The Synthetic Leather Market Size was valued at USD 67.50 Billion in 2023. The Synthetic Leather industry is projected to grow from USD 72.04 Billion in 2024 to USD 121.40 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.74% during the forecast period (2024 - 2032). Products of synthetic leather when even exposed to snow and water do not undergo wear and tear. This shows that leathers are quite resistant to them. Acquiring a cloth base coated with synthetic resin, synthetic leather tends to be an alternative that augments its growth in various applications which include fabrics, clothing, and footwear.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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 Synthetic Leather market segmentation, based on Product, includes PVC-based, PU-based, and Bio-based. Polyvinyl chloride, sometimes known as PVC or vinyl, is a flexible plastic that has become ubiquitous in modern civilization. PVC is used in a wide range of items, including pipes, floors, window frames, rain gutters, garden furniture, and automotive parts. PVC is used to create medical gadgets, cling film, raincoats, credit cards, plastic bags, and textiles when softened using plasticizers. Plasticizers are added to PVC to make it softer and more flexible, and this increases its performance significantly.
Based on End-User, the Synthetic Leather market segmentation includes Automotive, Footwear, Clothing, Furnishing, Bags, Purses & Wallets, and Others. Due to the growing need for aesthetically pleasing car interiors, automobile manufacturers are employing synthetic leathers in vehicle interior components such as steering wheels and door panels. Car seats, for example, play an important part in lowering a vehicle’s overall weight and increasing its fuel efficiency. Men, women, and children wear artificial leather footwear like formal shoes the most. Furthermore, the non-leather market is growing due to an increase in the use of artificial materials in sports artificial shoes, slippers, casual shoes, sandals, sneakers, flip flops, and rubber clogs.
Figure 2: Synthetic Leather Market, by Product, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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, MRFR 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.
In April 2023, General Silicones Co., Ltd. released a new series of vegan silicone leather products under the brand name Compo-SiL. These will be used to produce shoes, belts, bags, covers, and bookbinding.
In April 2023, Taiwanese silicone products manufacturer General Silicones Co., Ltd. announced their latest vegan synthetic leather, which they have named Compo-SiL (SL series). This series is designed for businesses that are in the business of bag-making companies, wallet manufacturers, and backpack makers looking for supplies of vegan leather.
In July 2022, China-based synthetic leather supplier Sage Automotive Interiors unveiled groundbreaking siliconized synthetic leather meant for automotive purposes. The company already started manufacturing these artificial leathers in Shanghai, China. The company now provides silicone synthetic leather that is innovative and petroleum-free, hence making it an alternative to conventional carbon-based materials currently used in motor vehicle interiors due to consumer demand trends towards sustainable products.
September 2021- Teijin Cordley Limited, a subsidiary of Japan's Teijin Frontier Group, has developed its latest antiviral/ antibacterial artificial leather with long-lasting antibacterial agents. Towards the end of this year, Teijin Cordley began selling the most advanced antiviral synthetic leather. Previous editions were made for children’s suitcases; subsequent ones aimed at producing sports equipment such as soccer balls or running shoes made out of fabricated hides. In the fiscal year ending March 2021, sales were at about thirty thousand meters, whereas by 580 thousand meters for the fiscal year ending March 24.
September 2021- Volvo Cars pledged to use only animal-free materials on all forthcoming electric vehicles following research outlining the future of sustainable luxury goods recently conducted by scientists across various fields. The company hopes that using recycled, high-quality materials can promote green values associated with sustainability and animal treatment. The multinational car maker Volvo has been making significant strides towards carbon neutrality and electrification at its various brands and manufacturing sites.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 67.50 Billion |
| Market Size 2024 | USD 72.04 Billion |
| Market Size 2032 | USD 121.40 Billion |
| Compound Annual Growth Rate (CAGR) | 6.74% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End-user, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Kuraray Co. Ltd - Japan, H.R. Polycoats Pvt. Ltd, - India, Alfatex Italia SRL, - Italy, Filwel Co. Ltd, - Japan Yantai Wanhua Synthetic Leather Group Co. Ltd, -China, San Fang Chemical Industry Co. Ltd, China, Mayur Uniquoters Limited, - India, Nan Ya Plastics Corporation, - China, Zhejiang Hexin Industry Group Co. Ltd, -China, Teijin Limited, - Japan, DuPont Tate & Lyle Bio Products Company, -the USA, LC, Gruppo Mastrotto SPA,- Italy, Asahi Kasei Corporation, - Japan and Toray Group. - Japan |
| Key Market Opportunities | More and more automobile and vehicle manufacturers want to use synthetic leather products to make seat covers, dashboards, and other fabric-based parts in vehicles. |
| Key Market Dynamics | The footwear industry is growing rapidly. |
Synthetic Leather Market Highlights:
Frequently Asked Questions (FAQ) :
The Synthetic Leather market size was valued at USD 67.50 Billion in 2023.
The Synthetic Leather market is projected to grow at a CAGR of 6.74% during the forecast period, 2024-2032.
Asia Pacific had the largest share of the Synthetic Leather market.
The key players in the Synthetic Leather market are Kuraray Co. Ltd - Japan, H.R. Polycoats Pvt. Ltd, - India, Alfatex Italia SRL, - Italy, Filwel Co. Ltd, - Japan Yantai Wanhua Synthetic Leather Group Co. Ltd, -China, San Fang Chemical Industry Co. Ltd, China, Mayur Uniquoters Limited, - India, Nan Ya Plastics Corporation, - China, Zhejiang Hexin Industry Group Co. Ltd, -China, Teijin Limited, - Japan, DuPont Tate & Lyle Bio Products Company, -the USA, LC, Gruppo Mastrotto SPA,- Italy, Asahi Kasei Corporation, - Japan and Toray Group. - Japan
The Polyvinyl chloride categories dominated the Synthetic Leather market in 2023.
The Purses & Wallets had the largest share in the market for Synthetic Leather.
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