Synthetic Leather Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

The Synthetic Leather Market size is projected to reach US$ 50.41 billion by 2031 from US$ 30.25 billion in 2023. The market is expected to register a CAGR of 6.5% in 2023–2031. The growing focus on the development of biobased leather is likely to remain a key Synthetic Leather Market trend.

Synthetic Leather Market Analysis

Synthetic leather has gained popularity is the last few years. It is used in various industries, including footwear, clothing, furniture, and automotive. The most common use of synthetic leather is in clothing, luggage, and cases. synthetic leather is increasingly used in jackets, coats, handbags, purses, belts, etc. Synthetic leather is suitable for footwear application due to its low cost, and abrasion resistance.

Synthetic Leather Market Overview

Synthetic leather is prepared by extrusion of raw materials such as polyvinyl chloride, polyurethane, color pigments, backing materials, and others. The growing demand from industries such as furniture, footwear, and automotive is expected to drive the demand for synthetic leather. In addition, growing investments by major players are expected to boost the market growth.

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Synthetic Leather Market: Strategic Insights

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Synthetic Leather Market Drivers and Opportunities

Advantages of Synthetic Leather

Synthetic leather provides several advantages. It reflects a visual appearance with realistic leather quality when modified and improved. It is a versatile material available in a variety of colors, finishes, and patterns. The cost of synthetic leather is lesser as compared to genuine leather, which makes it a much more affordable option. Moreover, synthetic leather is a waterproof material and can resist water penetration since it consists of a plastic base layer with a plastic coating. As a result, synthetic leather is the perfect choice for applications with continuous exposure to moisture and humidity. Thus, the advantages associated with the usage of synthetic leather are driving the market.

Growing Demand from the Footwear Industry

The footwear industry is one of the significant segments of the synthetic leather industry. The high demand for shoes is providing opportunities for the footwear industry to develop and grow. Synthetic leather material is suitable for shoes due to its low cost and abrasion resistance. Also, synthetic leather shoes offer great waterproof qualities. Synthetic leather can be mixed with a few chemicals to add waterproof features. There is a high demand for synthetic leather from the footwear industry. Moreover, many footwear brands are focusing on developing plant-based leather shoes and vegan leather shoes. This is further contributing to the high demand for synthetic leather. Thus, growing demand from the footwear industry creates opportunities in the synthetic leather market.

Synthetic Leather Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Synthetic Leather Market analysis are base oil, product type, and end-use industry.

• Based on type, the Synthetic Leather Market is divided into polyurethane, polyvinyl chloride, silicone, and others. The polyurethane segment held a larger market share in 2023.
• By application, the market is segregated into footwear, furniture, automotive, clothing, stationery goods, and others. The footwear segment held the largest share of the market in 2023.

Synthetic Leather Market Share Analysis by Geography

The geographic scope of the Synthetic Leather Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

Asia Pacific has dominated the Synthetic Leather Market. The Asia Pacific footwear market is driven by rapid urbanization, growing population, and industrialization in countries such as China, Indonesia, and India. Also, the penetration of e-commerce platforms such as Amazon and Alibaba has facilitated consumers' convenient purchase of footwear. As a result, the growing demand from the footwear industry, fashion, and upholstery industries includes a wide variety of items such as shoes and jackets, luggage and wallets, and car interiors—particularly seats, electronics cases, and sofas. Asia Pacific is anticipated to be the fastest growing region in the coming period.

Synthetic Leather Market Regional Insights

The regional trends and factors influencing the Synthetic Leather Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Synthetic Leather Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Synthetic Leather Market Report Scope

Synthetic Leather Market Players Density: Understanding Its Impact on Business Dynamics

The Synthetic Leather Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Synthetic Leather Market are:

1. Kuraray Co., Ltd.
2. SAN FANG CHEMICAL INDUSTRY CO., LTD.
3. TEIJIN LIMITED
4. NAN YA PLASTICS CORPORATION
5. FILWEL Co., Ltd.
6. Alfatex Italia

Disclaimer: The companies listed above are not ranked in any particular order.

Synthetic Leather Market News and Recent Developments

The Synthetic Leather Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• General Silicones (GS), an expert manufacturer of silicone products with 50 years of experience, is announcing the availability of its new Compo-SiL® SL silicone vegan leather product series. The SL series is suitable for manufacturers of consumer products such as bags and backpacks, shoes, wallets, belts, book bindings, and covers that are looking for vegan leather supplies with factory-applied fabric lining. (Source: General Silicones Co., Ltd., Company News, 2023)

Synthetic Leather Market Report Coverage and Deliverables

The “Synthetic Leather Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles