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Synthetic Leather/Artificial Leather Market Demand, Growth Prediction, Segments And Outlook By 2033
Synthetic Leather/Artificial Leather Market
According to The Business Research Company's, The synthetic leather/artificial leather market size has grown strongly in recent years. It will grow from $33.25 billion in 2023 to $36.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to advancements in texturing, durability and versatility, cost efficiency, fashion and design trends, automotive sector demand.
The synthetic leather/artificial leather market size is expected to see strong growth in the next few years. It will grow to $48.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to environmental sustainability, fashion industry trends, demand in automotive sector, innovative applications, customization and adaptability. Major trends in the forecast period include growth in furniture and upholstery, sustainability focus, animal welfare concerns, fashion and design trends, regulatory compliance.
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Market Drivers and Trends:
The rising athleisure trend significantly contributes to the growth of the synthetic leather /artificial leather market going forward. Athleisure refers to casual attire made to be worn both while exercising and in daily life. Synthetic leather is a popular choice for athleisure since it is less expensive than genuine leather and can be manufactured to appear and feel like genuine leather. Synthetic leather manufacturing is also more environmentally friendly than actual leather manufacturing, making it a more ethical choice for customers. For instance, according to February 2021 data released by True Fit, a US-based size advisor that gives shoppers the right size in apparel and footwear, athleisure sales orders increased by 84% from 2020 to 2021. Therefore, the rising athleisure trend will drive the synthetic leather/artificial leather market.
Product innovation is the key trend gaining popularity in the synthetic leather/artificial leather market. Major companies operating in the synthetic leather/artificial leather market are focusing on developing innovative artificial leather to increase their application in various fields. For instance, in April 2023, General Silicones, a Taiwan-based manufacturer of silicone products launched Compo-SiL (SL series) silicone vegan leather products. It is created especially for companies that make consumer goods like bags, backpacks, shoes, wallets, belts, book bindings, and covers and are looking for vegan leather supplies with factory-applied fabric lining. Customers can choose from a variety of SL series leather surface textures, including stripes, matte, lambskin, calf, and bovine. The unique features of silicone rubber and the Compo-SiL technology provide producers searching for a source of excellent PETA-approved vegan leather with several advantages over leather products.
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Major Key Players of the Market:
H. R. Polycoats Pvt. Ltd.; Kuraray Co. Ltd.; Alfatex Italia SRL; Yantai Wanhua Synthetic Leather Group Co. Ltd.; San Fang Chemical Industry Co. Ltd.; Filwel Co. Ltd.; Nan Ya Plastics Corporation; Teijin Limited; Zhejiang Hexin Industry Group Co. Ltd.; Shandong Tongda Textile Machinery Co.Ltd.; Jiaxing Hexin Chemical Industry Co. Ltd.; Kunshan Xiefu New Material Co. Ltd.; Huafeng Co. Ltd.; Xiamen Hongxin Microfiber Materials Co. Ltd.; Fujian Huayang Co. Ltd.; Sanling Microfiber Leather Co. Ltd.; Wenzhou Hongdeli Synthetic Leather Co. Ltd.; Mayur Uniquoters Limited; Tate & Lyle plc; Anhui Anli Material Technology Co. Ltd.; Winner Nippon Leatherette Pvt. Ltd.; Nanjing Wanlida Technology Co. Ltd.; M. Zellner GmbH; Ecopell GmbH; FORTIS Tomasz Jakubow e.K.; Franz Seiler GmbH; Guangzhou Xinjin Plastics Co. Ltd.; Hofert GmbH
Synthetic Leather/Artificial Leather Market 2024 Key Insights:
• The synthetic leather/artificial leather market will grow to $48.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Athleisure Trend Fuels Growth In The Synthetic Leather Market
• Innovating Style And Sustainability General Silicones Launches Compo-SIL (SL Series) Silicone Vegan Leather To Pioneer Trends In Synthetic Leather Market
• Asia-Pacific was the largest region in the synthetic leather/artificial leather market in 2023
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