Synthetic Leather Market

• The footwear industry is growing rapidly.

The synthetic leather market achieves great growth due to its rise in demand from end-user industries manufacturing footwear, clothing garments, products for furnishing, automotive purposes, manufacturing bags, purses, clutches, wallets, and various other fashionable products. The rise in demand for footwear industries involving no animal killings, giving advantages over pure leather, rise in demand for luxury cars and electric vehicles expands the synthetic leather market size. 

Additionally, Demand for synthetic leather over other industries increases the opportunities for the competitors in the next upcoming years. Opportunities for the synthetic leather industries are raised by replacing conventional leather with bio-based leather which is produced from natural fibers like flax and cotton. The flexibility and strength of these synthetic fibers provide opportunities for expanding the synthetic leather market size.

Teijin Cordley Limited and WR Supply Inc. announced today that they will collaborate to develop a novel technology for recycling release paper from fake leather manufacture. The old release paper can be recycled into recycled base paper and other paperboard products using the process used to create the base paper for fake leather release paper using raw materials derived from 100% recycled paper.

The Global Synthetic Leather Market Industry is experiencing a notable shift towards eco-friendly alternatives, driven by increasing consumer awareness regarding environmental sustainability. As consumers become more conscious of their purchasing decisions, the demand for synthetic leather, which is often perceived as a more sustainable option compared to traditional leather, is likely to rise. This trend is further supported by various government initiatives promoting sustainable practices across industries. The market is projected to reach 72.0 USD Billion in 2024, indicating a robust growth trajectory fueled by this demand for environmentally responsible products.

Government regulations promoting the use of sustainable materials are playing a crucial role in shaping the Global Synthetic Leather Market Industry. Many countries are implementing policies that encourage the adoption of synthetic leather as a viable alternative to traditional leather, particularly in sectors such as fashion and automotive. These regulations often include incentives for manufacturers who prioritize eco-friendly practices and materials. As a result, the market is likely to see increased investment in synthetic leather production, further driving its growth. The projected market value of 72.0 USD Billion in 2024 reflects the positive impact of these regulatory frameworks.

The versatility of synthetic leather is contributing to its growing presence in multiple sectors, including automotive, fashion, and furniture. The Global Synthetic Leather Market Industry is benefiting from this diversification, as synthetic leather is increasingly utilized in car interiors, clothing, and upholstery. This expansion is driven by the material's aesthetic appeal, durability, and ease of maintenance. Moreover, as industries seek to reduce their environmental footprint, synthetic leather is often favored for its lower resource consumption compared to traditional leather. This trend is expected to sustain the market's growth, with a projected CAGR of 6.74% from 2025 to 2035.

Innovations in manufacturing technologies are significantly influencing the Global Synthetic Leather Market Industry. Advanced production techniques, such as the use of bio-based materials and improved coating processes, enhance the quality and durability of synthetic leather. These advancements not only improve product performance but also reduce production costs, making synthetic leather more competitive against traditional leather. As a result, manufacturers are increasingly adopting these technologies to meet the evolving demands of consumers and industries alike. The anticipated growth of the market to 147.6 USD Billion by 2035 underscores the impact of these technological developments.

The Global Synthetic Leather Market Industry is witnessing a shift in consumer preferences towards customized and personalized products. As consumers increasingly seek unique and tailored items, manufacturers are responding by offering a wider range of synthetic leather options in terms of colors, textures, and finishes. This trend is particularly evident in the fashion and accessories sectors, where personalized products are gaining traction. The ability to customize synthetic leather goods not only enhances consumer satisfaction but also drives sales growth. This evolving consumer behavior is likely to contribute to the market's expansion, with a forecasted CAGR of 6.74% from 2025 to 2035.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific dominated the market and accounted for over 40.0% share of the revenue in 2021. China, India, and South Korea are expected to be the major 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 outbreak of coronavirus 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 shortly.

Figure 3:  SYNTHETIC LEATHER MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

The market in North America is expected to grow at a slow rate on account of the saturation of larger domestic fashion brands. There have been growing concerns from animal rights organizations such as PETA, WWF, and a few others, resulting in growth restraints in the leather market. The demand for synthetic leather goods in the region has increased because of this. The European market witnessed significant growth owing to the flourishing automobile and consumer appliances sectors in the region. Amid the crisis, governments in the region are focusing on bio-based, low-cost, and long-lasting products.

The market for synthetic leather in this region is expected to grow because of this.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Synthetic Leather market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Synthetic Leather industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Synthetic Leather. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Synthetic Leather industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Synthetic Leather industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Synthetic Leather market players, including DuPont Tate and Lyle Bioproducts Company LLC of the United States, Mayur Uniquoters Limited of India, NAN YA PLASTICS CORPORATION of Taiwan, Kuraray America, Inc. of the United States, and others, are attempting to increase market demand by funding R&D initiatives.

DuPont (also known as DuPont de Nemours) is a company specializing in technology-based materials, ingredients, and solutions. It operates through three segments: Electronics and Industrial; Water and Protection; and Corporate and Other. The Electronics and Industrial segment supply differentiated materials and component solutions for consumer electronics, including mobile devices, television monitors, and personal.

Also, Mayur Uniquoters Limited is a listed public company incorporated on 14 September 1992. It is classified as a public limited company and is located in Jaipur, Rajasthan. Its authorized share capital is INR 86.00 cr and the total paid-up capital is INR 21.98 cr.