Synthetic Leather Market Expected to Reach USD 57.0 Billion by 2028 From USD 31.4 Billion in 2020 | Grand View Research, Inc.

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According to a new report published by Grand View Research, globally increasing product demand from the footwear sector is expected to be a key factor propelling the overall synthetic leather market growth.

The global synthetic leather market size is anticipated to reach USD 57.0 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 7.8% from 2021 to 2028. Increasing product application scope in footwear has been a major factor driving the market growth. In addition, growing importance and awareness about animal rights and stringent laws regarding the usage of real leather are propelling the demand for its synthetic counterpart. Synthetic leather materials offer superior properties, such as high gloss finish, durability, strength, and UV resistance, and easy maintenance. Moreover, products made from faux leather are cheaper and thus, continue to attract consumers, especially from middle- and high-income level groups.

However, in countries, such as Japan, the product is facing competition from Fumikodata, which is a replica of real leather and is a cruelty-free material. Polyurethane (PU) was the largest product category in 2020 and is expected to register the fastest CAGR over the forecast period. Polyvinyl Chloride (PVC) is anticipated to witness sluggish growth on account of its properties, such as sticky finish and low durability. The footwear application segment is expected to observe considerable growth over the upcoming years. Cheaper costs and fluctuating climatic conditions in several regions create the need for different types of footwear.

Rising disposable income levels in emerging regions are also fueling the product demand in the footwear segment. Moreover, the trend of incorporating athletic shoes in daily lifestyle is further augmenting the product demand. Consumer spending in the U.S. and some European countries has slowed down slightly owing to the global recession. However, the footwear industry has witnessed significant growth in the emerging markets due to high product demand from countries, such as China, India, South Korea, Vietnam, Thailand, and other South Asian countries. 

 

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Synthetic Leather Market Report Highlights

 The global market is expected to witness significant growth over the forecast period owing to rising product demand in the footwear and automotive applications

PU leather emerged as the largest product segment in 2020 and is estimated to generate revenue over USD 35.6 billion by 2028

Asia Pacific is projected to be the fastest-growing as well as the largest regional market over the estimated period

The market growth in APAC can be credited to the rapid economic growth across countries, such as India, China, Japan, and Korea

In addition, the rapid development of the construction and automotive manufacturing industries in APAC is fueling the product demand further.

Countries, such as South Korea, Taiwan, China, and India, are emerging as leading producers in the global market as a result of the availability of relatively cheaper raw materials.

 

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Synthetic Leather Market Segmentation

Grand View Research has segmented the global synthetic leather market on the basis of product, application, and region:

Synthetic Leather Product Outlook (Volume, Million Meter; Revenue, USD Million, 2016 – 2028)    

• PU     

• PVC     

• Bio-based

Synthetic Leather Application Outlook (Volume, Million Meter; Revenue, USD Million, 2016 – 2028)    

• Furnishing     

• Automotive     

• Footwear     

• Bags & Wallets     

• Clothing     

• Others

Synthetic Leather Regional Outlook (Volume, Million Meter; Revenue, USD Million, 2016 – 2028)     

North America        

  • The U.S.         

  • Canada         

  • Mexico     

• Europe         

  • Germany         

  • The U.K.         

  • Italy         

  • France     

• Asia Pacific         

  • China         

  • India         

  • Japan         

  • South Korea     

• Central and South America         

  • Brazil     

• Middle East & Africa

List of Key Players of Synthetic Leather Market     

Kuraray Co., Ltd.     

H.R. Polycoats Pvt. Ltd.     

Nan Ya Plastics Corp.     

Teijin Ltd.     

Alfatex Italia SRL

 

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About Grand View Research

Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.

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