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Synthetic Leather Market Share

ID: MRFR//2994-CR | 150 Pages | Author: Chitranshi Jaiswal| February 2021

The Synthetic Leather market is an ever-changing and competitive field. The companies therefore implement a number of positioning tactics to be recognized as leaders and to acquire a good market portion. The first point of attention consists of product differentiation. Firms that produce synthetic leather attempt to enhance its characteristics by conducting research and development and make it distinguished in terms of longevity, texture, or some other qualities its natural counterpart has. These, thus, not only attract new clients but also catalyze the creation of loyal customers from existing consumers who are after all impressed by the distinctiveness of uniquely produced products.

The market of synthetic leather undergoes strong expansion due to the fact that end users in the industries of footwear, textile, furnishing, fashion & automobiles are becoming more reliant on it. All elements in the value chain of manufacturers of synthetic leather aiming at no-kill footwear are benefited because of the expansion of the market size of pure leather and luxury cars resulting in a rise in the demand for expensive cars and electric vehicles.

Pricing policies are of utmost importance in the market shares building process. Certain companies are operating their businesses through cost leadership strategy which is mainly concerned with the cost reduction of the production and becoming the cheapest among their competitors. One way they can do this is by offering competitive pricing that targets cost-concerned consumers and enlarges their share of the market. On the other hand, premium pricing strategy seeks a segment of consumers who are open to spending more on the products because of the perception of the quality or who believe in paying more for a superior craftsmanship. For the manufacturers to dominate the synthetic leather market they have to be mindful and make sure that they balance well between price and perceived value of the products and the different customers preferences.

Distribution network is among those important factors that determine market share. Companies are working to establishing global distribution channels to supply synthetic leather products as fast and seamlessly as possible. Building partnerships with major distributors and retailers, as well as placing product prominently, increase the traffic and sales generated at the points of product display. The rise of online shopping has also facilitated the greatly widened the market thus deepening companies' reach. Furthermore, the introduction of e-commerce provides a hassle free purchasing experience.

The Synthetic Leather market is deeply involved in Brand building and this is an integral aspect of market share positioning. The process of building brand awareness can be done by a company through the use of various strategies such as focused marketing and promotional activities that delve deeper into features that set it as a leader in the market'. A well-known and reputable brand boosts the confidence of consumers to purchase the products from their favorite brand manufacturers and increases the company’s market share since more people trust the brand.

Covered Aspects:

Report Attribute/Metric Details
Growth Rate  6.74% (2023-2030)

Global Synthetic Leather Market Overview


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.


Synthetic Leather Market Overview


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Synthetic Leather Market Trends




  • 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.


Synthetic Leather Market Segment Insights


Synthetic Leather Product Insights


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. 


Synthetic Leather End-User Insights


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)


Synthetic Leather Market, by Product, 2023 & 2030


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Synthetic Leather Regional Insights


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 (%)


SYNTHETIC LEATHER MARKET SHARE BY REGION


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.


Synthetic Leather Key Market Players & Competitive Insights


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.


Key Companies in the Synthetic Leather market include



  • 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,

  • TEUIN LIMITED of Japan,

  • Polycoats Pvt. Ltd of India,

  • FILWEL Co. Ltd of Japan,

  • Yantai Wanhis Synthetic Leather Group Co. Ltd of China,

  • Toray Industries Inc. of Japan,

  • ALFATEX ITALIA SRL of Italy,


Synthetic Leather Industry Developments


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.


Synthetic Leather Market Segmentation


Synthetic Leather Product Outlook



  • PVC-Based

  • PU-Based

  • Bio-Based


Synthetic Leather End-user Outlook



  • Automotive

  • Footwear

  • Clothing

  • Furnishing

  • Bags

  • Purses And Wallets


Synthetic Leather Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



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