Synthetic Leather Market Dynamics, Sustainability And Consumer Preferences

 

Synthetic Leather Industry Overview

 

The global synthetic leather market size was estimated at USD 38.98 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.87% from 2024 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 essential type of synthetic leather that has grown in popularity due to its diverse uses, including shopping bags, cosmetic bags, wallets, suitcases, purses, and travel bags.

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

 

The U.S. synthetic leather market has witnessed a considerable rise in consumption in the recent past. A further increase in consumption is anticipated over the next few years. Significant rise in demand for automotive synthetic leather upholstery is expected to propel the overall market in the U.S. Initiatives taken to strengthen the supply chain are projected to positively impact the market in the U.S. over the forecast period.

 

Uniroyal Engineered Products LLC, Coaters Inc. Leather, and Textileather Corporation are among the few manufacturers of synthetic leather in the U.S. General Motors, Fiat Chrysler, and Ford are the three largest automotive manufacturers in the U.S., who contribute to the heavy demand for synthetic leather for car interiors.

 

Footwear was the largest application segment for synthetic leather in 2023. The footwear industry has witnessed a significant growth in recent years owing to the rising demand from emerging markets, as consumer spending in the U.S. and some countries in Europe has slowed down slightly owing to the global recession. There has been a strong demand from countries such as China, India, South Korea, Vietnam, Thailand, and other South Asian countries. This is expected to have a major influence on synthetic leather demand in the Asian market.

 

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

 

• The global curing agent market size was estimated at USD 6.62 billion in 2023 growing at a CAGR of 6.3% from 2024 to 2030 owing to the continuous rise in manufacturing across various sectors, including construction and automotive, significantly boosts the demand for curing agents. As these industries expand, they require more materials that utilize the market for enhanced performance.

 

• The global structural foam market size was valued at USD 35.9 billion in 2023 and is projected to grow at a CAGR of 3.9% from 2024 to 2030. This growth is attributed to the rapid development of the smart building and design sector, as structural foam offers lightweight and energy-efficient solutions for construction.

Synthetic Leather Market Segmentation

 

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

Synthetic Leather Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

• PU Synthetic Leather
• PVC Synthetic Leather
• Bio-based Leather

 

Synthetic Leather Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

• Furnishing
o Chairs
o Sofas
o Other Furnishing
• Automotive
o Seats
o Interior Furnishings
• Footwear
o Sports Shoes
o Formal Shoes
• Wallets, bags & purses
o Wallets
o Bags
o Purses
• Clothing
o Jackets
o Belts
o Other Clothing
• Other Applications

 

Synthetic Leather Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 – 2030)

• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Norway
o Netherlands
o Turkey
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
o Thailand
o Indonesia
o Malaysia
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o United Arab Emirates (UAE)
o South Africa

Order a free sample PDF of the Synthetic Leather Market Intelligence Study, published by Grand View Research.

 

Key Companies profiled:

 

• Kuraray Co., Ltd.
• H.R. Polycoats Pvt. Ltd.
• Alfatex Italia SRL
• Filwel Co., Ltd.
• Yantai Wanhua Synthetic Leather Group Co., Ltd.
• San Fang Chemical Industry Co., Ltd.
• Mayur Uniquoters Limited
• Teijin Limited
• Nan Ya Plastics Corporation

 

Key Synthetic Leather Company Insights

 

Some of the key players operating in the market include Teijin Limited and Alfatex Italia SRL.

 

• In April 2023, General Silicones Co., Ltd. Launched new vegan silicone leather product series under Compo-SiL brand name. This series will be used to manufacture shoes, belts, bags, covers, and book bindings.

 

• Teijin Limited is one of the leading manufacturers of synthetic fiber in Japan and operates through 150 subsidiaries and affiliates across the globe. The company provides a range of services and products in the fields of information and electronics, safety and protection, environment and energy, and healthcare. It operates in two business segments, namely materials and healthcare. The materials business segment includes advanced fibers and composites, and electronics materials & performance polymer products.

 

• Alfatex Italia SRL is primarily engaged in manufacturing upholstered furniture and also provides leather, bonding fabrics, artificial leather, velvet, and webbing. It is also engaged in manufacturing laminated, and vinyl coated fabrics. The various application needs served by the company’s leathers include residential, marine, and automotive upholstered furniture, iron boards, safety shoes, helmets, carpets, and other indoor furniture.

 

Recent Developments

 

• In April 2023, General Silicones Co., Ltd., a Taiwan-based silicone products manufacturer, announced the launch of vegan synthetic leather, namely Compo-SiL (SL series). This series is designed for business who are manufacturers of bags, wallets, backpacks, and shoes and are seeking vegan leather supplies.

• In July 2022, Sage Automotive Interiors, a China-based synthetic leather supplier, announced the launch of innovative silicone synthetic leather for automotive applications. The company has commenced manufacturing the synthetic leather in Shanghai, China. The increasing consumer demand for sustainable products has influenced the company to deliver silicone synthetic leather as an innovative, petroleum-free, non-carbon-based solution for today’s automotive interiors.