Global Synthetic Leather Market to Reach USD 14.7 billion by 2028

According to the latest research by SkyQuest Technology, the synthetic leather market was valued at USD 63.17 billion in 2021. It is expected to reach USD 80.55 billion by 2028, with a CAGR of 4.01% during the forecast period of 2022 - 2028. The research provides an up-to-date synthetic leather market analysis of the current market landscape, latest trends, drivers, and overall market environment.

The footwear industry's anticipated global increase in demand is expected to be a key factor in the market's growth. The high cost of natural leather has also increased the demand for natural leather substitutes. PVC leather, which is used for a variety of products including shopping bags, cosmetic bags, wallets, suitcases, purses, and travel bags, is another prominent type of synthetic leather that has grown in popularity. It is used in a variety of settings when a leather-like finish is required but the material is inappropriate, unusable, or excessively expensive, including fabrics, shoes, clothing, furniture, and other items. The manufacturing process for the shell coating, which is layered on top of the synthetic polymer blend, has changed during the last few years.

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The United States has recently seen a considerable rise in the consumption of synthetic leather. Recently, there has been a marked surge in demand on the American market. The entire market in the United States will likely benefit from significant growth in demand for automotive synthetic leather upholstery. As a result of increased use in furniture, automobile, garment, bag, and other industries, there has been a paradigm shift in global demand. It is projected that efforts to improve the supply chain will benefit the U.S. market throughout the forecast period. Manufacturers have been diversifying their sourcing due to the abundance of raw materials and low labor and transportation costs in Asia, particularly China and Vietnam.

The current global expansion of the coronavirus has, however, considerably decreased the demand for synthetic leather due to the numerous preventive measures taken by numerous nations to stop the pandemic from spreading. The demand for and trade in synthetic leather has decreased as a result, and it is predicted that this will negatively impact market expansion in the years to come. It is projected that emerging regional markets like those in China, India, Brazil, Malaysia, Thailand, and Vietnam will have a significant impact on the demand for the product. Numerous other regional markets are predicted to employ synthetic leather extensively in the footwear industry during the coming years, contributing to industry growth.

Read Market Research Report, "Global Synthetic Leather Market By Application ( Cellular and Biological Simulation, Drug Discovery, Disease Modeling, Others), End-User (Academics, Commercial, Pharmaceutical), and Region -Forecast and Analysis 2022-2028" by SkyQuest.

Since its beginning, fashion has evolved into a vital aspect of our lives. Leather had a very important part in determining trade with leather markets throughout previous civilizations. The majority of leather goods were made from animal hides and skins. Due to environmental and health concerns, animal leather production and processing tanneries have come under intense scrutiny throughout time.

A synthetic replacement is a great way to satisfy the rising demand for leather goods. While not actually created from animal skin or hides, synthetic leather, also referred to as faux leather, PU leather, or imitation leather, has the appearance of real leather. It is made of synthetic materials, which are either natural or synthetic fibers that have been coated with a polymer or materials comparable to that.

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Globally, more than 9 billion square meters of synthetic leather were created for use in a wide range of products, including footwear, furniture, clothing, automobiles, and leather goods. The two most common varieties of synthetic leather on the market are made of polyvinyl chloride (PVC) and polyurethane (PU). Due to its multi-layered structure and fewer pores than PU leather, PVC leather is the most popular material for upholstery and footwear. However, PU is chosen for applications where flexibility and suppleness are crucial. Given how closely it resembles and feels like genuine leather, it is more commonly used for mid-range and high-end designs. Due to its capacity to provide a range of designs, styles, glossy finishes, and colors, PU leather is the category with the greatest growth. Over the past ten years, the use of items with synthetic leather has significantly increased. The market is primarily influenced by things like changing consumer choices, worries about animal cruelty, and the environmental effects of tanneries. Genuine leather substitutes with comparable prices are being looked into by consumers. Consumers are turning more and more to synthetic leather due to its low replacement cost and highly customizable materials.

More sustainable materials are becoming a focus in the furniture, textile, and automobile industries. Leading players have begun using synthetic leather in premium luxury automobile categories, therefore automakers are embracing the material. Automakers are choosing eco-friendly interiors as a result of consumers' growing opposition to animal-sourced upholstery in their vehicles.

The majority of imitation leather goods are created from polymers derived from petroleum. One of the main contributors to the micro pollution in the oceans and seas is these plastics. Additionally, they are not biodegradable and seriously harm both the environment and human health.

But during the past few years, businesses have started to spend money on breakthroughs made from plant- and other bio-based materials. Leather made from pineapples, grapes, and flowers is a recent invention. One of the participants, Ananas Anam, created Piatex, a natural leather made from leftover pineapple segments, as a sustainable leather substitute. For a sustainable future, several new players in this market are using natural materials to produce a new generation of eco-friendly and biodegradable leather.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about the synthetic leather Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.

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What does this Report Deliver?
Market Estimation for 20+ Countries
Synthetic Leather Market demand by Region, Sub-Region, and Country
Customization on Segments, Regions, and Company Profiles
100+ tables, 150+ Figures
Global, Regional, and Country-specific Synthetic Leather Market Trends
Comprehensive Mapping of Synthetic Leather Industry Parameters
Attractive Investment Proposition in the Global Synthetic Leather Industry
Competitive Strategies Adopted by Synthetic Leather Market Key Players
Drivers, Restraints, Opportunities, Challenges, and the impact on the Synthetic Leather Market Size
Market growth rate till 2028
Regulatory scenario, regional dynamics, and Synthetic Leather market insights of leading countries in each region
In-depth Market insights by Region and Country
Market Segmentation Trend Analysis, Opportunities, and Growth
Porter's five force analysis to know the market's condition
Pricing Analysis and Synthetic Leather Market Sales
Parent market analysis
Product portfolio benchmarking

SkyQuest has segmented the Global Synthetic Leather Market based on Type, End-User, and Region:
Global Synthetic Leather Market by Type (Revenue, USD billion, 2021 - 2028)
PVC-based
PU-based
Bio-based

Global Synthetic Leather Market by End-User (Revenue, USD billion, 2021 - 2028)
Automotive
Footwear
Clothing
Furnishing
Bags, Purses & Wallets
Others

Global Synthetic Leather Market By Region (Revenue, USD billion, 2021 - 2028)
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
Rest of Asia Pacific
Central & South America
Brazil
Rest of CSA
Middle East & Africa
GCC Countries
South Africa
Rest of MEA

Key Players in the Global Synthetic Leather Market
Kuraray Co. Ltd. (Japan)
San Fang Chemical Industry Co. Ltd. (Taiwan)
Teijin Limited (Japan)
Mayur Uniquoters Limited (India)
NAN YA plastics corporation (Taiwan)
Filwel Co. Ltd. (Japan)
Zhejiang Hexin Industry Group Co., Ltd. (China)
Alfatex N.V. (Belgium)
H.R. Polycoats Pvt. Ltd. (India)
Yantai Wanhua Synthetic Leather Group Co. Ltd. (China)

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This release was published on openPR.