The global Synthetic Leather market size is expected to be worth around US$ 67.0 billion by 2030, according to a new report by Vision Research Reports.
The global Synthetic Leather market size was valued at US$ 41.6 billion in 2020 and is anticipated to grow at a CAGR of 8.8% during forecast period 2021 to 2030.
Increasing product application scope in Footwear has been a major factor driving the market growth. In addition, growing importance and awareness about animal rights and stringent laws regarding the usage of real leather are propelling the demand for its synthetic counterpart. Synthetic leather materials offer superior properties, such as high gloss finish, durability, strength, and UV resistance, and easy maintenance. Moreover, products made from faux leather are cheaper and thus, continue to attract consumers, especially from middle- and high-income level groups.
However, in countries, such as Japan, the product is facing competition from Fumikodata, which is a replica of real leather and is a cruelty-free material. Polyurethane (PU) was the largest product category in 2020 and is expected to register the fastest CAGR over the forecast period. Polyvinyl Chloride (PVC) is anticipated to witness sluggish growth on account of its properties, such as sticky finish and low durability. The footwear application segment is expected to observe considerable growth over the upcoming years. Cheaper costs and fluctuating climatic conditions in several regions create the need for different types of footwear.
Rising disposable income levels in emerging regions are also fueling the product demand in the footwear segment. Moreover, the trend of incorporating athletic shoes in daily lifestyle is further augmenting the product demand. Consumer spending in the U.S. and some European countries has slowed down slightly owing to the global recession. However, the footwear industry has witnessed significant growth in the emerging markets due to high product demand from countries, such as China, India, South Korea, Vietnam, Thailand, and other South Asian countries.
The PU synthetic leather segment led the global market accounting for the largest revenue share of more than 59% in 2020. The segment will expand further at the fastest CAGR from 2021 to 2028. Polyurethane is waterproof and softer & lighter than real leather and can be dry cleaned and torn easily than real hides. It also remains unaffected by sunlight. In addition, it is an eco-friendly substitute for vinyl-based products as it does not emit dioxins. All these factors are expected to augment its demand further. The PVC product segment is expected to witness slow growth over the forecast period. PVC was the first form of synthetic leather created in 1920.
It was initially produced with carcinogenic chemicals and proved to be an ideal material for applications in furnishing and household items. PVC faced huge competition from PU as PVC gave a sticky feel and was unable to retain the body heat. As a result, its demand decreased in the clothing and bags application segments. Bio-based products are comprised of polyester polyol and have 70-75% renewable content. They are softer and have better scratch resistance properties than PU and PVC. Key companies in the global market are focusing on the development of new products through collaboration with polyols producers. Rapid industrialization and constant R&D will continue to supplement the segment growth in the coming years.
The footwear segment led the market accounting for the highest revenue share of more than 32% in 2020. Rising disposable income levels and rapid economic growth, especially in emerging nations, have fueled the demand for footwear, thereby augmenting product consumption. In addition, the segment is also led by variations occurring in climatic conditions of different regions, which requires the development of different types of footwear.
The increasing trend of incorporating athletic shoes in daily lifestyle is also expected to propel the segment growth. The price of faux leather footwear is three times cheaper than the ones made from animal hide, which also boosts the segment development. The furnishing industry is also one of the major application areas for the product. There is a wide range of materials available in the market that serve varied requirements of the furnishing industry, in terms of fabric color, texture, and look.
Moreover, such artificial alternatives can also be used in marine furnishing as it is saltwater resistant. The automotive segment is estimated to register the fastest CAGR from 2021 to 2028. Faux leather is also used in cars, trucks, motorcycles, buses, and agricultural vehicles as it is lighter than animal hides. Polyurethane is the most widely used material in the automotive sector as it is non-sticky and softer than other products.
The bags and wallets segment is also estimated to have significant growth over the coming years due to high product demand. The product usage enables the development of lightweight, breathable, scratch- & water-proof, and easy-to-maintain bags. With the evolving textile technology, consumers are preferring vegan fashion, which refers to adopting non-leather products. Thus, synthetic leather serves as the most suitable alternative in textile applications. The PU material-based products are also used in clothing to create spandex and to add buoyancy to competitive swimsuits.
Asia Pacific dominated the market accounting for the maximum revenue share of over 42% in 2020. The regional market will expand further at the fastest CAGR from 2021 to 2028. China, India, and South Korea are expected to be the major revenue-generating economies in APAC. Rising disposable income coupled with increasing population will provide numerous growth opportunities to the market players. China is one of the prominent markets, in terms of product manufacturing and sales.
However, the global pandemic adversely affected the country’s manufacturing output. Several manufacturers have either closed or slowed down their operations to contain the spread of the disease. Limited production in the manufacturing industry due to a halt or slowdown in operations, limitations on the supply and transportation in the country, and infrastructure slowdown are anticipated to negatively affect the product demand from the end-use application in the near future.
Kuraray Co., Ltd.
H.R. Polycoats Pvt. Ltd.
Nan Ya Plastics Corp.
Alfatex Italia SRL
Bags & Wallets
Central & South America
Middle East & Africa
The Synthetic Leather market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Synthetic Leather market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Synthetic Leather market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Synthetic Leather market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Synthetic Leather market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Synthetic Leather capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Synthetic Leather by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Synthetic Leather market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Synthetic Leather market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Synthetic Leather market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Synthetic Leather industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Synthetic Leather market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Synthetic Leather market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Synthetic Leather market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Synthetic Leather market. These factors have benefited the growth of the global market for Synthetic Leather. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Synthetic Leather. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Synthetic Leather are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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