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Synthetic Leather Market will Account for Revenues worth US$ 78.5 billion by 2025, Concludes MarketsandMarkets™ 

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Synthetic Leather Market will Account for Revenues worth US$ 78.5 billion by 2025, Concludes MarketsandMarkets™ 

March 17
23:28 2023
Synthetic Leather Market will Account for Revenues worth US$ 78.5 billion by 2025, Concludes MarketsandMarkets™ 
Browse 293 market data Tables and 58 Figures spread through 227 Pages and in-depth TOC on “Synthetic Leather (Artificial Leather) Market”
Synthetic Leather (Artificial Leather) Market by Type (Polyurethane, Polyvinyl Chloride, Bio-based), End-Use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Sports, Electronics) and Region

Synthetic leather, also known as faux leather, is a man-made material that is intended to resemble real leather in appearance and feel. It is composed of a combination of plastics and fabrics, such as polyvinyl chloride (PVC) or polyurethane (PU). From automotive upholstery to fashion accessories, synthetic leather has a wide range of applications. It’s also commonly used to make furniture, bags, shoes, and other leather goods.

The synthetic leather market size is estimated to be USD 63.3 billion in 2020 and is expected to reach USD 78.5 billion by 2025, at a CAGR of 4.4% during the forecast period. Factors such as growing demand from footwear industry, no animal killing involved, advantages over pure leather, and increasing demand for luxury cars and electric vehicles will drive the synthetic leather market. The major restraint for the market will be harmful effects of PU and PVC on humans and substitute for synthetic leather in the automotive industry. However, focus on development of bio-based synthetic leather will act as an opportunity for the market. 

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Bio-based leather is manufactured by using natural materials. It is made by using natural fibers such as cotton or flax, further mixed with corn, palm, soybean, and other plant oils. These raw materials are laminated collectively into many layers to create bio-based leather. It is sustainable and has low carbon footprint. The bio-based leather market is in a nascent phase and has not been fully commercialized. But due to increasing government regulations and rising environmental concerns, the market is expected to grow in the near future.

The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The synthetic leather industry is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest synthetic leather market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.

The key market players profiled in the report 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), Zhejiang Hexin Industry Group Co., Ltd. (China), Alfatex N.V. (Belgium), H.R. Polycoats Pvt. Ltd. (India), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China).

Players in the synthetic leather market are mainly concentrating on new product launches, acquisition, and collaboration to meet the growing demand for synthetic leather for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.

The growth of the synthetic leather market has been largely influenced by new product launches that were undertaken between 2016 and 2020. Companies such as Kuraray Co. Ltd. and Teijin Limited have adopted new product launches to enhance their market position.

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Kuraray Co. Ltd. is one of the major players in the synthetic leather market. In order to strengthen their product portfolio, the company is focusing on collaboration for meeting client’s requirements. For instance, in November 2018, Kuraray‘s CLARINO, a synthetic leather, was chosen for the surface layer for V200W, the official tournament model indoor volleyball produced by Mikasa Corporation for use in the international games sponsored by the Federation Internationale de Volleyball Association. Similarly, in November 2020, Kuraray Co., Ltd. and Nissha Co., Ltd jointly developed the Material Insert technology using the synthetic leather, CLARINO, and started selling the product targeting the mobility and the consumer electronics markets.

The companies also adopted acquisition as a strategy to increase their share and market presence. For instance, in September 2019, Air Water Inc. acquired all shares of FILWEL Co., Ltd. Similarly, in October 2017, San Fang Chemical Industry Co. ltd. obtained the subsidiary companies, Giant Tramp Limited and Dong Guan YuGuo Shoes Material Co., Ltd.

In February 2019, Seven Crash, a fashion label launched its innovative Quantus, a collection of futuristic urban streetwear outfits at the Autumn/Winter New York Fashion Week 2019. The collection, designed in collaboration with the chemical company BASF and San Fang, enabled fashion-forward designs and functionality. Similarly, In January 2017, Teijin Frontier, along with Katochu Co., Ltd., a specialized maker of backpacks, launched RANDSELLIER high-quality backpacks for school children made of high-grade artificial leather.

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