Synthetic Leather Market to grow by USD 23.52 billion from 2022 to 2027

Jun 05, 2023

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21 Jul, 2023, 06:30 ET

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NEW YORK, July 21, 2023 /PRNewswire/ -- The latest report on the synthetic leather market, 2022-2027 estimates to register an incremental growth of USD 23.52 billion, at a CAGR of 9.44% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. The shift of consumer preference from animal hide to synthetic leather products drives market growth. Generally, leather is a premium or luxury material for shoes, clothing, and bags but a significant portion of the sales in the apparel, accessory, and footwear industries are made up of synthetic leather or fabric. Such goods are also reasonably priced and are sold on the market in a variety of colors, patterns, and textures but do not include leather as a raw material. Hence, such factors drive market growth during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report

Synthetic Leather Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The soft skills training market report covers the following areas:

Synthetic Leather Market 2023-2027: Vendor Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Air Water Inc., Akea Srl, Alfatex Italia Srl, Anhui Anli Material Technology Co. Ltd., Asahi Kasei Corp., Colence Pvt. Ltd., H.R. Polycoats Pvt. Ltd., Kolon Industries Inc., KURARAY Co. Ltd., Lederplast Spa, Marvel Vinyls Ltd., Mayur Uniquoters Ltd., Nan Ya Plastic Corp., San Fang Chemical Industrial Co. Ltd., Teijin Ltd., Toray Industries Inc., Uniroyal Global Engineered Products Inc., Winner Nippon Leatherette Pvt. Ltd., Zhejiang Hexin Industry Group Co. Ltd., and Zhejiang Yongfa Synthetic Leather Co. Ltd. are among some of the major market participants.

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Synthetic Leather Market 2023-2027: Market Dynamics

The customization of synthetic leather is a trend fueling the market growth. Design, color, luster, and texture can all be modified through customization and customized synthetic leather has grown in popularity among numerous application industries. Additionally, customers can also choose traditional gliding and embossing using digital processes like laser printing and cutting. Hence, these trends will boost the growth of the market during the forecast period.

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.

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Synthetic Leather Market 2023-2027: Segmentation

Synthetic Leather Market is segmented as below:

The PU-based segment will be significant for market growth during the forecast period. PU-based synthetics are lightweight. They can be made in a variety of colors and textures and is primarily utilized in the clothing, footwear, and auto industries. Furtermore, synthetic leather made from PU has a leather-like appearance, which results in many consumers are converting from animal-hide leather to synthetic leather. Hence, such factors boost the segment growth during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities, historic (2017 to 2021) & forecast (2023-2027) – Download a Sample Report

Synthetic Leather Market 2023-2027: Key Highlights

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Related Reports:The bio-based leather market size should rise by USD 250.48 million from 2021 to 2026 at a CAGR of 6.55%. Furthermore, this report extensively covers market segmentation by application (footwear, furnishing, automotive, clothing, and others) and geography (North America, Europe, APAC, MEA, and South America). The environmental hazards associated with the use of normal leather is notably driving the bio-based leather market growth.

The coating agents for synthetic leather market size is expected to increase by USD 207.38 million from 2021 to 2026, at a CAGR of 7.12%. Furthermore, this report extensively covers coating agents for synthetic leather market segmentation by end-user (automotive, footwear, furniture and domestic upholstery, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The shift of consumer preference from animal hide to synthetic leather products is notably driving the coating agents for synthetic leather market growth.

Synthetic Leather Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 9.44%

Market growth 2023-2027

USD 23.52 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

7.73

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 54%

Key countries

US, China, Japan, France, and Italy

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Air Water Inc., Akea Srl, Alfatex Italia Srl, Anhui Anli Material Technology Co. Ltd., Asahi Kasei Corp., Colence Pvt. Ltd., H.R. Polycoats Pvt. Ltd., Kolon Industries Inc., KURARAY Co. Ltd., Lederplast Spa, Marvel Vinyls Ltd., Mayur Uniquoters Ltd., Nan Ya Plastic Corp., San Fang Chemical Industrial Co. Ltd., Teijin Ltd., Toray Industries Inc., Uniroyal Global Engineered Products Inc., Winner Nippon Leatherette Pvt. Ltd., Zhejiang Hexin Industry Group Co. Ltd., and Zhejiang Yongfa Synthetic Leather Co. Ltd.

Market dynamics

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

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.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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