Dublin, April 02, 2024 (GLOBE NEWSWIRE) -- The "Global Synthetic Leather Market by Type (PU-based, PVC-based, Bio-based), End-use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets), and Region (North America, Europe, Asia Pacific, MEA, South America) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The synthetic leather market is poised for significant growth, with a projected value of USD 88 billion by 2028, exhibiting a robust CAGR of 5.1% from its 2023 value of USD 68.7 billion.
The synthetic leather market is witnessing substantial growth, primarily driven by two key factors. First, the ever-expanding footwear industry has increasingly adopted synthetic leather due to its versatility, affordability, and durability. Second, there's a growing global concern about animal welfare, prompting consumers and manufacturers to seek ethical and sustainable alternatives to genuine leather. These combined forces are propelling the demand for synthetic leather products in various end-use industries such as footwear, furnishings, automotive, clothing, bags, purses, & wallets, and others. 
PU-based synthetic leather segment was the largest type of synthetic leather in 2022, in terms of value
The PU-based (Polyurethane) synthetic leather segment is the largest type in the synthetic leather market due to its versatile properties. PU-based synthetic leather is cost-effective, durable, and can mimic the look and feel of genuine leather. It is widely used in various end-use industries including footwear, furnishings, automotive, clothing, bags, purses, & wallets, and others making it the preferred choice for manufacturers and consumers seeking a balance between quality and affordability.
Footwear segment is estimated to be the largest end-use industry of synthetic leather market in 2022, in terms of value
The footwear segment dominates the synthetic leather market due to cost-effectiveness, durability, and customization. Synthetic leather offers a wide array of colors, patterns, and textures, catering to fashion-forward consumers. Moreover, it aligns with sustainability and animal welfare concerns, and advancements in technology have made it an excellent alternative to genuine leather. Easy maintenance, regulatory support, and a stable supply chain further contribute to its leadership in the footwear industry.
Asia Pacific is estimated to be the largest synthetic leather market in 2022, in terms of value
Asia Pacific's status as the largest synthetic leather market is driven by economic growth, urbanization, and robust manufacturing capabilities. The region is a major producer of synthetic leather, particularly in countries like China and South Korea, benefiting from economies of scale. The fashion, footwear, and automotive industries have embraced synthetic leather, and government support in some countries has further bolstered production. Ethical and environmental concerns have also propelled the shift to synthetic leather. This, combined with price competitiveness, has solidified the region's dominant position in the synthetic leather market.
The report provides insights on the following:
- Analysis of key drivers (Growing demand from the footwear industry, Growing concerns about animal welfare and environmental impact, Advantages over pure leather, Increasing demand for luxury cars and electric vehicles), restraints (Harmful effects of PU and PVC on humans, Substitute for synthetic leather in the automotive industry), opportunities (Focus on development of bio-based synthetic leather), and challenges (Non-biodegradability of synthetic leather)
- Market Penetration: Comprehensive information on synthetic leather offered by top players in the global synthetic leather market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the synthetic leather
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for synthetic leather across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global synthetic leather market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the synthetic leather market
- Impact of recession on synthetic leather market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 231 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $68.7 Billion |
| Forecasted Market Value (USD) by 2028 | $88 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- PU-based Synthetic Leather Segment to Dominate Market During Forecast Period
- Footwear Segment to be Largest End-use Industry of Synthetic Leather Between 2023 and 2028
- Asia-Pacific to be Fastest-Growing Market During Forecast Period
Premium Insights
- Attractive Market Opportunities for Synthetic Leather Manufacturers - Advantages Offered by Synthetic Leather to Drive Market
- Asia-Pacific Synthetic Leather Market, by Type and Country - China and Pu-based Segment Led Synthetic Leather Market in Asia-Pacific in 2022
- Synthetic Leather Market, by Region - Asia-Pacific to Witness Highest CAGR Between 2023 and 2028
- Synthetic Leather Market, by Region & End-use Industry - Footwear Segment Led Synthetic Leather Market in 2022
- Synthetic Leather Market, by Country - China to be Fastest-Growing Market for Synthetic Leather Between 2023 and 2028
Market Dynamics
Drivers
- Increasing Demand from Footwear Industry
- Concerns About Animal Welfare and Environmental Impact
- Advantages Over Pure Leather
- Rising Demand for Luxury Cars and Electric Vehicles
Restraints
- Harmful Effects of PU and PVC on Humans
- Substitute for Synthetic Leather in Automotive Industry
Opportunities
- Focus on Development of Bio-based Synthetic Leather
Challenges
- Non-Biodegradability of Synthetic Leather
Companies Profiled
- Kuraray Co. Ltd.
- San Fang Chemical Industry Co. Ltd.
- Teijin Limited
- Mayur Uniquoters Limited
- Nan Ya Plastics Corporation
- Filwel Co. Ltd.
- Zhejiang Hexin Holdings Co. Ltd.
- Wanhua Chemical Group Co. Ltd
- Alfatex Italia Srl
- H.R. Polycoats Private Limited
- Kolon Industries Inc.
- Marvel Vinyls Limited
- Toray Industries, Inc.
- Anhui Anli Material Technology Co. Ltd.
- Shandong Jinfeng Artificial Leather Co. Ltd.
- Ecolorica Microfiber S.R.L.
- Konus Konex D.O.O.
- United Decoratives Private Limited (Jindal)
- Arora Vinyl Pvt. Ltd.
- Zhejiang Yongfa Synthetic Leather Co. Ltd.
- Politeks Suni Deri Tekstil Ltd.
- Leo Vinyls
- Primo (Pvt) Ltd.
- Nirmal Fibres (P) Ltd.
- Shakti Tex Coaters Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/v5pl57
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