Synthetic Leather Market - Global Industry Analysis

Synthetic Leather Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2026

Category: Chemical & Materials Report Format : PDF Report Code: ZMR-6732 Status : Upcoming

Description

Global Synthetic Leather Market: Overview

Synthetic leather also called as artificial leather is a material that is used as a substitute for leather in fabric, furniture upholstery, footwear, clothing, etc. This type of material is mostly used where the leather finish is desired but the real leather cannot be utilized due to its cost or in the case where real leather is unsuitable. The most frequently used materials for the manufacturing of synthetic leathers include polyurethane and polyvinyl chloride, basically a plastic based material. Low cost and durability are some of the advantages for increasing use of synthetic leather in various end use sectors.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Global Synthetic Leather Market: Growth Factors

The global synthetic leather market is expected to grow at an exponential rate over the forecast period. The key reason behind the surge in market growth includes the increasing use of synthetic leather in the footwear and clothing industry. Leather is always a luxurious choice for many customers, who like to use it as a fabric for clothing, upholstery, or footwear. However, the increasing prices of genuine leather put limitations on buyers, owing to this demand for synthetic leather is on the rise form the last couple of years. Moreover, growing awareness regarding animal cruelty regulations has drastically shifted the focus of manufacturers toward synthetic leather, which has been one of the major factors contributing to the rapid expansion of the global synthetic leather market. In addition to this, the benefits associated with synthetic leather especially in the automobile is that it involves minimum maintenance in comparison to genuine leather, also it does not fade or crack easily. Synthetic leather is a very cost-effective and animal-friendly alternative which is why the demand is on the rise in many other end use sectors. However, a disadvantage associated with synthetic leather such as the absence of pores and comfort may hamper the growth of the market. As it does not permit air to pass through the fabric, it allows sweat to accumulate in clothing and car seat coverings. However, innovations to produce more environment friendly materials such as bio-based leathers will provide lucrative growth opportunities to the global synthetic leather market during the forecast period.

COVID-19 pandemic shook the overall leather industry. The Asia Pacific is the largest leather producer region. However, the pandemic affected the regional leather industry market growth to a considerable extent. Yet, the effect of pandemic was seen to be less to moderate on synthetic leather product export. With the unavailability of original leather in the market, market players grab the opportunity to increase the export of artificial leather. Also, increasing demand for synthetic leather in the healthcare industry has also maintained the revenue flow during the pandemic period.

Global Synthetic Leather Market: Segmentation

The global synthetic leather market is categorized into material type, application, and region. Based on material type, the global synthetic leather market is bifurcated as polyurethane, polyvinyl chloride, and bio-based. The application segment for the market is split into footwear, furnishing, automotive, clothing, bags, sports, and electronics.

Global Synthetic Leather Market: Regional Analysis

Asia Pacific is expected to remain the largest market for synthetic leather over the forecast period. The synthetic leather market in the Asia Pacific is flourishing with the presence of a large number of manufacturers. The presence of synthetic leather manufacturers is concentrated in China and India; these two countries hold the largest share of the regional market. Besides, a large number of buyers, cost effective products due to easy availability of raw materials, and increase in disposable income is mainly contributing to the market growth in Asia Pacific region. European synthetic leather market is also set to register healthy growth during the forecast period. Factors such as increasing awareness regarding animal protection, stringent laws on manufacturing genuine leather, and increasing preference for synthetic leather in well-developed automobile industry are creating huge market growth opportunities in the region. Similarly, North America is also expected to make a healthy revenue contribution over the forecast period. The market in the region is growing with the increasing demand for synthetic leather in the healthcare, automobile, and clothing industry. The US is expected to remain the highest revenue generator in the regional market over the forecast period.

Global Synthetic Leather Market: Competitive Landscape

Major market players operating in the global synthetic leather market are focusing to launch innovative products by investing more in research and development. Also, acquisitions and partnerships with other companies are on the rise to expand the business reach. Some of the prominent players functioning in the global synthetic leather market include Kolon Industries Inc., Alfatex, Leather Resource Of America Inc., Mayur Uniquoters Ltd, Achilles Corp., Gruppo Mastrotto spa, Teijin Limited, Toray Group Kuraray Co., Ltd., Nan Ya Plastics Corporation, Asahi Kasei Corporation, Comfort Int'l Co., Ltd, Daewon Chemical Co Ltd., Plastics Elche S.A., and Sheng Hung Industrial Co. Ltd., among others.

Global Synthetic Leather Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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FrequentlyAsked Questions

The global synthetic leather market is expected to grow at an exponential rate over the forecast period. The key reason behind the surge in market growth includes the increasing use of synthetic leather in the footwear and clothing industry. Along with this, growing awareness regarding animal cruelty regulations has drastically shifted the focus of manufacturers toward synthetic leather, which has been one of the major factors contributing to the rapid expansion of the market.

Some of the prominent players functioning in the global synthetic leather market include Kolon Industries Inc., Alfatex, Leather Resource Of America Inc., Mayur Uniquoters Ltd, Achilles Corp., Gruppo Mastrotto spa, Teijin Limited, Toray Group Kuraray Co., Ltd., Nan Ya Plastics Corporation, Asahi Kasei Corporation, Comfort Int'l Co., Ltd, Daewon Chemical Co Ltd., Plastics Elche S.A., and Sheng Hung Industrial Co. Ltd., among others.

The Asia Pacific is expected to remain the largest market for synthetic leather over the forecast period. The synthetic leather market in the Asia Pacific is flourishing with the presence of a large number of manufacturers. Besides, a large number of buyers, cost effective products due to easy availability of raw materials, and increase in disposable income is mainly contributing to the market growth in Asia Pacific region.

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