Synthetic Leather Market Size Worth $66.84 Billion by 2030

Posted on 2023-05-26 by researchinsights in Industrial // 0 Comments

San Francisco, Calif., USA, May 26 2023 — /EPR Network/ —

Synthetic Leather Industry Overview

The global synthetic leather market size was valued at USD 33.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2022 to 2030. Globally increasing demand from the footwear sector is expected to be a key factor propelling the overall market growth. The high cost of natural leather is another factor that has driven the need for natural leather replacements.

PVC leather is another important type of synthetic leather that has grown in popularity due to its diverse variety of uses, which include shopping bags, cosmetic bags, wallets, suitcases, purses, and travel bags. It is used in various applications including fabrics, footwear, clothing, upholstery, and others where a leather-like finish is required, and the material is unusable, unsuitable, and cost-prohibitive. The production process has evolved over the past few years for the shell coating to go on top of the synthetic polymer blend.

Gather more insights about the market drivers, restraints, and growth of the Global Synthetic Leather Market

The U.S. market for synthetic leather has witnessed a considerable rise in consumption in the recent past. In recent years, the market in the U.S. has seen a significant increase in demand. Over the next few years, consumption is expected to increase. The overall market in the U.S. is likely to benefit from a significant increase in demand for automotive synthetic leather upholstery. During the forecast period, initiatives to strengthen the supply chain are expected to have a favorable impact on the market in the U.S. The global demand has seen a paradigm shift due to rising application across furnishing, automotive, clothing, bags, and others. Manufacturers have been spreading their sourcing, shifting especially to Asian suppliers such as China and Vietnam owing to the abundance of raw materials and low labor and freight costs.

However, the recent spread of the coronavirus across the globe has drastically impacted the demand for synthetic leather owing to the several preventive measures taken by various governments to limit the spread of the pandemic. This has led to the fall in the demand and trade of synthetic leather across the globe and is expected to have a negative impact on the market growth in the coming years. Emerging regional markets such as China, India, Brazil, Malaysia, Thailand, and Vietnam are expected to play a major role in the product demand. Extensive usage of synthetic leather in the footwear industry in several other regional markets is also expected to contribute to the growth of the global industry over the next few years.

Browse through Grand View Research’s Plastics, Polymers & Resins Industry Related Reports

Antimicrobial Plastic Market – The global antimicrobial plastic market size was valued at 37.87 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030.

Polyurethane Market – The global polyurethane market size was valued at USD 75.19 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2030.

Synthetic Leather Industry Segmentation

Grand View Research has segmented the global synthetic leather market based on type, application, and region:

Synthetic Leather Type Outlook (Volume, Million Meter; Revenue, USD Million, 2019 – 2030)

PU Synthetic Leather
PVC Synthetic Leather
Bio-based Leather

Synthetic Leather Application Outlook (Volume, Million Meter; Revenue, USD Million, 2019 – 2030)

Furnishing
Automotive
Footwear
Wallets, Bags & Purses
Clothing
Others

Synthetic Leather Regional Outlook (Volume, Million Meter; Revenue, USD Million, 2019 – 2030)

North America
Europe
Asia Pacific
Central & South America
MEA (Middle East & Africa)

Market Share Insights:

May 2019: Teijin Frontier Co. Ltd., the fibers and products converting company of the Teijin Group, developed polishing pads with non-woven material ‘NANOFRONT’ to improve the quality of silicon wafers while also lowering production costs.

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