Synthetic Leather Market Trends: Adoption in Home Decor and Upholstery

Posted on 2024-10-14 by researchinsights in Internet & Online // 0 Comments

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.

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.

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

Detailed Segmentation:

Type Insights

The polyurethane (PU) synthetic leather segment led the market in 2023 with a revenue share of above 60.0%. It has been witnessing promising growth in product quality, variety, and yield. Polyurethane is waterproof, softer, and lighter than genuine leather and can be dry-cleaned and torn more easily than genuine hides. It also remains unaffected by sunlight. In addition, it is an eco-friendly substitute for vinyl-based products as it does not emit dioxins. All these factors are expected to increase its demand further.

Application Insights

The footwear segment led the market with a revenue share of above 33.0% in 2023. The use of synthetic leather in footwear is getting nearer to genuine leather, and it is increasingly replacing genuine leather in applications in handbags, briefcases, car furnishings, and clothing. Rising income levels and economic growth, especially in emerging nations, have fueled the demand for footwear. In addition, the segment is led by variations occurring in climatic conditions of different regions, which need different types of footwear.

Regional Insights

The Asia Pacific dominated the market in 2023 with a revenue share of above 44.0%. China, India, and South Korea are expected to be the significant growth-driving economies in APAC. Rising disposable income, coupled with the increasing population, will provide numerous opportunities for the market. China is one of the prominent markets for leather in terms of production and sales.

However, the coronavirus outbreak has severely affected the country’s manufacturing output. Several manufacturers have either closed or slowed down their operations to contain the spread of the virus. Limited production in the manufacturing industry due to a halt or slowdown in operations, limitations on the supply and transportation in the country, and infrastructure slowdown are anticipated to negatively affect the demand for synthetic leather from the end-use application in the near future.

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Key Companies & Market Share 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.

Key synthetic leather Companies:

The following are the leading companies in the synthetic leather market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these synthetic leather companies are analyzed to map the supply network.

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