Synthetic Leather Market worth $88.0 billion by 2028 | Key players Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan).

According to recent market research the "Synthetic Leather Market by Type (PU-based, PVC-based, Bio-based), End-use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets), and Region (North America, Europe, Asia Pacific, MEA, South America) - Global Forecast to 2028", size was USD 68.7 billion in 2023 to USD 88.0 billion by 2028, at a CAGR of 5.1% from 2023 to 2028. Synthetic leather, commonly referred to as artificial leather, is a man-made material that is meant to resemble the texture and, in some instances, the appearance of real leather. It is often made from various synthetic materials, such as polyurethane (PU) or polyvinyl chloride (PVC) and is used as an environmentally friendly and frequently more cost-effective substitute for genuine leather. Although it is not created from animal hides, synthetic leather has the same texture and appearance as genuine leather. A combination of polymers, fabric backing, and coatings were used in its engineering. Synthetic leathers are used in various industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others such as sports, electronics, and medical.

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The synthetic leather market is projected to be experiencing significant growth in the forecasted period. The bio-based synthetic leather segment is estimated to be the fastest-growing segment in the synthetic leather market due to a combination of environmental, consumer, and technological factors. As sustainability becomes a key component of both consumer preferences and business goals, the bio-based synthetic leather market is anticipated to maintain its growth trajectory. As continued research and development, it is expected that this industry will become even more cutting-edge, providing a greater range of superior, eco-friendly substitutes for conventional leather materials.

The footwear segment is estimated to be the largest application in synthetic leather market in the forecasted year due to several factors. The dominance of the footwear segment in the synthetic leather market is driven by a combination of economic, aesthetic, and ethical factors. Synthetic leather offers a cost-effective solution for footwear manufacturers without compromising on quality or style. Moreover, synthetic leather's durability is a pivotal factor. It can endure the rigors of daily wear, maintaining its appearance and shape over time. Furthermore, customization options further bolster the position of synthetic leather in the footwear industry. The synthetic leather market in the footwear segment is projected to rise in the forecast year.

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The Asia Pacific region's prominence as the largest market for synthetic leather can be attributed to a convergence of economic, industrial, and cultural factors. The fashion and footwear industries in the Asia Pacific region are among the largest globally, and they have embraced synthetic leather for its versatility and affordability. Moreover, the automotive industry's expansion in the region has led to increased use of synthetic leather in car interiors. Environmental concerns and animal welfare issues have also encouraged the shift toward synthetic leather, as it offers an ethical alternative to genuine leather. This combination of economic growth, industrial competence, and consumer preferences has firmly established Asia Pacific as the largest market for synthetic leather.

Key Players

The key market players identified in the report are Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), NAN YA PLASTICS CORPORATION (Taiwan), Wanhua Chemical Group Co., Ltd. (China), Mayur Uniquoters Limited (India), FILWEL Co., Ltd. (Japan), Zhejiang Hexin Holdings Co., Ltd. (China), Alfatex Italia SRL (Italy), and H.R. Polycoats Private Limited (India).

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Kuraray Co., Ltd. is a multinational company known for its diverse range of products. The company has a strong presence in the synthetic leather market. The company serves various end-use industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. The synthetic leather section of Kuraray Co., Ltd. is renowned for its creativity and commitment to research and development. For instance, in January 2022, Kuraray Co., Ltd. and Nissha Co., Ltd. collaborated in the development of Material Insert Technology, utilizing synthetic leather CLARINO, and subsequently introduced the product for sale, with a focus on the mobility and consumer electronics sectors. The expansion will help the company to develop infinite possibilities in the synthetic leather market.

San Fang Chemical Industry Co., Ltd. is a key player in the synthetic leather market, known for producing and supplying synthetic leather materials for various uses. They prioritize research and development to meet the rising demand in diverse industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. One of the top manufacturers of synthetic leather, San Fang Chemical Industry Co., Ltd.'s commitment to innovation, sustainability, and product quality positions them as a leading contributor to the synthetic leather market's growth and development. The company is focused on expanding its synthetic leather segment to satisfy consumer demand. For instance, in March 2023, San Fang Chemical Industry Co., Ltd. revealed plans to allocate approximately USD 100 million (equivalent to NT$ 3 billion) for the establishment of a new synthetic leather facility in Vietnam, set for completion by 2024, with an annual production capacity of 2 million square meters.

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