Global Synthetic Leather Market Size to Reach USD 51210 Million by 2030, At Growth Rate (CAGR) of 5.61%

Market Overview:

The Global Market For Synthetic Leather Estimated At USD 38978.9 Million In 2023 Is Projected To Reach A Revised Size Of USD 51210 Million By 2030, Growing At A CAGR Of 5.61% Over The Period 2023-2030.

Synthetic leather, also referred to as faux leather or artificial leather, is an artificial material crafted to closely resemble the appearance and texture of genuine leather. It is created by coating a base material, such as fabric or paper, with a layer of plastic or polymer. Polyurethane (PU) and polyvinyl chloride (PVC) leather are the most commonly used types of synthetic leather. PU leather involves coating a fabric or paper base with polyurethane, while PVC leather applies a layer of PVC to the base material. There are eco-friendly alternatives like bio-based leather sourced from natural materials such as pineapple leaves or mushrooms, as well as innovative options like silicone leather.

Top Key Players Covered In The Global Synthetic Leather Market
Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co. Ltd. (Taiwan), Mayur Uniquoters Ltd. (India), NAN YA PLASTICS CORPORATION (Taiwan), Teijin Limited (Japan), Filwel Co. Ltd. (Japan), Alfatex (Italy), Zhejiang Hexin Industry Group Co. Ltd. (China), DuPont de Nemours Inc. (USA), Yantai Wanhua Synthetic Leather Group Co. Ltd. (China), Toray Industries Inc. (Japan), H.R. Polycoats Pvt. Ltd. (India), Archilles Corporation (Japan), Favini S.r.l. (Italy), AICA Kogyo Co. Ltd. (Japan)

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Market Dynamics:

Drivers:

The Global Synthetic Leather Market is thriving as the demand for animal-free and eco-friendly products grows. Synthetic leather, made from materials like polyurethane and PVC, offers a sustainable alternative to traditional leather, reducing environmental impact. Its versatility, durability, and range of colors make it a popular choice in various industries, driving its increasing adoption worldwide. As consumers and businesses prioritize ethical and sustainable choices, the Global Synthetic Leather Market continues to expand rapidly.

Opportunities:

The Global Synthetic Leather Market is witnessing a substantial opportunity driven by the increasing demand for sustainable and eco-friendly materials. As consumers become more environmentally conscious, they are favoring synthetic leather as a greener alternative to traditional leather. Unlike genuine leather, which involves animal hides and significant chemical usage, synthetic leather is viewed as a more sustainable option. The market is responding to this trend by investing in sustainable materials and innovation to cater to the growing demand for eco-friendly products.

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Segmentation Analysis Of Global Synthetic Leather Market
Global Synthetic Leather Market segments cover the Type and application. By Type, the polyurethane (PU) segment is Anticipated to Dominate the Market Over the Forecast period.
Polyurethane synthetic leather is a high-performance material that is widely used in the footwear, automotive, and furnishing industries due to its properties such as durability, flexibility, and resistance to water and abrasion. PU synthetic leather is also easier to dye and print, which makes it a popular choice for designers.
In the footwear industry, PU synthetic leather is commonly used for athletic shoes, boots, and sandals. The demand for PU synthetic leather in the footwear industry is driven by the growing demand for comfortable, durable, and stylish shoes.

By Type
• Polyurethane (PU)
• Polyvinylchloride (PVC)
• Bio-Based
By Application
• Footwear
• Furniture
• Automotive
• Textile
• Sports
• Electronics
• Others

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Regional Analysis of The Global Synthetic Leather Market
Asia Pacific is Expected to Dominate the Market Over the Forecast Period.
Asia Pacific is driving the Global Synthetic Leather Market due to the presence of a large number of manufacturers, increasing demand for synthetic leather products, and growing industrialization and urbanization in the region. China, in particular, is a major producer of synthetic leather and accounts for a significant share of the global market. The country has a large number of manufacturers that produce synthetic leather for various applications such as footwear, automotive, and furnishing.
• North America (US, Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Developments in the Global Synthetic Leather Market
In 2020, the San Fang Chemical Industry Co. Ltd announced the launch of a new eco-friendly synthetic leather material made from recycled plastic bottles. This product is designed to meet the increasing demand for sustainable and environmentally-friendly materials in various industries.
In 2020, Teijin Limited announced the development of a new synthetic leather material that has a soft, luxurious feel and a high degree of durability. This product is designed to meet the growing demand for high-quality synthetic leather materials in the fashion and automotive industries.

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