Press release
Product Innovation Drives Rapid Growth in Global Synthetic and Artificial Leather Market
Synthetic Leather/Artificial Leather Market
Synthetic Leather/Artificial Leather Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The synthetic leather/artificial leather market has shown strong growth in recent years. It will grow from $35.81 billion in 2024 to $38.32 billion in 2025, achieving a CAGR of 7.0%.
Synthetic Leather/Artificial Leather Market Size Forecast: What's the Projected Valuation by 2029?
The market for synthetic leather or artificial leather is projected to witness remarkable expansion in the subsequent few years, ultimately reaching a value of $52.84 billion in 2029 with a CAGR of 8.4%. This anticipated growth during the forecast period is largely driven by factors such as environmental sustainability, evolving trends in the fashion industry, demand within the automotive sector, innovative uses, and adaptability and customization capabilities. In addition, trending occurrences during the forecast period encompass growth in the furniture and upholstery fields, a heightened focus on sustainability, issues concerning animal welfare, evolving trends in fashion and design, and regulatory compliance.
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What Are the Drivers Transforming the Synthetic Leather/Artificial Leather Market?
The advancement of the automotive industry has a significant impact on the progression of the synthetic or artificial leather market. The automotive industry incorporates companies and initiatives that engage in the creation, design, manufacturing, promotion, and sale of motor vehicles. Multiple factors like the surging demand for electric and hybrid vehicles, rising consumer income and financing options contribute to the booming automotive industry. Although the synthetic/artificial leather is usually linked with the medical domain, its base technologies such as accurate sensors, data tracking, and automation-serve essential roles in the automotive sector. For example, as per automotive statistics from September 2024, there was a 10% increase in UK passenger car sales to 275,239 units in 2024. Thus, the burgeoning automotive industry will fuel the growth of the synthetic or artificial leather market.
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What Long-Term Trends Will Define the Future of the Synthetic Leather/Artificial Leather Market?
A significant trend gaining traction in the synthetic leather/artificial leather market is product innovation. Firms operating in this market are concentrating on the development of inventive fake leather materials to broaden their use in a range of sectors. For instance, General Silicones, a company based in Taiwan that manufactures silicone products, introduced its Compo-SiL (SL series) silicone vegan leather products in April 2023. These are specifically designed for businesses producing consumer goods such as bags, backpacks, shoes, wallets, belts, book bindings, and covers that require vegan leather supplies with pre-applied fabric lining. Customers have the option to select from a range of SL series leather textures, such as stripes, matte, lambskin, calf, and bovine. The unique characteristics of silicone rubber and Compo-SiL technology provide manufacturers seeking a source of superior PETA-approved vegan leather with numerous benefits over traditional leather products.
Which Segments in the Synthetic Leather/Artificial Leather Market Offer the Most Profit Potential?
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 Firms Dominate the Synthetic Leather/Artificial Leather Market by Market Share and Revenue in 2025?
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 Offer the Highest Growth Potential in the Synthetic Leather/Artificial Leather Market?
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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