (PVC). These materials
offer cost-efficiency, durability, and versatility, making them
suitable for various industries, including footwear, furnishing,
clothing, bags, purses, wallets, and fashionable footwear. However,
concerns regarding health risks and environmental impacts, such as
micro-plastics, volatile organic compounds, and carbon-intensive
production processes, have led to the exploration of eco-friendly
alternatives. Bio-based synthetic leather made from natural fibers
like flax, cotton, and pineapple leaves, as well as agricultural
wastes, is gaining popularity. These materials are breathable,
waterproof, washable, and stain resistant, while being lightweight,
scratch-resistant, and vegan. Upcycling and personalization are
also key trends, requiring a skilled workforce and ethical
considerations. Distribution networks and textile applications
continue to expand, with synthetic leather used in automotive
upholstery, marine furnishing, consumer appliances, and footwear
sector as natural leather replacements. The use of bio-based
materials, such as Pinatex and PVC leather, and bio-mass balanced
production processes, can help reduce carbon emissions and create
animal-friendly alternatives.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- PU-based
- PVC-based
- Bio-based
- End-user
-
- Footwear Industry
- Furnishing Industry
- Automotive Industry
- Bags Industry
- Others
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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