Synthetic Leather Market Size to Achieve USD 174.8 billion by 2031

The global synthetic leather market is projected to flourish at a CAGR of 7.3% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 174.8 billion is anticipated for the market in 2031. As of 2023, the market for synthetic leather is expected to close at US$ 100.6 billion.

The increasing awareness of environmental issues and animal welfare has driven the demand for synthetic leather as an alternative to genuine leather. The growing need for synthetic leather in end-use sectors such as footwear, furniture, automotive, clothes, bags, purses, and wallets, among others, is a key driver of the global synthetic leather business.

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Ongoing advancements in material science and manufacturing technologies have led to the development of synthetic leather with improved texture, appearance, durability, and breathability, making it a more attractive substitute for genuine leather.

Synthetic leather is used in furniture upholstery as a low-cost, adaptable alternative to genuine leather. The auto sector consumes a lot of synthetic leather, notably for upholstery. The need for automobile synthetic leather upholstery is predicted to rise significantly, boosting the global synthetic leather market progress.

Competitive Landscape

The global synthetic leather market is marked by fierce rivalry, with several players holding notable share. These players follow the latest synthetic leather market trends and employ various techniques to increase their market presence or consolidate their dominant positions.

Asahi Kasei Corporation
Kuraray Co.Ltd
San Fang Chemical Industry Co. Ltd
Achilles USA
Teijin Limited
Nan Ya Plastics Corporation Inc
Others

Key Developments in the Synthetic Leather Market

Kuraray, a major player in the synthetic leather market, developed a bio-based synthetic leather material called Trosifol® EVA. It's produced from sugarcane and offers an eco-friendly alternative to traditional synthetic leather. The company has also been involved in collaborations and partnerships to advance the development of sustainable synthetic leather materials.

Teijin has been focusing on sustainability and innovation, introducing products like the ECOPET® and ECOPURE® series, which incorporate recycled PET materials into synthetic leather production. The company has also expanded its presence in the global market through strategic acquisitions and partnerships.

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Synthetic Leather Market: Key Trends and Opportunistic Frontiers

Evolving consumer preferences for sustainable and cruelty-free products have driven the adoption of synthetic leather in various industries.

Government regulations and standards related to the use of hazardous chemicals and materials in traditional leather production have influenced the shift toward synthetic leather alternatives.

The demand for synthetic leather is increasing in healthcare for upholstery, medical equipment, and protective clothing due to its ease of cleaning and disinfection.

Synthetic Leather Market- Regional Analysis

Asia Pacific dominated the global market due to the rise in demand for vegan goods, growth of the middle-class population, increase in disposable income among consumers, and breakthroughs in science and technology are expected to propel the synthetic leather industry growth in the region.

The fashion and footwear industries in Asia-Pacific have contributed to the growth of synthetic leather, and it is also widely used in automotive and upholstery applications.

The market in North America is expanding due to increased investment in production and processing facilities. The surge in vegan trends across the region has strengthened animal rights organizations such as PETA, WWF in the last few years.

The demand for synthetic leather in North America is also influenced by a growing focus on sustainable and cruelty-free products and strict regulations regarding the use of hazardous chemicals.

Synthetic Leather Market - Key Segments

By Type

Polyurethane
Polyvinyl-chloride

By End-user

Sporting Goods
Garments
Luxury Goods
Footwear
Furnishing
Interior
Automobiles
Others

By Region

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

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