Synthetic Leather : Market Size, Share, Market Competitive Landscape, Economic Growth, Challenges & Segmentations, by Forecast to 2031

The Global Synthetic Leather Market Size is estimated to be 30.65 billion in 2023 and is expected to increase to 47.67 billion by 2031, with a compound annual growth rate (CAGR) of 5.78% during the forecast period of 2024-2031.

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The synthetic leather market, also called artificial or imitation leather, is a rapidly expanding industry that provides a cost-effective and animal-free alternative to genuine leather. A material that closely resembles the texture, appearance, and durability of natural leather is synthetic leather, which is composed of polyurethane (PU) or polyvinyl chloride (PVC). Artificial leather has gained popularity in recent years as a result of the increasing cognizance of animal welfare, eco-friendliness, and cost-effectiveness. The material is extensively employed in a variety of applications, such as automotive interiors, consumer electronics, upholstery, apparel, and footwear. The global synthetic leather market is expected to experience substantial growth in the years ahead as an increasing number of consumers and manufacturers acknowledge the advantages of synthetic leather over genuine leather.

Furthermore, the market is anticipated to expand further due to the availability of a diverse selection of raw materials and the advancements in manufacturing technologies. Nevertheless, the market growth may be impeded by harmful chemicals, such as phthalates, in certain synthetic leather products. These chemicals have been associated with health issues, including cancer and reproductive problems.

List of Prominent Players in the Synthetic Leather Market:

• Mayur Uniquoters Limited
• Nan Ya Plastics Corporation Inc.
• San Fang Chemical Industry Co., Ltd
• Teijin Limited
• Toray Industries
• Yantai Wanhua Synthetic Leather Group Co., Ltd.
• Asahi Kasei Corporation
• Filwel Co., Ltd.
• FUJIAN POLYTECH TECHNOLOGY CORP., LTD.
• Achilles USA Inc.
• Alfatex Italia SRL
• H.R. Polycoats Pvt. Ltd
• Kuraray Co., Ltd.
• Zhejiang Hexin Holdings Co., Ltd.

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Market Dynamics:
Drivers-

In response to the increasing environmental and animal welfare concerns, numerous consumers are transitioning to synthetic leather products as an alternative to genuine leather. For budget-conscious consumers, artificial leather is frequently a more cost-effective alternative to genuine leather. The advancements in synthetic leather manufacturing technology have resulted in the creation of materials that are both durable and of high quality, closely resembling the appearance and texture of genuine leather. It has many applications, such as automotive upholstery, furniture, apparel, and footwear. The synthetic leather market is experiencing development due to the growing demand for luxury goods, particularly in emerging markets.

Challenges:

Although synthetic leather is frequently perceived as an environmentally friendly substitute for genuine leather, it is still composed of synthetic fabrics that are not biodegradable and may contribute to environmental contamination. Some synthetic leather products may contain toxic compounds, such as phthalates, which have been associated with health issues such as cancer and reproductive diseases. Although advancements in manufacturing technology have resulted in the creation of high-quality synthetic leather materials, there are still concerns regarding the durability and efficacy of these materials compared to genuine leather. Certain consumers may require elucidation regarding the quality or durability of synthetic materials or may require an explanation of the advantages of synthetic leather over genuine leather. Natural fabrics, recycled materials, and other synthetic materials may compete with synthetic leather, which is one of numerous alternatives to genuine leather.

Regional Trends:

The Asia Pacific synthetic Leather Market is anticipated to develop at a high CAGR and will soon account for a significant market share in revenue. It is envisaged that the Asia Pacific region will dominate the synthetic leather market. This can be attributed to a variety of factors, such as the region's substantial population, expanding economies, and increasing demand for synthetic leather. The world's largest producers and consumers of synthetic leather, such as China, India, and Japan, are located in the region. China, in particular, is a significant global producer of synthetic leather, accounting for a substantial market share. The region is a significant consumer of synthetic leather products, driven by an expanding middle class and increasing disposable income, in addition to being a major producer. The demand for synthetic leather products is also significantly influenced by the region's burgeoning automotive, footwear, and consumer electronics industries.

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Recent Developments:

• In January 2022, Kuraray Co., Ltd. developed Clarino synthetic leather products as a result of its research and development efforts.
• In 2020, H&M, the world's largest retailer of apparel and accessories, introduced synthetic leather that was derived from coffee grounds and wine waste. H&M also partnered with Vegea, a manufacturer of biomaterials and bio-based leather, to develop synthetic leather from wine by-products.

Segmentation of Synthetic Leather Market-
By Type outlook
• PVC Synthetic Leather
• PU Synthetic Leather
• Bio-based Leather

By Application Outlook-
• Wallets, Bags & Purses
• Clothing
• Automotive
• Furnishing
• Footwear
• Others

By Region-

North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.