Press release
Key Trends Influencing the Growth of the Synthetic Leather/Artificial Leather Market in 2025: Innovating Style And Sustainability General Silicones Launches Compo-SIL (SL Series) Silicone Vegan Leather To Pioneer Trends In Synthetic Leather Market
Synthetic Leather/Artificial Leather
What Is the Expected CAGR for the Synthetic Leather/Artificial Leather Market Through 2025?
The market for synthetic leather/artificial leather has seen considerable expansion in the past few years. The market will escalate from a size of $35.81 billion in 2024 to $38.75 billion in 2025, experiencing a compound annual growth rate (CAGR) of 8.2%. Factors such as advancements in texture, durability and versatility, cost-effectiveness, evolving trends in fashion and designs, along with demand from the automotive sector have been instrumental in the historical growth period.
What's the Projected Size of the Global Synthetic Leather/Artificial Leather Market by 2029?
In the coming years, the market for synthetic and artificial leather is predicted to experience significant expansion. By 2029, it's anticipated to reach a value of "$53.8 billion with a compound annual growth rate (CAGR) of 8.6%. This expected growth during the forecast period is linked to several factors including environmental sustainability, trends in the fashion industry, demand from the automotive sector, innovative applications, and the ability to customize and adapt. Key trends to watch during this period encompass growth in furniture and upholstery, a strong focus on sustainability, concerns about animal welfare, evolving fashion and design trends, and regulatory compliance.
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Top Growth Drivers in the Synthetic Leather/Artificial Leather Industry: What's Accelerating the Market?
The growth of the synthetic leather/artificial leather market is being propelled by the burgeoning automotive industry. The automotive sector includes businesses and operations related to the planning, production, advertisement, and distribution of motor vehicles. This sector's expansion can be attributed to various factors such as the escalating demand for electric and hybrid cars, growing consumer income, and increasing financing options. While synthetic leather/artificial leather is commonly associated with the healthcare industry, its foundational technologies like precision sensors, data tracking, and automation can be useful in the automotive sector. For example, the automotive statistics from September 2024 state that automobile sales in the UK increased by 10% to 275,239 units in that year. As such, the expanding automotive industry serves as a key driver for the synthetic leather/artificial leather market.
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What Trends Will Shape the Synthetic Leather/Artificial Leather Market Through 2029 and Beyond?
In the synthetic leather/artificial leather market, the trend towards product innovation is gaining momentum. Key players in this market are focusing on creating innovative versions of artificial leather to diversify their applications. A case in point, General Silicones, a company based in Taiwan that manufactures silicone products, launched Compo-SiL (SL series) silicone vegan leather products in April 2023. Designed specifically for manufacturers of consumer goods such as bags, backpacks, shoes, wallets, belts, book bindings and covers, these silicone vegan leather products cater to businesses seeking vegan leather supplies that come pre-lined from the factory. The SL series offers multiple leather surface textures, encompassing everything from matte and stripes to lambskin, calf and bovine. Extraordinary features of silicone rubber, coupled with Compo-SiL technology, offer several advantages over traditional leather products and present a promising source of superior quality vegan leather endorsed by PETA.
What Are the Main Segments in the Synthetic Leather/Artificial Leather Market?
The synthetic leather/artificial leather market covered in this report is segmented -
1) By Type: Polyurethane (PU)-Based, Polyvinyl Chloride (PVC)-Based, Bio-Based
2) By Grade: High-Grade, Mid-Grade
3) By Application: Footwear, Furnishing, Automotive, Clothing, Bags, Purses And Wallets
Subsegments:
1) By Polyurethane (PU)-Based: Flexible PU Leather, Rigid PU Leather
2) By Polyvinyl Chloride (PVC)-Based: Rigid PVC Leather, Flexible PVC Leather
3) By Bio-Based: Plant-Based Leather, Other Bio-Based Materials
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Which Top Companies are Driving Growth in the Synthetic Leather/Artificial Leather Market?
Major companies operating in the synthetic leather/artificial leather market include 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., 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, 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
Which Regions Will Dominate the Synthetic Leather/Artificial Leather Market Through 2029?
Asia-Pacific was the largest region in the synthetic leather/artificial leather market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global synthetic leather/artificial leather market report during the forecast period. The regions covered in the synthetic leather/artificial leather market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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