Synthetic Leather Market Revenue Will Reach US$ 40.5 Billion By 2027

The synthetic leather market size is projected to reach a revenue of US$ 40.5 billion by 2027 and is expected to register a CAGR of 4.6% from 2020 to 2027, According to Precedence Research. The research report contains 150+ pages with detailed analysis.

The report provides the overall revenue of the global synthetic leather market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year. This research report evaluates the synthetic leather market on a global and regional level.

Synthetic or artificial leather is man-made leather that provides the appearance of the real leather. The product is marketed with various names for example vegan leather, faux leather, pleather, and leatherette. Synthetic leather comprises of a cloth base that is coated with a synthetic resin in order to resemble its appearance with animal hide on the surface. The surface of the leather fabric is dyed and treated with specific additives to make it look like a real leather. It is widely in the industries that require leather-like finish for example in upholstery, footwear, automobile, and clothing, among others. Further, it comes with no seams that prevent the water from seeping inside and damaging the inner material.

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Growth Factors

Remarkable properties of the synthetic leather over real leather such as high moisture resistance, easy washable, cost-effectiveness, and high durability drives its demand during the forthcoming years. Increasing demand for synthetic leather mainly from the footwear industry because of presence of durable and affordable leather expected to augment the market size for the product. In addition, robust demand for luxurious products from furniture and automotive sectors projected to accelerate the market growth over the coming years.

Additionally, stringent government norms for the protection of animals for leather products anticipated to bolster the market growth during the analysis period. Rising consumer awareness related to cruel practices of animal killing along with introduction of better alternatives of leather for furniture, clothing, and footwear applications likely to offer alluring opportunities to the market participants operating. Increasing Research & Development (R&D) investments for the production of bio-based leathers using fruits such as banana and jackfruit are further creating massive opportunities for the manufacturers over the upcoming years. However, the spread of corona virus disease which was centered at Wuhan, China expected to hamper the demand of the synthetic leathers in the near future.

Market Scope:

The synthetic leather market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenarios and forecasts (revenue/volume) and categorizes the market by players, type, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rates market dynamics such as drivers, restraints and opportunities, and distributors and sales channels.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

Report Highlights

The Asia Pacific encountered the largest value share of more than 40% in the year 2019 and expected to maintain the same trend over the analysis period

North America and Europe witness sluggish growth owing to the maturity of the market along with drastic decline in the cross-border trade with the spread of the coronavirus pandemic

Polyurethane (PU) synthetic leather segment captured the largest value share of more than 50% in 2019 along with the promising growth over the upcoming years owing to the product quality, yield, and variety

The PVC product segment expected to register slow growth over the analysis period owing to inability to maintain the body heat as well as gave a sticky feel when touched

Bio-based product expected to witness prominent growth over the forthcoming years owing to presence of polyester polyol that has 70% to 75% renewable content

Footwear application accounted for the maximum revenue share of more than 30% in 2019 due to increasing income levels and economic growth in the developing countries

Automotive application witnesses significant growth over the analysis period owing to large application of PU because of its non-sticky and soft touch properties

Regional Snapshots

Presently, the Asia-Pacific emerged as the largest market for synthetic leathers, in terms of value, followed by Europe. The prominent growth of the region is mainly because of the on-going technological innovations in the synthetic leather industry along with the presence of some of key market players in the region.

China is one of the major markets in the Asia Pacific region for synthetic leathers in terms of production and sales. Besides this, the recent outbreak of COVID-19 has drastically impacted the manufacturing output of the country. Several manufacturers have either slowed down or closed their operations to control the spread of the virus. This has adversely affected the demand for synthetic leather from various end-use applications.

North America expected to register a moderate growth rate over the analysis period owing to the considerable demand for synthetic leathers in automotive, footwear, and construction industries.

Key Players & Strategies

The global leaders in the synthetic leather industry are largely focused towards new product development and geographic expansion to strengthen their market positions. Further, the development of bio-based synthetic leathers along with advanced & personalized products offer prominent growth openings to synthetic leather producers.

Some of the key players operating in the market are Kuraray Co., Ltd., Nan Ya Plastics Corporation, Yantai Wanhua Synthetic Leather Group Co., Ltd., Mayur Uniquoters Limited, Teijin Limited,San Fang Chemical Industry Co., Ltd., Filwel Co., Ltd., and Zhejiang Hexin Industry Group Co., Ltd. among others.

Market Segmentation

By Product

PVC
PU
Bio Based

By Application

Automotive
Furnishing
Footwear
Clothing
Bags & Wallets
Others

Regional Segmentation

North America (U.S. and Canada)

Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

Latin America (Brazil and Rest of Latin America)

Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global synthetic leather market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for synthetic leather are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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