Synthetic Leather Market Expected to Reach at CAGR of 7.8% by 2028

 Synthetic Leather Industry Overview

The global synthetic leather market size was valued at USD 31.4 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.8% from 2021 to 2028.

Globally increasing product demand from the footwear sector is expected to be a key factor propelling the overall market growth. Comprised of a cloth base coated with a synthetic resin, artificial leather serves as a suitable alternative, which is also augmenting its demand in various applications including fabrics, footwear, clothing, upholstery, and others where a leather-like finish is required, and the material is unusable, unsuitable, and cost-prohibitive. The production process has evolved over the past few years for the shell coating to go on top of the synthetic polymer blend.

Moreover, the rising scope of application across various segments, such as furnishing, automotive, clothing, bags, and others, will drive the market growth. Manufacturers have been spreading their sourcing, shifting especially to Asian suppliers, such as China and Vietnam, owing to the abundance of raw material and availability of low-cost labor.

Gather more insights about the market drivers, restrains and growth of the Global Synthetic Leather Market

However, the global Covid-19 pandemic has adversely affected the market demand for synthetic leather owing to the several preventive measures taken by various governments to limit the spread of the disease. This has led to a decline in the demand and trade of synthetic leather across the globe and is expected to have a negative impact on market growth in the coming years.

However, emerging regional markets, such as China, India, Brazil, Malaysia, Thailand, and Vietnam, are expected to play a major role in global market growth due to high product demand. Extensive product usage in the footwear industry in these and several other Asian markets is expected to contribute to the growth of the global industry over the next few years.

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

  • Medical Polymer Market: The global medical polymer market size was valued at USD 18.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2022 to 2030
  • Adhesives And Sealants Market: The global adhesives and sealants market size was valued at USD 63.79 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030.

Synthetic Leather Market Segmentation

Grand View Research has segmented the global synthetic leather market on the basis of product, application, and region:

  • Synthetic Leather Product Outlook (Volume, Million Meters; Revenue, USD Million, 2016 - 2028)
    • PU
    • PVC
    • Bio-based
  • Synthetic Leather Application Outlook (Volume, Million Meters; Revenue, USD Million, 2016 - 2028)
    • Furnishing
    • Automotive
    • Footwear
    • Bags & Wallets
    • Clothing
    • Others
  • Synthetic Leather Regional Outlook (Volume, Million Meters; Revenue, USD Million, 2016 - 2028)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa (MEA)

Market Share Insights

  • January 2020: Winner Nippon Leatherette Pvt. Ltd., are consistently involved in developing products that possess the ability to replace genuine leather in a diverse range of applications.

Key Companies profiled:

Some of the prominent players in the global synthetic leather market include:

  • Kuraray Co., Ltd.
  • R. Polycoats Pvt. Ltd.
  • Nan Ya Plastics Corp.
  • Teijin Ltd.
  • Alfatex Italia SRL

Order a free sample PDF of the Synthetic Leather Market Intelligence Study, published by Grand View Research.


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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