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The Synthetic Leather Market size was estimated at USD 69.21 billion in 2023, USD 73.25 billion in 2024, and is expected to grow at a CAGR of 6.58% to reach USD 108.16 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
Synthetic leather, also known as artificial or faux leather, is a material intended to substitute for leather in fields such as upholstery, clothing, and other uses where a leather finish is desired and the actual material is cost-prohibitive or unsuitable. Synthetic leather is produced using polyurethane (PU), polyvinyl chloride (PVC, also known as vinyl), and newer environmentally friendly materials. These materials are engineered to mimic the texture, color, and consistency of genuine leather without the ethical and sustainability issues associated with animal leather.
Increasing consumer awareness and preference for animal-free products is leading to higher demand for vegan leather, subsequently driving the market growth. Environmental concerns regarding the disposal and recyclability of synthetic leather, particularly PVC-based products, hamper the growth of the market. The growing development of bio-based and recycled materials to produce eco-friendly synthetic leather is expected to create opportunities for market growth.
Regional Insights
Americas represents a substantial landscape for synthetic leather products due to the growing demand for high-quality and durable alternatives to genuine leather, driven by an increased awareness of animal welfare and environmental issues. Customers in the Americas are exhibiting a marked shift towards ethical consumption, resulting in a preference for products that align with these values. The demand for luxury car interiors and designer apparel that incorporates synthetic leather is notably impacting the market dynamics in this region. The synthetic leather market in the EU countries is heavily influenced by stringent regulations on production and waste management, nurturing a market for high-quality and eco-friendly synthetic leather.Consumer demand here is guided by strict environmental protocols and a high standard of living, which demands premium-quality products. In the Middle East, luxury goods consumption, including high-end vehicles and fashion, is a significant driver of the synthetic leather market, while in Africa, the market is still emerging but showing potential for growth in automotive and upholstery applications. The Asia Pacific region represents a significant market for synthetic leather, primarily driven by the presence of a manufacturing base and a growing consumer class, leading to increased demand for a wide range of synthetic leather products, including footwear, apparel, and automotive interiors. In terms of customer purchasing behavior, Asian consumers have shown an increasing preference for vegan and eco-friendly products, influencing the rise in synthetic leather demand. This shift is supported by a young population intrigued by fashion trends that are ethical and sustainable.
Market Trends by Segment
- Type: Growing usage of bio-based synthetic leather that primarily utilizes bio-based polymers
- End-user: Growing potential of synthetic leather across the automotive sector due to its durability and ease of maintenance
Industry Insights
- Market Dynamics
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
- FPNV Positioning Matrix
- Market Share Analysis
- Strategy Analysis and Recommendations
Recent Developments
Investment Boost for Synthetic Leather Firm
TômTex concluded a seed funding round, amassing USD 2.25 million to bolster the manufacturing capabilities of its innovative synthetic leather. This eco-friendly textile, which ingeniously harnesses food waste as a primary resource, is poised to redefine industry norms and consumer expectations.DK&D to Develop Green Artificial Leather with Chinese Partner
South Korean synthetic leather manufacturer DK&D Co. and Chinese green textile innovator Ningbo Hengqide Chemical Fiber Technology Co. have signed a memorandum of understanding, pioneering the co-production of environmentally benign artificial leather. Capitalizing on Ningbo Hengqide's groundbreaking eco-friendly non-woven yarn technology, DK&D fabricates a new generation of non-woven fabric, which will be key in the creation of superior, sustainable synthetic leather products.General Silicones Launches Vegan Synthetic Leather
General Silicones Co., Ltd. presents its latest offering in the vegan leather market, the Compo-SiL (SL series). This cutting-edge material is designed to cater to the growing demand for animal-friendly leather alternatives, earning the prestigious PETA-approved certification. Ideal for consumer goods manufacturing, including stylish accessories and practical items such as bags, shoes, and book covers, the SL series stands out with its remarkable durability. Engineered to withstand extreme conditions, it is UV-resistant and solvent-proof and safeguards against chemical damage and hydrolysis, thus assuring longevity even in the toughest of environments.Key Company Profiles
The report delves into recent significant developments in the Synthetic Leather Market, highlighting leading vendors and their innovative profiles. These include Alfatex Italia SRL, Bayer AG, Daewon Chemical Co., Ltd., Dik Leather Corporation, DuPont de Nemours, Inc., Fabrik S.r.l, Filwel Co. Ltd., H.R. Polycoats Pvt. Ltd., Industria Chimica Adriatica S.p.A., Jasch Industries Limited, Jiangsu Zhongxin Resources Group Co., Ltd., Kolon Industries, Inc., Kuraray Co., Ltd., Leathertex S.R.L., Mayur Uniquoters Limited, Meisheng Group Co., Ltd., Muhe Mizhu Industrial Co., Ltd., Nan Ya Plastics Corporation, San Fang Chemical Industry Co., Ltd., Teckwah Industrial Corporation Ltd., Teijin Limited, Toray Industries, Inc., Yantai Wanhua Synthetic Leather Group Co., Ltd., and Zhejiang Hexin Industry Group Co., Ltd.This research report offers invaluable insights into various crucial aspects of the Synthetic Leather Market:
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
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Table of Contents
1. Preface
2. Research Methodology
5. Market Insights
6. Synthetic Leather Market, by Type
7. Synthetic Leather Market, by End-user
8. Americas Synthetic Leather Market
9. Asia-Pacific Synthetic Leather Market
10. Europe, Middle East & Africa Synthetic Leather Market
11. Competitive Landscape
12. Competitive Portfolio
List of Figures
List of Tables
Companies Mentioned
- Alfatex Italia SRL
- Bayer AG
- Daewon Chemical Co., Ltd.
- Dik Leather Corporation
- DuPont de Nemours, Inc.
- Fabrik S.r.l
- Filwel Co. Ltd.
- H.R. Polycoats Pvt. Ltd.
- Industria Chimica Adriatica S.p.A.
- Jasch Industries Limited
- Jiangsu Zhongxin Resources Group Co., Ltd.
- Kolon Industries, Inc.
- Kuraray Co., Ltd.
- Leathertex S.R.L.
- Mayur Uniquoters Limited
- Meisheng Group Co., Ltd.
- Muhe Mizhu Industrial Co., Ltd.
- Nan Ya Plastics Corporation
- San Fang Chemical Industry Co., Ltd.
- Teckwah Industrial Corporation Ltd.
- Teijin Limited
- Toray Industries, Inc.
- Yantai Wanhua Synthetic Leather Group Co., Ltd.
- Zhejiang Hexin Industry Group Co., Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 194 |
| Published | May 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 73.25 Billion |
| Forecasted Market Value ( USD | $ 108.16 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 24 |
