Redding, California - July 31, 2024
Synthetic Leather Market to be Worth $104.9 Billion by 2031
Synthetic Leather Market by Material Type (Polyurethane-based, Microfiber Leather, Bio-based), End-use Industry (Automotive Industry, Fashion & Apparel, Consumer Goods, Oil and Gas Industry, Healthcare), and Geography - Global Forecast to 2031
Meticulous Research®— a leading global market research company, published a research report titled, ‘Synthetic Leather Market by Material Type (Polyurethane-based, Microfiber Leather, Bio-based), End-use Industry (Automotive Industry, Fashion & Apparel, Consumer Goods, Oil and Gas Industry, Healthcare), and Geography - Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the synthetic leather market is projected to reach $104.9 billion by 2031, at a CAGR of 6.3% from 2024 to 2031. The growth of the synthetic leather market is driven by the rising demand for sustainable materials, the expanding use in the automotive and footwear industries, and the lower cost of synthetic leather. However, the consumer preferences for natural products and limited availability of synthetic materials restrain market growth.
Furthermore, versatility, customization and the growing demand of bio-based materials are expected to generate significant growth opportunities for companies operating in the synthetic leather market. However, the complex process of manufacturing synthetic leather and performance limitations of synthetic leather are major challenges in the synthetic leather market.
The synthetic leather market is segmented by material type (polyurethane (PU)-based synthetic leather, microfiber leather, polyvinyl chloride (PVC)-based synthetic leather, bio-based synthetic leather, and other material types), end-use industry (automotive industry {automotive upholstery and automotive accessories}, fashion & apparel {footwears, clothing, bags & baggages, accessories}, consumer goods {furniture & upholstery, sporting goods, electronics, and home goods}, oil and gas industry {safety gear and seating}, healthcare {medical equipment bags, physical therapy equipment, and prosthetics and orthotics}, industrial manufacturing {gaskets and seals, abrasion protection, and conveyor belts}, aerospace and marine industries {seat upholstery, interior components, and wall panels}, and other end-use industries), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on material type, the synthetic leather market is broadly segmented into polyurethane (PU)-based synthetic leather, microfiber leather, polyvinyl chloride (PVC)-based synthetic leather, bio-based synthetic leather, and other material types. In 2024, the polyurethane (PU)-based synthetic leather segment is expected to account for the largest share of over 61.0% of the synthetic leather market. The large market share of this segment is attributed to various factors such as PU synthetic leather being generally cheaper to produce than natural leather, making it cost-effective for manufacturers; it also mimics the look and feel of genuine leather. Additionally, PU leather offers durability and resistance to various conditions, making it suitable for a wide range of industrial applications..
Furthermore, polyurethane-based synthetic leather is highly resistant to water, scratches, and fading, ensuring a longer lifespan for products. It can be manufactured in a broad spectrum of colors, textures, and finishes, providing manufacturers with significant design flexibility.
The polyurethane (PU)-based synthetic leather segment is projected to register the highest CAGR during the forecast period.
Based on end-use industry, the synthetic leather market is broadly segmented into automotive industry, fashion & apparel, consumer goods, oil and gas industry, healthcare, industrial manufacturing, aerospace and marine industries, and other end-use industries. In 2024, the fashion & apparel segment is expected to account for the largest share of over 48.0% of the synthetic leather market. Synthetic leather is widely used in fashion & apparel due to its versatility, affordability, and sustainable features. Synthetic leather is widely used in making various types of fashion products such as coats & jackets, various styles of footwear, bags, and accessories. It provides a stylish and affordable alternative to genuine leather, while also offering a wider range of design possibilities.
It is widely used across various industries, including footwear, furnishings, automotive, clothing, bags, purses, and wallets, making it the preferred choice for both manufacturers and consumers who seek a balance between quality and affordability. These advantages contribute to the substantial share of synthetic leather in the fashion and apparel segment.
However, the consumer goods segment is projected to register the highest CAGR during the forecast period. Synthetic leather, particularly PU-based varieties, is known for its resistance to wear & tear, scratches, and fading. This makes it a good choice for products that experience regular use, like furniture & upholstery, bags, and shoes. Synthetic leather is available in a wide range of colors, textures, and finishes. This allows manufacturers to create products that resemble the look and feel of genuine leather or explore unique design possibilities that wouldn't be achievable with real leather. These benefits of synthetic leather in consumer goods drive the growth of this segment.
Based on geography, the synthetic leather market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Europe is expected to account for the largest share of over 44.0% of the synthetic leather market. Europe is renowned for its fashion-forward approach, and synthetic leather offers trendy designs at affordable prices. The European market has experienced notable growth, driven by the expanding automobile and consumer appliances sectors. Furthermore, European consumers are becoming more concerned about the environmental impact of fashion. The eco-friendliness of PU-based synthetic leather, in comparison to traditional leather, is increasingly appealing to eco-conscious brands.
Additionally, various state and regional governments in this region are focusing on bio-based, low-cost, and long-lasting products. European car manufacturers, particularly in Germany and Italy, utilize synthetic leather for car seats, dashboards, and interior trims. This material is valued for its durability, ease of maintenance, and luxury appearance without the high cost associated with genuine leather. This factor is expected to fuel the market growth for synthetic leather in this region.
Moreover, Europe is also projected to register the highest CAGR of 8.0% during the forecast period.
Key Players
The key players operating in the synthetic leather market include Kuraray Co., Ltd (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Limited (India), Nan Ya Plastics Corporation (Taiwan), FILWEL Co., Ltd. (Japan), H.R. Polycoats Private Limited (India), Covestro AG (Germany), ALFATEX ITALIA Srl (Italy), Yantai Wanhua Huayi Polyurethane Products Co., Ltd. (China), Asahi Kasei Corporation (Japan), Shanghai Hexin International Co., Ltd. (China), Toray Industries, Inc. (Japan), Wanhua Chemical Group Co., Ltd. (China), Fujian Polytech Technology Co., Ltd (China).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of material type and end-use industry?
- What is the historical market size for the synthetic leather market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the synthetic leather market?
- Who are the major players in the synthetic leather market and what are their market shares?
- What is the competitive landscape like of the synthetic leather market?
- What are the recent developments in the synthetic leather market?
- What are the growth strategies adopted by major market players?
- What are the key market trends, and which are the high-growth countries?
- Who are the emerging players in the synthetic leather market and how do they compete with the other players?
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