According to the latest report by IMARC Group, “Global Synthetic Leather Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global synthetic leather market reached a value of US$ 35.95 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 47.68 Billion by 2027, exhibiting a CAGR of 4.60% during 2022-2027.
Synthetic leather, also known as faux, artificial, or rexine leather, represents a material that has a similar appearance to leather but is not animal-made. It is generally manufactured from two types of materials, namely polyurethane (PU) and polyvinylchloride (PVC). Polyurethane leather or PU leather is entirely manmade and offers the look as well as the feel of genuine leather. In contrast, the PVC variant is a less expensive alternative to genuine leather. Synthetic leather provides various benefits, such as enhanced durability and resistance to water, heat, severe climatic conditions, ultraviolet (UV) rays, etc. Consequently, it finds extensive applications across numerous sectors, including automotive, textile, sports, etc.
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Synthetic Leather Market Trends and Drivers:
The escalating demand for spandex clothes and competitive swimsuits is primarily driving the synthetic leather market. Additionally, the growing consumer awareness towards sustainable fashion is further catalyzing the market growth. Besides this, the implementation of several stringent animal welfare regulations by government bodies across countries is augmenting the utilization of synthetic alternatives, thereby also positively influencing the global market.
Moreover, the rising adoption of luxury automotive and electric vehicles is propelling the need for fancy leatherette car seats, which, in turn, is acting as another significant growth-inducing factor. Apart from this, the increasing investments in fashion-related R&D activities are anticipated to fuel the synthetic leather market over the forecasted period.
Global Synthetic Leather Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Asahi Kasei Corporation, DuPont Tate & Lyle Bio Products Company LLC, FILWEL Co. Ltd. (Air Water Inc.), H.R. Polycoats Pvt. Ltd., Kuraray Co. Ltd., Mayur Uniquoters Limited, Nan Ya Plastics Corporation, San Fang Chemical Industry Co. Ltd., Teijin Limited and Zhejiang Hexin Holdings Co. Ltd.
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The report has segmented the market on the basis of region, type, application and end use industry.
Breakup by Type:
• Bio-Based
• Polyvinylchloride (PVC) Based
• Polyurethane (PU) Based
Breakup by Application:
• Clothing
• Bags
• Shoes
• Purses and Wallets
• Accessories
• Car Interiors
• Belts
• Sports Goods
• Others
Breakup by End Use Industry:
• Footwear
• Furniture
• Automotive
• Textile
• Sports
• Electronics
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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