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The synthetic leather market size is valued to increase USD 25.3 billion, at a CAGR of 9.42% from 2023 to 2028. High demand from developing economies will drive the synthetic leather market.
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The synthetic leather industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The pu-based segment is estimated to witness significant growth during the forecast period.
PU-based synthetic leather, also recognized as bi-cast or split leather, is experiencing significant market expansion due to its ease of maintenance, waterproof properties, and softness, surpassing other synthetic leather types. Weighing less than natural leather, it offers versatility in texture and color options, making it a preferred choice in footwear, clothing, and automobile industries. The increasing trend of veganism and sustainability has led many consumers to opt for synthetic leather, which resembles genuine leather. PU-based synthetic leather boasts impressive durability features, such as tear resistance and extended product lifespan, ascertained through rigorous testing like flexural strength and abrasion resistance. These attributes are crucial for industries that require high-performance materials.
Additionally, PU-based synthetic leather is resistant to UV rays, ensuring colorfastness and reducing the need for frequent replacement. Manufacturing advancements, such as microfiber manufacturing, non-woven fabrics, fiber reinforcement methods, and PU coating techniques, have contributed to the evolution of synthetic leather. Eco-friendly alternatives, like cellulose-based materials, bio-based polymers, and plant-based materials, are also gaining popularity, as sustainability certifications become increasingly important. Waste reduction strategies, such as textile recycling technologies, are also being integrated into the manufacturing process to minimize environmental impact. PU leather properties, including coating formulations, surface coating adhesion, and material tensile strength, are continually being analyzed and optimized to enhance its performance and appeal to businesses and consumers alike.
The PU-based segment was valued at USD 23.30 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 57% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the Asia Pacific (APAC) region is experiencing significant growth, surpassing other global markets. This expansion is primarily driven by the burgeoning industries of footwear, apparel, automotive, furnishing, and bags, which increasingly utilize synthetic leather. Key contributors to this growth include China, Japan, and India. Among these, China holds a prominent position as the leading manufacturer of synthetic leather. The shift towards eco-consciousness among Chinese consumers, who are favoring synthetic leather products over animal-hide alternatives, is a significant factor fueling the market's expansion. Additionally, the demand for affordable leather imitation products, such as bags, apparel, and automotive accessories, is another driving force.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The global synthetic leather market is defined by continuous product innovation and shifting sourcing priorities as manufacturers balance performance, cost, and sustainability. Market participants focus on polyurethane foam density impact on durability and microfiber composition effects on tensile strength to enhance end-product longevity, while coating thickness influence on abrasion resistance and embossing roller design influence on grain pattern are central to achieving desired aesthetics and wear performance. Recycling methods for pu leather scraps and bio-based polyurethane production process reflect a broader move toward circularity and lower lifecycle environmental impact. Comparative material assessments, such as comparison of polyester and polyamide fibers in synthetic leather and comparison of pvc and polyurethane leather alternatives, inform material selection and cost optimization strategies.
Producers are also investing in testing and certification, applying assessment of flame retardant coating efficiency and testing methods for antimicrobial coating efficacy to meet stricter product safety expectations, and undertaking analysis of synthetic leather material lifespan to guide warranty and quality assurance programs. Process improvements include optimization of production process for cost reduction and methods to improve synthetic leather durability, alongside techniques for enhancing the flexibility of synthetic leather and effect of coating formulation on water resistance. Emerging research explores new approaches to create bio-based polymers and cellulose-based synthetic leather production techniques, while adoption of environmental certifications for sustainable synthetic leather supports market differentiation and supplier compliance. This multidimensional evolution positions the market toward higher value applications and more sustainable supply chains.
The synthetic leather market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the synthetic leather market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape of Synthetic Leather Industry
Companies are implementing various strategies, such as strategic alliances, synthetic leather market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
AIR WATER INC. - The subsidiary FILWEL of this corporation specializes in providing synthetic leather solutions to various industries, utilizing advanced technology and innovative materials. FILWEL's offerings contribute significantly to the company's diversified product portfolio.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Synthetic Leather Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
184 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.42% |
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Market growth 2024-2028 |
USD 25.3 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.31 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What is the expected growth of the Synthetic Leather Market between 2024 and 2028?
USD 25.3 billion, at a CAGR of 9.42%
What segmentation does the market report cover?
The report is segmented by Product (PU-based, PVC-based, and Bio-based), End-user (Footwear industry, Furnishing industry, Automotive industry, Bags industry, and Others), Geography (APAC, North America, Europe, South America, and Middle East and Africa), and Application (Footwear, Automotive, Furnishing, Clothing, Bags & Wallets, Sports Goods, and Other Applications)
Which regions are analyzed in the report?
APAC, North America, Europe, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
High demand from developing economies, Fluctuating raw material prices
Who are the major players in the Synthetic Leather Market?
AIR WATER INC., Akea Srl, Alfatex Italia Srl, Anhui Anli Material Technology Co. Ltd., Asahi Kasei Corp., Colence Pvt. Ltd., H.R. Polycoats Pvt. Ltd., Kolon Industries Inc., KURARAY Co. Ltd., Lederplast Spa, Marvel Vinyls Ltd., Mayur Uniquoters Ltd., Nan Ya Plastic Corp., San Fang Chemical Industrial Co. Ltd., Teijin Ltd., Toray Industries Inc., Uniroyal Global Engineered Products Inc., Winner Nippon Leatherette Pvt. Ltd., Zhejiang Hexin Industry Group Co. Ltd., and Zhejiang Yongfa Synthetic Leather Co. Ltd.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Market Segmentation by Application
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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