Synthetic Leather Market Growth, Challenges, Opportunities & Emerging Trends 2020-2025 | Kuraray Co. Ltd., San Fang Chemical industry Co. Ltd, Teijin Limited, Mayur Uniquoters Ltd., Nan Ya Plastics Co. Ltd., Filwel Co. Ltd., Zhejiang Hexin Industry Group

High Demand for Eco-friendly and Sustainable Synthetic Leather Products Market Overview

Synthetic leather is man-made leather, which looks and feels like real leather. It is also commonly known as faux leather, leatherette, pleather, and vegan leather. Synthetic leather is manufactured using synthetic resins, and it is treated further with specific additives, which gives it a similar feel of an animal hide. It is widely used in place of real leather in various industries such as fashion, upholstery, bags, wallets, footwear, automotive, and others.

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Synthetic leather is preferred over real leather as it is waterproof and cannot be easily damaged by other elements. It is also cost-effective, durable, and more reliable owing to which it is widely used in several industries, where cost reduction is the main target during production. Additionally, strict regulations implemented by People for the ethical treatment of animals (PETA) on animal mistreatment and killing to extract leather is expected to drive the growth of synthetic leather market in the coming years.

Key Market Drivers and Restraints:

Best alternative of pure leather and no animal cruelty involved which is expected to drive the synthetic leather market

Pure leather is a non-biodegradable product and can remain in the environment for a very long time. The shift towards sustainable practices and growing environmental concerns is projected to drive the growth for synthetic leather. Synthetic leather or vegan leather is also a very good alternative to pure leather. People are becoming more and more aware on how the pure leather is extracted and are shifting towards the use of artificial leather. Synthetic leather is often used in vegan fashion and shoes which provide products to the people concerned about animal welfare and stand against animal cruelty.

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PETA (People for the ethical treatment of animals) continuously expose the real leather industry on how they mistreat, kill, slaughter and make animals suffer to extract their skin for leather. They also encourage people to use vegan leather and have cruelty-free clothing guide on their websites. Major brands such as Louis Vuitton, Zara, Audi, Rolls Royce, and various others own several tanneries in leather producing countries and have control over the raw material. Furthermore, they use calf leather and calfskin for their premium products, which increases the concern for animal rights. Due to such factors, synthetic leather shows a very good potential in the market and the market for synthetic leather is expected to grow over the forecast period.

Key Application:

Growing demand from the footwear industry for synthetic leather

Nowadays, consumers prefer more durable and sustainable materials especially for their clothes and shoes. Polyurethane is used widely for leather in shoes as it is softer and non-sticky compared to other material. Additionally, a large number of population is shifting towards vegan lifestyle and converting vegetarians, which is expected to drive the growth of synthetic leather over the forecast period. Synthetic leather is experiencing a high demand from the footwear industry as it is more economical, durable, and environment friendly. Real leather shoes are more expensive and are not economical for the middle class population owing to which there is a rise in the use of synthetic leather for shoe manufacturing.

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Major brands such as Stella McCartney, H&M, Veja, Nanushka, Awake, and others are shifting towards the use of vegan leather due to changing consumer preferences and in order to achieve their sustainable goals and contribute towards the global sustainability. Furthermore, manufacturing of pure leather causes huge carbon emissions and degrades the environment owing to which the market for synthetic leather is expected to grow in the coming years.

Regional Market Scenario:

Asia-Pacific will lead the growth in this market

The Asia-Pacific is the fastest growing region and is projected to lead the market with the highest CAGR during the forecast period. Growing automotive industry, footwear industry, manufacturing units of international brands, and increasing population, is expected to drive the growth of synthetic leather market. Additionally, the growing number of major footwear brand manufacturers due to the low labour costs and abundant availability of raw materials in Southeast Asian countries, India, and China has fuelled the synthetic leather market. Implementation of stringent regulations on the use of real leather and growing promotions for the use of bio based product is estimated to stimulate the regional growth over the forecast period.

Growing automotive industry coupled with rising disposable income is expected to fuel the synthetic leather demand. Additionally, major car manufacturers such as BMW, Audi, Toyota, and several others are shifting towards the use of synthetic leather in cars as it is more fine grain and is easy to manufacture. It also reduces the overall cost of the vehicle, owing to which it is expected to experience a high demand over the forecast period.

The promotion and use of cruelty free products in other regions such as North America and Europe is also projected to drive the synthetic leather market. Furthermore, stringent rules concerning animal rights and growing awareness for the use of real leather in several countries is encouraging people to use synthetic leather. Growing supply-demand gap, difficulty in procuring real leather and high raw material cost in the pure leather industry is also forcing the middle and small manufacturers to use artificial leather alternatives, which is driving the synthetic leather market all over the world.

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Key Market Players

Kuraray Co. Ltd.
San Fang Chemical industry Co. Ltd
Teijin Limited
Mayur Uniquoters Ltd.
Nan Ya Plastics Co. Ltd.
Filwel Co. Ltd.
Zhejiang Hexin Industry Group Co., Ltd.
Alflatex
HR Polycoats
Dunksung
Yantai Wanhua Synthetic Leather Group Co. Ltd.
Others

Market Segments: Synthetic leather Market

By Type
PU-based
PVC-based
Bio-based
Others
By Application
Footwear
Automotive
Fashion & Clothing
Others
By Region (tentative)
North America
US
Canada
Europe
Germany
France
Italy
Asia Pacific
China
India
Japan
South-East Asia
The Middle East and Africa
Saudi Arabia
South America
Brazil

Key Sources

Industry Associations
Company Annual Reports
Company Websites
Key industry leaders
ICHSLTA (International Council of Hides, Skins and Leather Traders Association)
Others

Key Questions Answered

What are the key growth regions and countries?
What are the important types and technologies being used?
What are the market players doing, in terms of research and development?
Which are the new applications for this market?
What are the integrations happening?
What are the recent news, developments, mergers, or large value deals?

Key Stakeholders

Raw material suppliers
Paper chemical manufacturers
Chemical suppliers
Regulatory Authorities
Research and Innovation Organizations
Suppliers and Distributors
Other Channel Partners
Quality Control Organizations
Environmental Authorities

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