Austin, July 28, 2024 (GLOBE NEWSWIRE) -- The SNS Insider Report Estimates the Synthetic Leather Market Size at USD 38.7 billion in 2023, with a projected CAGR of 7.0% to reach USD 71.2 billion by 2032.
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The demand for synthetic leather, otherwise referred to as faux leather, has increasingly improved lately across various industries. Led by technological innovation and rising concerns for the environment, this market is bound to reach new heights by the year 2024. Recently, big brands like Nike and Adidas have started using synthetic leather in their products, keeping sustainability high on board without letting quality suffer. Synthetic leather has also found its presence in the automotive industry quite recently. Companies, like Tesla, have now moved to interiors lined with vegan leather. The move toward synthetic leather should hence not only be seen to move in line with the consumer demand for products that are cruelty-free but also to reduce the environmental impact that is radiated with traditional leather production.
The various factors influence the market dynamics of synthetic leather. A growing concern about animal welfare has been encouraging consumers and manufacturers toward cruelty-free options. Synthetic leather is an applicable material, multi-application, inexpensive, and hence highly preferred in the fashion and automotive industries and furniture. Synthetic leather also exudes the advantage of being easier to maintain and far more durable, available in wide color and texture options, adding to its appeal. The challenge, however, lies in the context of the environment for PVC and PU, the raw materials used in the manufacturing of synthetic leather. The innovations in the field of bio-based synthetic leather are found to help in resolving such challenges, offering biodegradable and eco-friendly options. These include companies like Ultrafabrics developing high-performance bio-based synthetic leather to reduce traditional plastics.
Synthetic Leather Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 38.7 billion |
| Market Size by 2032 | USD 71.2 billion |
| CAGR | 7% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Key Players
Key players listed in the Synthetic Leather Market Report are Alfatex N.V., Kuraray Co. Ltd., Teijin Limited, H.R. Polycoats Pvt. Ltd., San Fang Chemical Industry Co. Ltd., Mayur Uniquoters Limited, Filwel Co. Ltd., Yantai Wanhua Synthetic Leather Group Co. Ltd., NAN YA plastics corporation, Zhejiang Hexin Industry Group Co. Ltd., and Others players
Segment Analysis
By Material Type
- Bio-Based
- Polyvinylchloride (PVC) Based
- Polyurethane (PU) Based
By Application
- Clothing
- Bags
- Shoes
- Purses & Wallets
- Accessories
- Car Interiors
- Belts
- Sports Goods
- Others
By End-Use Industry
- Fashion & Apparel
- Automotive
- Textiles
- Electronics
- Sports Industry
- Others
In 2023, footwear dominated the synthetic leather market with more than a 32% maximum revenue share. Growing income, coupled with economic growth, especially in developing countries, fueled the footwear demand. Another major driver for this segment is the changing climatic conditions of different regions, which require different types of footwear. Increasing the athleisure trend of including athletic shoes in everyday life also projects the growth of the segment. Besides, the price of synthetic leather footwear is three times less as compared to the ones made from animal hides, again boosting the growth of the segment. Moreover, the furnishing industry is also among the major applications of synthetic leather on account of its lower price as compared to animal hides. Additionally, PU is an enormous application in the automotive sector, since it has the properties of non-sticky and soft touch against other products.
Next-Generation Vegan Leather: The Future of Fashion
- Next-generation vegan leather from renewable sources—plants and agricultural waste—brings a sea change sustainably.
- The major contributions it makes to the environment include saving water, reducing greenhouse gases, and cutting back on microplastic pollution.
- Some ethical advantages it gives to animals are welfare and fair labor practices.
- Rising consumer demand and industry innovation underline its potential economically.
- R&D in this area is picking up pace and is attracting heavy investments. Regional Analysis
Regional Analysis
The Asia Pacific dominated the synthetic leather market in terms of revenue share with over 43% in 2023. An increase in demand for vegan goods, a rise in middle-class population, growth in disposable income in the hands of the consumer, and breakthroughs in science and technology are some of the factors that would fuel the growth of the synthetic leather industry during the forecast period in the region. The major share of synthetic leather products is expected to come from China, India, Malaysia, Thailand, and Vietnam. The application of synthetic leather in the footwear industry is also likely to get an extension in many regional markets, thus enhancing the market share of synthetic leather during the next few years. China represents one of the largest leather markets, both in terms of leather produced and sold.
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Key Takeaways:
- The synthetic leather market will rise dramatically by 2024 through innovation in technology and people's growing awareness about environmental issues.
- The biggest share of the synthetic leather market is held by polyurethane, explained by its versatility and superior properties in various applications compared to other materials—automotive, fashion.
- Recent developments include giant players such as Tesla, Nike, and Adidas already applying synthetic leather and innovations of bio-based alternatives by companies like Ultrafabrics.
- The system of petrodollar acts on the raw material costs of the market and has the driving force towards the sustainable bio-based materials.
- Asia-Pacific is one of the leading regions in both synthetic leather production and consumption due to its cost advantage and high demand from many industries.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Synthetic Leather Market Segmentation, By Material Type
8. Synthetic Leather Market Segmentation, By Application
9. Synthetic Leather Market Segmentation, By End-Use Industry
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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