Synthetic Leather Market Size to Grow by USD 13.89 Bn

Jun 01, 2023

News provided by

02 Feb, 2022, 23:15 ET

Share this article

NEW YORK, Feb. 2, 2022 /PRNewswire/ -- The "Synthetic Leather Market by Product, End-user, and Geography - Forecast and Analysis 2021-2025" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the synthetic leather market between 2020 and 2025 is USD 13.89 billion. The report also identifies the market to witness a decelerating CAGR of 7.58% during this period.

To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.

Key Market Dynamics:

The high demand from developing economies and the availability of a wide range of products are some of the key market drivers. The rapid growth of industries such as automotive, footwear, and bags, which is driven by rising disposable income and increasing economic activities in emerging markets such as China, is boosting the demand for synthetic leather. In addition, growing investments in the manufacturing sector, which includes manufacturers from industries in developing countries including Brazil, Russia, India, China, and South Africa (BRICS), are increasing the consumption of synthetic leather.

However, factors such as fluctuating raw material prices will challenge market growth. Substrates such as polymer film and silicone are mainly used for the production of synthetic leather. Fluctuations in the prices of raw materials, including polymers such as PVC (polyvinyl chloride) and PU, are directly related to fluctuations in the price of crude oil. In addition, fluctuations in the prices of petroleum-based raw materials and the surging competition from local manufacturers, especially in developing economies, will pose a challenge to the market vendors.

To learn about additional key drivers, trends, and challenges available with Technavio. Read our FREE Sample Report right now!

Key Market Segment Analysis:

The synthetic leather market report is segmented by Product (PU-based, PVC-based, and bio-based), End-user (footwear industry, furnishing industry, automotive industry, bags industry, and others), and Geography (APAC, North America, Europe, South America, and MEA). The PU-based product segment held the largest synthetic leather market share in 2020 and will continue to account for the largest share during the forecast period. The PU-based products are easy to maintain, waterproof, and soft when compared to other types of synthetic leather, which makes them a viable solution for many industries. By end-user, the footwear industry contributed the largest revenue during the forecast period. The major reason for this is the growth of the global footwear market, the gradual shift of consumers from animal-hide leather to synthetic leather, and the rising number of regulations in the footwear industry, especially for products made from leather.

In terms of Geography, APAC will be the leading region with 54% of the market's growth during the forecast period. China and Japan are the key markets for synthetic leather in APAC. Market growth in APAC will be faster than the growth of the market in other regions. The growth of this region can be attributed to the rapid growth of industries such as footwear, apparel, automotive, furnishing, and bags, using synthetic leather.

View our sample report for additional insights into the contribution of all the segments, and regional opportunities in the report.

Vendor Analysis

The synthetic leather market is fragmented and the vendors are launching new products to compete in the market. Key players are performing strong strategies to strengthen their positions in the market. In addition, they are developing partnerships with other brands to supply luxury goods using synthetic leather, in turn, boosting the overall synthetic market growth.

Companies Mentioned with their Offerings

Some Other Dominant Players covered in this report are:

Related Reports:Synthetic Leather Market in India by Application and Geography - Forecast and Analysis 2021-2025

Bio-based Leather Market by Application and Geography - Forecast and Analysis 2022-2026

Leather Chemicals Market by Application and Geography - Forecast and Analysis 2021-2025

Tannin Market by Application and Geography - Forecast and Analysis 2020-2024

Synthetic Leather Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of about 7.58%

Market growth 2021-2025

$ 13.89 billion

Market structure

Fragmented

YoY growth (%)

4.04

Regional analysis

APAC, North America, Europe, South America, and MEA

Performing market contribution

APAC at 54%

Key consumer countries

China, US, France, Italy, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Alfatex Italia Srl, Air Water Inc., Anhui Anli Material Technology Co. Ltd., Asahi Kasei Corp., Kuraray Co. Ltd., Mayur Uniquoters Ltd., Nan Ya Plastics Corp., San Fang Chemical Industrial Co. Ltd., Teijin Ltd., and Toray Industries Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Key Topics Covered:

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email:[email protected]Website: www.technavio.com/

SOURCE Technavio