Synthetic Leather Market: Growth Trends 2023-2030

As per the report by Triton, the global synthetic leather market gained $32538.22 million in 2022. It is estimated to progress with a CAGR of 7.48% by 2030.

A recent study by Triton Market Research titled Global Synthetic Leather Market includes the Global Analysis and Forecasts by End-use (Automotive, Bags & Wallets, Footwear, Furnishing, Clothing, Other End-uses), Type (Bio-based, Polyurethane [PU], Polyvinyl Chloride [PVC]), and Regional Outlook (Asia-Pacific, North America, Latin America, Middle East and Africa, Europe).

Synthetic or faux leather is an eco-friendly and cost-effective alternative to leather products derived from an animal's skin.

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Triton's report states that the global synthetic leather market is set to witness growth at a CAGR of 7.48% in terms of value and 7.26% in volume over the forecast period 2023-2030. It is estimated to obtain revenue worth $57906.44 million by 2030.

Affordable alternatives to real leather and a growing shift towards animal-free products are key trends supporting the synthetic leather market's expansion. In recent years, several nations have imposed stringent animal cruelty regulations, which have reduced the adoption of real leather. In this regard, synthetic leather has emerged as an ideal solution to meet the growing leather demand at a significantly lower cost. Given the potential growth, numerous players have invested in the R&D of faux leather, which will promote its adoption on a large scale.

On the contrary, the processing concerns relating to PU and PVC, coupled with different characteristics as opposed to real leather, restrict the market's growth significantly.

The synthetic leather market is segmented into end-use and type. The end-use segment includes automotive, bags & wallets, footwear, furnishing, clothing, and other end-uses. At the same time, type section includes bio-based, polyurethane (PU), and polyvinyl chloride (PVC).

Globally, the Asia-Pacific leads in the synthetic leather market. The market's growth can be attributed to the accessibility to a skilled labor force at a low cost and the availability of land. Several players have shifted production capacities to emerging nations in the region, especially China and India, on account of the factors mentioned above. Further, the expansion of industries like automotive, apparel, and footwear has opened avenues for artificial leather manufacturers owing to growing consumer demand. Hence, these factors accelerate the market's expansion across APAC.
Nan Ya Plastics Corporation Inc, San Fang Chemical Industry Co Ltd, Mayur Uniquoters Limited, BASF SE, HR Polycoats Pvt Ltd, Teijin Limited, Alfatex Italia SRL, Achilles USA Inc, Kuraray Co Ltd, and Toray Industries Inc are eminent companies in the synthetic leather market.

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Question & Answer: Global Synthetic Leather Market

Question 1: What trends are supporting the synthetic leather market's expansion?
Answer: Affordable alternatives to real leather and a growing shift towards animal-free products are key trends supporting the synthetic leather market's expansion. In recent years, several nations have imposed stringent animal cruelty regulations, which have reduced the adoption of real leather. In this regard, synthetic leather has emerged as an ideal solution to meet the growing leather demand at a significantly lower cost. Given the potential growth, numerous players have invested in the R&D of faux leather, which will promote its adoption on a large scale.

Question 2: What factors restrict the synthetic leather market's growth?
Answer: The processing concerns relating to PU and PVC, coupled with different characteristics as opposed to real leather, restrict the market's growth significantly.

Question 3: Which region leads in the synthetic leather market?
Answer: Globally, the Asia-Pacific leads in the synthetic leather market. The market's growth can be attributed to the accessibility to a skilled labor force at a low cost and the availability of land. Several players have shifted production capacities to emerging nations in the region, especially China and India, on account of the factors mentioned above. Further, the expansion of industries like automotive, apparel, and footwear has opened avenues for artificial leather manufacturers owing to growing consumer demand. Hence, these factors accelerate the market's expansion across APAC.

Question 4: Which are the eminent companies in the synthetic leather market?
Answer: Nan Ya Plastics Corporation Inc, San Fang Chemical Industry Co Ltd, Mayur Uniquoters Limited, BASF SE, HR Polycoats Pvt Ltd, Teijin Limited, Alfatex Italia SRL, Achilles USA Inc, Kuraray Co Ltd, and Toray Industries Inc are eminent companies in the synthetic leather market.

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