Future Market Insights (FMI) has forecast the global synthetic leather market to register year-on-year growth of 4.50% in 2021. Sales of synthetic leather are expected to reach US$ 34.1 Bn, surpassing 40,119 KT by the same year.
Synthetic leathers are versatile in terms of application and are used in manufacturing footwear, furnishings, garments, and luxury items. Increasing demand for synthetic leather can be attributed to mounting concerns regarding the environmental impact of natural leather and changing consumer preference towards animal-free and vegan products.
Stringent animal cruelty regulation, growing awareness regarding various attributes of synthetic leather, and increasing price of natural leathers are key factors driving the market throughout the assessment period.
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Global Synthetic Leather Market: Segmental Snapshot
The global synthetic leather market is segmented by material type, application, and region. By material type, the PU segment is poised to show highest growth rate to register a CAGR of 5.0% throughout the forecast period. Also, this segment is expected to retain its dominance since 2017 and to be valued at around US$ 29 Bn by the end of 2027
Footwear segment by application is expected to dominate the global market by reflecting a huge value of US$ 16 Bn by the end of 2027 and poised to grow at a CAGR of 4.9% during the forecast period 2017 to 2027 The automotive segment also reflects high potential and is growing at a CAGR of 4.2% during the forecast period. The seat cover and head rest sub-segment by automotive application is anticipated to dominate the market and poised to grow at a high CAGR of 4.6% throughout the period of assessment
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Asia Pacific excluding Japan (APEJ) region has dominated the global market as of 2016 by revenue, the trend is expected to follow in the coming years, from 2017 to 2027. The region is expected to be valued at US$ 16.5 Bn by the end of 2027, growing at the highest growth rate compared to other regions and registering a CAGR of 4.9% during the period of assessment. This regions also stands ahead with respect to volume
North America region follows APEJ region, and stands second with respect to value and volume, growing at a CAGR of 4.27% by value during the forecast period
Global Synthetic Leather Market: Competitive Landscape
The global synthetic leather market research report includes competitive analysis, which includes the market share, geographic expansion, strategic analysis, new product developments and product portfolio of the key tier players involved in the market. Few of them are Kolon Industries Inc., Mayur Uniquoters Ltd., Alfatex, Gruppo Mastrotto spa, Achilles Corp., Teijin Limited, Nan Ya Plastics Corporation, Daewon Chemical Co Ltd., Plastics Elche S.A, Comfort Int’l Co., Ltd and Asahi Kasei Corporation.
Affordability of Luxury Products in Emerging Economies to Stoke Demand
The vastly rising demand for synthetic leather in the automotive industry world over is a primary factor driving the market. This is attributed to the pressing need for improving the fuel efficiency, which calls for an intensifying demand for light-weight products, including leather. The burgeoning automobile industry in numerous developed economies, coupled with the rapidly rising demand for passenger cars in industrialized nations, is a notable trend bolstering the demand for synthetic leather. The soaring popularity of synthetic leather in various regions is fueled by the preference of markedly durable and low-maintenance artificial leather products that closely resemble natural leather in feel as well as appearance.
The extensive use of synthetic leather in the making innovative, artistic, and fashionable products is a key factor accentuating the market. To add to this, a growing affordability of luxury products on the account of increasing disposable incomes is expected to bolster the demand for synthetic leather in numerous urbanized nations. In addition, changing lifestyle has increased their inclination toward high-value aesthetic products made by synthetic leather. Furthermore, the marked durability and ability to resist stain are key characteristics stoking the popularity of synthetic leather among these populations.
Key Segments Covered in Synthetic leather Market Study:
By Material Types:
- Polyvinyl Chloride
- Bio Based
- Steering Cover
By Regions :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
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