Growth Prospects of the Synthetic Leather Market, 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).

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

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.

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The expansion of the synthetic leather sector can be attributed to two main factors: reasonably priced substitutes for real leather and an increasing tendency toward products made without using animals in experiments. The usage of real leather has decreased as a result of the strict laws against animal exploitation that have been implemented in a number of countries recently. In this sense, synthetic leather has become the best option for satisfying the increasing demand for leather at a much more affordable price. Many players are conducting research and development (R&D) in response to the possible emergence of counterfeit leather, which will encourage broad adoption.

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Conversely, the processing issues associated with PU and PVC, along with their distinct qualities compared to genuine leather, severely limit the market's expansion.

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, Asia-Pacific leads the synthetic leather market. The primary drivers of the market's growth are the accessibility of land and the low cost of a trained labor force. Many players have shifted their production capacity to developing nations in the region, especially China and India, for the reasons mentioned above. In addition, as a result of growing consumer demand, industries such as the apparel, footwear, and car sectors have expanded, opening doors for manufacturers of synthetic leather. Consequently, these factors accelerate the expansion of the APAC market.

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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