Synthetic Leather Market Size is projected to reach USD 67.23 billion by 2030, growing at a CAGR of 7.91%: Straits Research

New York, United States, July 20, 2022 (GLOBE NEWSWIRE) -- Synthetic leather also called artificial leather, substitutes leather in applications such as upholstery, clothing, footwear, and other areas where a leather-like finish is sought. Still, the actual material is too expensive or unsuitable. Leatherette, faux leather, imitation leather, vegan leather, PU leather, and pleather are used to describe artificial leather. Clothing textiles, furniture upholstery, watercraft upholstery, and vehicle interiors incorporate artificial leather. Some synthetic leathers require plastic, while others require plant-based components; artificial materials in artificial leather manufacture presents significant sustainability concerns.

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Growth Demand from Footwear Sector and Alternative to Natural Leather to Drive the Synthetic Leather Market
The footwear industry has enjoyed significant growth due to rising demand from emerging markets, even if consumer spending in the United States and other European countries has slowed slightly due to the global recession. China, India, South Korea, Vietnam, Thailand, and other South Asian nations have all voiced a strong desire to participate. This will almost certainly significantly influence Asian demand for synthetic leather.
More foreign investment will boost industrial penetration in emerging economies over the forecast period. Luxury brands were the first to respond to the global shift in customer purchasing habits. Prada, for example, opened 27 new stores in Asia-Pacific in 2016, accounting for nearly 35% of the brand's total number of locations. Such activities are expected to play a critical role in increasing the market penetration of synthetic leather companies over the forecast period.
Animals are used to make natural leather, which necessitates animal killing. Various governments have enacted numerous policies and legislation to protect animal rights. Animal rights legislation has become a significant hurdle for natural leather manufacturers. Demand for leather substitutes has risen as public awareness of animal exploitation has grown, aided by programs sponsored by organizations like PETA. Due to a rising supply-demand mismatch in the natural leather industry.
Synthetic leather's lower manufacturing costs are another major factor driving its popularity. Synthetic leather is less expensive to make than natural leather, and the procedure is also more straightforward. As a result, there has been an increase in artificial leather investment, which will help market penetration. Natural leather manufacturing processes pollute the environment, notably tanning. The cost is another crucial aspect of the shift in demand for synthetic leather. Synthetic leather consumption has risen due to environmental legislation and government controls.

Emphasis on Bio-based Synthetic Leather Development to Create New Market Opportunities
Synthetic leather made from bio-based materials has no harmful consequences. Synthetic leather created from natural fibers like flax or cotton coupled with palm, soybean, corn, and other plants should be the focus of manufacturers. Pineapple leaves are being utilized to create "Pinatex," a novel synthetic leather product. These leaves have a robust and flexible fiber that is perfect for use in the manufacturing process. Pineapple leaves are considered a waste product; thus, they're used to make valuable something without using many resources.
Handbags, shoes, and other things made of pineapple fiber have already hit the market. Bio-based synthetic leather could be an ample opportunity for artificial leather makers, given the expanding government and environmental restrictions in North America and the European Union against the use of harmful toxic chemicals. As a result, the development of bio-based synthetic leather will likely provide lucrative opportunities for established vital players to expand their innovative product portfolios and gain market dominance.

Report Scope

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Impact of COVID-19
The leather industry was adversely affected by COVID-19, which presented opportunities for synthetic leather. According to the Financial Express, industry experts are quickly discovering that non-leather footwear exports should now be the focus because non-leather footwear types account for 86% of total footwear consumption. A group of household shoemakers arrived at this conclusion. Synthetic leather has recently been in high demand for beds and furniture in makeshift hospitals and healthcare institutions worldwide to aid patients with COVID-19 and other diseases.
For the global synthetic leather market, the post-pandemic period will be critical. Manufacturing operations may impede the recovery process, affecting market dynamics and product prices. Furthermore, the global market may face hurdles due to adverse financial conditions and rising expenses due to production halts and quarantine limitations. Limited manufacturing, support operations, labor shortages, and limits for other end-user sectors, suppliers, and vendors may also prevent consumers from getting what they want. Overall, the global synthetic leather market's recovery will be difficult.

Regional Insights
North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa make up the market's five regions. Asia-Pacific and Europe are the two most important markets for synthetic leather, accounting for an estimated CAGR of 8.95% and 6.75%, respectively, during the forecast period. China has the most tempting market potential for market players, majorly driving the Asia-Pacific market out of all the regional countries.
The country is the largest leather user in key application categories such as automobiles, furniture, and clothes. In China, the automotive and footwear industries—essential application categories for synthetic leather—are flourishing. India, Korea, and Italy are China's leading artificial leather suppliers. Major market competitors focus on developing regions to meet expanding product demand and boost profitability. Over the forecast period, the widespread use of synthetic leather in luggage, boots, shoes, wallets, bags, and other consumer products is expected to drive the artificial leather market in Asia-Pacific.
Given the region's thriving automobile and consumer appliance industries, the synthetic leather market in Europe has seen tremendous expansion. Following the economic slump, governments in the region are focusing on bio-based, low-cost, and long-lasting products. This is expected to improve the demand for synthetic leather in this region.
Due to the saturation of major domestic fashion labels, the synthetic leather market in North America is likely to grow slowly. There have also been increasing worries from animal rights organizations such as PETA, WWF, and a few others, resulting in growth limits in the leather market. The demand for synthetic leather goods in the region has increased.
In Central and South America, the enormous indigenous raw material supply, ample stock supply from surrounding countries, extensive production of footwear and leather items, mainly travel accessories, and strong ties to the US leather market characterize the Brazilian leather market. This has offered good growth potential for the region's entire synthetic leather sector.
The Middle East and African synthetic leather market are expected to grow significantly over the forecast period. The industry will likely benefit from rising living standards and expanding the automobile and consumer goods industries.

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Key Highlights

• The global synthetic leather market was valued at USD 31.9 billion in 2021. It is expected to reach a valuation of USD 67.2 billion by 2030, growing at a CAGR of 7.91% during the forecast period (2022–2030).
• By product, the PU-based synthetic leather segment is expected to reach USD 41,876 million by 2030.
• By application, the footwear segment is expected to reach USD 22,516 million by 2030.
• Geographically, the global synthetic leather market is divided into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. North America and Europe were the two significant regional markets in 2021.

Competitive Players in the Global Synthetic Leather Market

• Kuraray Co. Ltd
• H.R. Polycoats Pvt. Ltd
• Alfatex Italia SRL
• Filwel Co. Ltd
• Yantai Wanhua Synthetic Leather Group Co. Ltd
• San Fang Chemical Industry
• Mayur Uniquoters Limited
• Nan Ya Plastics Corporation
• Zhejiang Hexin Industry Group Co. Ltd
• Teijin Limited

Global Synthetic Leather Market: Segmentation
By Product

• PU
• PVC
• Bio-based

By Application

• Furnishing
• Automotive
• Footwear
• Bags and Wallets
• Clothing
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• Central and South America
• The Middle East and Africa 

TABLE OF CONTENT
1          Introduction
1.1      Market Definition
1.2      Market Scope
2          Research Methodology
2.1      Primary Research
2.2      Research Methodology
2.3      Assumptions & Exclusions
2.4      Secondary Data Sources
3          Executive Summary
4          Market Overview
4.1      Report Segmentation & Scope
4.2      Value Chain Analysis: Synthetic Leather Market
4.2.1  Vendor Matrix
4.3      Key Market Trends
4.3.1  Drivers
4.3.2  Restraints
4.3.3  Opportunities
4.4      Porter’s Five Forces Analysis
4.4.1  Bargaining Power of Suppliers
4.4.2  Bargaining Power of Buyers
4.4.3  Threat of Substitution
4.4.4  Threat of New Entrants
4.4.5  Competitive Rivalry
4.5      Environment & Regulatory Landscape
4.6      Forecast Factors & Relevance of Impact
4.7      Macro-Economic & Geopolitical Scenario
4.8      Parent Market Overview
4.9      Technology Landscape
4.10   Market Share Analysis
4.11   Potential Venture Analysis
4.12   Regional Price Trends
4.13   Raw Material Trends
4.14   Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15   Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1        North America
4.15.4.2        Europe
4.15.4.3        Asia-Pacific
4.15.4.4        Central and South America and the Caribbean
4.15.4.5        The Middle East and Africa
5               Product Overview
5.1      Introduction
5.1.1  Market Size & Forecast (Value & Volume)
5.2      PU
5.2.1  Market Size & Forecast (Value & Volume)
5.3      PVC
5.3.1  Market Size & Forecast (Value & Volume)
5.4      Bio-based
5.4.1  Market Size & Forecast (Value & Volume)
6               Application Overview
6.1      Introduction
6.1.1  Market Size & Forecast (Value & Volume)
6.2      Furnishing
6.2.1  Market Size & Forecast (Value & Volume)
6.3      Automotive
6.3.1  Market Size & Forecast (Value & Volume)
6.4      Footwear
6.4.1  Market Size & Forecast (Value & Volume)
6.5      Bags and Wallets
6.5.1  Market Size & Forecast (Value & Volume)
6.6      Clothing
6.6.1  Market Size & Forecast (Value & Volume)
6.7      Others
6.7.1  Market Size & Forecast (Value & Volume)
7             Regional Overview
7.1      Introduction
7.1.1  Market Size & Forecast (Value & Volume)
7.2      North America
7.2.1  Economic Overview
7.2.2  Market Scenario
7.2.3  U.S.
7.2.4  Canada
7.2.5  Mexico
7.3      Central and South America and the Caribbean
7.3.1  Economic Overview
7.3.2  Market Scenario
7.3.3  Brazil
7.3.4  Argentina
7.3.5  Colombia
7.3.6  Rest of Central and South America and the Caribbean
7.4      Europe
7.4.1  Economic Overview
7.4.2  Market Scenario
7.4.3  Germany
7.4.4  France
7.4.5  The U.K.
7.4.6  Italy
7.4.7  The Rest Of Europe
7.5      Asia-Pacific (APAC)
7.5.1  Economic Overview
7.5.2  Market Scenario
7.5.3  China
7.5.4  Japan
7.5.5  India
7.5.6  Australia
7.5.7  South Korea
7.5.8  Rest Of APAC
7.6      Middle East
7.6.1  Economic Overview
7.6.2  Market Scenario
7.6.3  South Arabia
7.6.4  The UAE
7.6.5  Qatar
7.6.6  Oman
7.6.7  Turkey
7.6.8  The Rest Of Middle East
7.7      Africa
7.7.1  Economic Overview
7.7.2  Market Scenario
7.7.3  Nigeria
7.7.4  South Africa
7.7.5  The Rest Of Africa
8          Competitive Landscape — Manufacturers & Suppliers
8.1      Competition Dashboard
8.2      Industry Structure
8.3      Kuraray Co. Ltd
8.3.1  Business Overview
8.3.2  Financial Performance
8.3.3  Recent Developments
8.3.4  Portfolio
8.4      H.R. Polycoats Pvt. Ltd
8.5      Alfatex Italia SRL
8.6      Filwel Co. Ltd.
8.7      Yantai Wanhua Synthetic Leather Group Co. Ltd
8.8      San Fang Chemical Industry
8.9      Mayur Uniquoters Limited
8.10   Nan Ya Plastics Corporation
8.11   Zhejiang Hexin Industry Group Co. Ltd.
8.12   Teijin Limited.
9          Conclusion & Recommendation
10       Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/synthetic-leather-market/toc 

Market News

• In September 2021, Teijin Cordley Limited, a subsidiary of Japan's Teijin Frontier Group, developed the latest antiviral and antibacterial artificial leather, including a long-lasting antibacterial agent.
• In May 2019, Teijin Frontier Co. Ltd., the Teijin Group's fibers and products converting company, created polishing pads made of the non-woven material 'NANOFRONT' to increase silicon wafer quality while cutting production costs. The ultra-fine nanofiber 'NANOFRONT' is constructed of a flexible, water-absorbent polymer with polyurethane resin.

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