The global synthetic leather market size is expected to reach USD 50.34 billion by 2028 according to a new study by Polaris Market Research. The report “Synthetic Leather Market Share, Size, Trends, Industry Analysis Report, By Type (Bio-based, Polyurethane, Polyvinyl Chloride, Others); By End-Use; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The adoption of synthetic leather is expected to increase during the forecast period owing to wide applications in industries such as automotive, apparel, and furnishing. Rising disposable income of consumers and improving lifestyles have increased the demand for footwear, clothing, and accessories.
Increasing urbanization and growing demand from the automotive sector have further supported the market growth. However, the COVID-19 outbreak has restricted the growth of the market due to operational challenges, disruption of the supply chain, reduced demand, and workforce impairment.
The different types of the product include bio-based, polyurethane, polyvinyl chloride, and others. The demand for the polyurethane segment is expected to be high during the forecast period. Polyurethane material offers the same texture as real leather while being lighter, cheaper, and durable. The rising ethical concerns regarding animal cruelty, growing environmental awareness, and the introduction of stringent regulations support the growth of this segment.
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The product is used in diverse industries such as apparel, furnishing, automotive, footwear, electronics, and others. The automotive segment is expected to grow at a significant rate during the forecast period. The use of synthetic material in automobiles offers durability, strength, comfort, and elasticity. It is easy to maintain in vehicles as it is resistant to hot and cold temperatures, water, alcohol, and stains. The use of synthetic leather in seats, armrests, headrests, door trimmings, steering wheel covers, and roof lining has increased with rising demand for luxury vehicles.
Increasing applications in footwear and furnishing industries have resulted in greater demand for the product in Asia-Pacific. Leading global players are expanding their presence in developing nations of China, Japan, India, and South Korea to tap the growth opportunities offered by these countries.
Some major market participants include Filwel Co. Ltd., H.R. Polycoats Pvt. Ltd., Teijin Limited, Kuraray Co. Ltd., Yantai Wanhua Synthetic Leather Group Co. Ltd., Kolon Industries, Inc., San Fang Chemical Industry Co. Ltd., Toray Industries, Inc., Alfatex N.V., NAN YA plastics corporation, Mayur Uniquoters Limited, Mitsubishi Chemicals Corp., Hanwa Chemical Corp., DuPont Tate & Lyle Bio Products Company, LLC, and Zhejiang Hexin Industry Group Co., Ltd.
Polaris Market Research has segmented the synthetic leather market report on the basis of type, end-use, and region:
Synthetic Leather, Type Outlook (Volume, Million Meters; Revenue, USD Billion, 2016 – 2028)
Synthetic Leather, End-Use Outlook (Volume, Million Meters; Revenue, USD Billion, 2016 – 2028)
Synthetic Leather, Regional Outlook (Volume, Million Meters; Revenue, USD Billion, 2016 – 2028)