Synthetic Leather Market 2021 US$ 42,742.65 million by 2028 Size Share Growth and Top Manufacturers Analysis

The synthetic leather market was valued at US$ 27,533.71 million in 2021 and is projected to reach US$ 42,742.65 million by 2028; it is expected to register a CAGR of 6.5% from 2021 to 2028. Synthetic leather is made using raw materials such as polyurethane, polyvinyl chloride, and color pigments. It costs much less than genuine leather and is typically more affordable than genuine leather. The synthetic leather market is mainly driven by growing demand from various end-use industries such as furniture, footwear, and automotive. The polyurethane segment held the largest share in the global synthetic leather market in 2020. There is high demand for polyurethane leather in furniture and automotive applications.

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Companies Profiled in this report includes:

San Fang Chemical Industry Co., Ltd
KURARAY CO., LTD.
Teijin Limited
Nan Ya Plastics
FILWEL Co., Ltd.
Mayur Uniquoters Limited
H.R.Polycoats Pvt. Ltd.
BASF SE
Alfatex Italia
FUJIAN POLYTECH TECHNOLOGY CORP.,LTD.

Synthetic leather is used to manufacture leather jackets, coats, handbags, purses, belts, etc. It is commonly used in manufacturing luggage trolleys, wallets, and cases. In the footwear industry, artificial leather is gaining traction due to its low cost, as well as abrasion and water resistance. It is also used in decorating residential and commercial interiors due to its availability in various colors, styles, textures, and patterns. In the automotive industry, car seats and other automotive interiors are styled using synthetic leather. Thus, the array of synthetic leather applications in various end-use industries is propelling its demand.

Impact of COVID-19 Pandemic on Synthetic Leather Market

The COVID-19 pandemic affected economies and industries worldwide due to lockdowns, travel bans, and business shutdowns. The demand for synthetic leather has been negatively affected due to a decline in the growth of several industrial sectors. Many synthetic leather production sites were either closed partially or completely to combat the spread of the virus. The COVID-19 pandemic also caused fluctuations in the raw material prices of synthetic leather. In the automotive industry, the sales of cars and other vehicles dropped during the pandemic.

Global Synthetic Leather Market

Type

Polyurethane
Polyvinyl Chloride
Silicone
Application

Footwear
Furniture
Automotive
Clothing
Bags, Purses & Wallets

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