Synthetic Leather Market 2021-2027

Global Synthetic Leather Market Size, Share & Trends Analysis Report By Type (PU-Based, PVC-Based, and Bio-Based) By End-User Industry (Footwear, Furnishing, Automotive, Clothing and Others) Forecast 2021-2027

The global synthetic leather market is anticipated to grow at a CAGR of around 8.0% during the forecast period (2021-2027). The global synthetic leather is set to display lucrative growth in the market due to increasing demand for leather products from emerging economies, and growing applications of synthetic leather in end-user industries such as footwear, furnishing, automotive, clothing, accessories, and others. The properties associated with synthetic leather which include low-cost, long-durability, water & heat resistance, among others make them a perfect alternative for real leather, that is further used by the end-user industries. Moreover, the stringent government regulation for animal protection is the major factor expected to augment the production of synthetic leather. For instance, in 2017, the Indian Government banned the import of exotic skins and certain furs of animals used for manufacturing leather or fur clothing.

The global synthetic leather market is segmented based on type, and end-user industry. Based on type, the market is trifurcated into PU-based, PVC-based, Bio-based. Among these, the PU-based segment is expected to show promising growth during the forecast period. The segment also accounted for the largest market share in 2020. The PU-based synthetic leathers are waterproof, lightweight, easily dry out, and eco-friendly as compared to PVC-based synthetic leather, this is the major factor PU-based leathers are highly demandable in the fashion industry. Whereas bio-based synthetic leathers are expected to gain popularity during the forecast period. Based on the end-user industry, the market is segregated into footwear, furnishing, automotive, clothing, and others. Among these, the footwear industry holds the leading position in the global synthetic leather market due to increasing demand for footwear from major economies.

Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Among these, Asia Pacific dominated the market accounting for the maximum revenue share in 2020. China, India, and South Korea are expected to be the major revenue-generating economies in Asia-Pacific. 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. The regional market growth is also attributed to the rapid industrialization rate and growing per-capita income in major economies of Asia-Pacific. Whereas North America is expected to register the second-largest market share in the global synthetic leather market. The US is the largest contributor in the North-America in terms of revenue generation. High disposable income, changing standard of living, and growing demand for footwear due to increased population are the prominent factor driving the market growth.

The major players operating in the global synthetic leather market are Kuraray Co. Ltd., San Fang Chemical Industry Co. Ltd., Teijin Aramid B.V, Mayur Uniquoters Ltd., NAN YA Plastics corp, Filwel Co. Ltd., Zhejiang Hexin Science and Technology Co., Ltd., ALFATEX ITALIA SRL H.R., Zhejiang Hexin Science And Technology Co., Ltd among others. These market players adopt various strategies such as partnership collaboration, new product launches, mergers and acquisitions, and others to remain in the competition. For instance, in July 2019, Asahi Kasei Corp announced that it would operate regional headquarters in Thailand to expand its presence in the market in ASEAN. The company also declared that ASEAN is not only an important region for manufacturing, but it is also becoming a key market, which it wants to capitalize on.

Research Methodology

The market study of the global Synthetic Leather market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to break down the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. The team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Global Synthetic Leather Market Research and Analysis by Type
2. Global Synthetic Leather Market Research and Analysis by End-User Industry

The Report Covers

• Comprehensive research methodology of the global Synthetic Leather market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global Synthetic Leather market.
• Insights about market determinants that are stimulating the global Synthetic Leather market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.