Synthetic Leather Market Size, Share & Trends Report

Synthetic Leather Market Size, Share & Trends Analysis Report By Type (PU, PVC, Bio-based), By Application (Footwear, Automotive, Furnishing, Clothing, Wallets Bags & Purses), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-821-3
  • Number of Report Pages: 119
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2024 - 2030 
  • Industry: Bulk Chemicals

Research Methodology

A three-pronged approach was followed for deducing the synthetic leather market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for synthetic leather market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of synthetic leather market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Synthetic Leather Market Categorization:

The synthetic leather market was categorized into three segments, namely type (PU Synthetic Leather, PVC Synthetic Leather, Bio-based Leather), application (Furnishing, Automotive, Footwear, Wallets, Bags & Purses, Clothing), region (North America, Europe, Asia Pacific, Central & South America, Middle East and Africa).

Segment Market Methodology:

The synthetic leather market was segmented into type, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The synthetic leather market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, Middle East and Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Mexico; Germany; France; the UK; Italy; Spain; Netherlands; Norway; China; Japan; India; South Korea; Australia; Malaysia; Indonesia; Thailand; Brazil; Argentina; Saudi Arabia; UAE; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Synthetic leather market companies & financials:

The synthetic leather market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Kuraray Co., Ltd. - Kuraray Co., Ltd. was established in the year 1926 and is headquartered in Tokyo, Japan. It is a producer and supplier of plastics, fabric, manmade leather, nonwoven fabric, hook and loop fasteners, chemicals, elastomers, and rubber. It operates through six business segments, namely isoprene, vinyl acetate, functional materials, fibers & textiles, and others. The company offers engineering, design, construction, and maintenance services for manufacturing facilities in the chemicals, pharmaceuticals, electronics materials, and food processing sectors. It also offers resin-based dental materials, dental adhesives, and cement to bond dental structures. The company has laboratories and production & sales facilities in 27 countries worldwide. Geographically, the company classifies its operations into six regions, namely Japan, the U.S., China, Europe, Asia, and other areas.

  • H.R. Polycoats Pvt. Ltd. - H.R. Polycoats Pvt. Ltd. was established in the year 1995 and is based in Haryana, India. Major application sectors served by the company include automotive, leather goods, furnishing, and footwear. Artificial leather produced by the company is used to manufacture various products such as automotive interiors, shoes, furniture, handbags, laptop bags, wallets, mobile covers, and eyewear cases. The company offers a wide range of services including in-house designing, manufacturing, quality control, inspection, and aftersales services of artificial leather. It owns several test facilities equipped with pilot lab coater, hydrometer, spectrophotometer, pigment grind meter, spectra color vision light box, oven, and Brookfield viscometer.

  • Alfatex Italia SRL - Alfatex Italia SRL was founded in 1989 and is headquartered in Matera, Italy. The company is primarily engaged in manufacturing upholstered furniture and also provides leather, bonding fabrics, artificial leather, velvet, and webbings. It is also engaged in manufacturing laminated and vinyl coated fabrics. The various application needs served by the company’s leathers include residential, marine, and automotive upholstered furniture, iron boards, safety shoes, helmets, carpets, and other indoor furniture. It provides an extensive range of artificial leather for application in automotive, marine, residential, healthcare, and footwear industries. The company has in-house facilities of research & development, paints & coatings, printing, flame, adhesive, embossing, and other manufacturing processes. The main production sites of the company are situated at Santeramo and Matera in Italy.

  • Filwel Co., Ltd. - Filwel Co., Ltd. was founded in 2004 as a result of acquiring all the “bellace” businesses of Kanebo, Ltd. Filwel Co., Ltd. is headquartered in Hofu, Japan, with additional offices in Tokyo and Osaka, and is primarily involved in the manufacturing and marketing artificial leather goods and precision polishing pads. The precision polishing pad products are made using polyurethane material, and are of non-woven or suede type, sold under the brand name of Bellatrix. The precision polishing pads of the company are used in various applications including semiconductor material, silicon wafers, precision glasses, and hard memory disks. The artificial or synthetic leather products are manufactured using textile and high polymer technology, under different brand names such as Bellace, Belluria, Air Cool, Selsione, Patora, and Belesa. The artificial leather products find applications in briefcases, shoes, bags, belts, wallets, and other men/women accessories. The company serves its customers in Japan and all over the globe through its manufacturing facility in Hofu, Japan.

  • Yantai Wanhua Synthetic Leather Group Co., Ltd. - Yantai Wanhua Synthetic Leather Group Co., Ltd. is a subsidiary of Wanhua Chemical Group Co. Ltd. It was founded in 1995 and is headquartered in Yantai, China. It is engaged in manufacturing and supplying polyurethane products in China and exports its products to North America, Eastern Europe, Asia, and Australia. It offers isocyanate (MDI) including polymeric MDI, unadulterated MDI, melted MDI, and adjusted polymeric MDI, polyester polyols, and diamine. The company’s products find applications in various fields such as warm protection, man-made calfskin, elastomers, paint, glue, electron, car, and preparation of trimming, and polyurethane (PU) cowhides including PU engineered cowhide, PU microfiber manufactured cowhide, and PU simulated calfskin used in shoemaking, ball making, cases and sacks, garments, upholstery, mechanical, and military fields. The company also provides PU tar items including thermoplastic PU, PU gum for soles, PU gum for faux leather, and polyether polyol framework used in diverse fields such as soles and man-made calfskin in addition to oil-evidence/scraped area confirmation/overpressure safe parts for industry reason, common utilize, military industry, and therapeutic administration and development.

  • San Fang Chemical Industry Co., Ltd. - San Fang Chemical Industry Co., Ltd. was incorporated in 1973 and is headquartered in Kaohsiung, Taiwan. It is primarily engaged in extensive R&D, manufacturing, and marketing of leather products. It offers an extensive range of products such as wet synthetic leather, dry & eco-friendly faux leather, ultrafine faux leather, fiber, and other film materials. These products find application in various areas such as footwear, balls, covering for electronic materials, furniture, pharmaceuticals, and construction materials. It caters to the needs of various end-use industries such as consumer goods, electronics, automotive, textile, and medical. The company has a strong presence across Southeast Asia, Taiwan, Hong Kong, and China and exports its products to various European, Asian, African, and North American countries. Currently, it has an employee base of 3,240 individuals.

  • Mayur Uniquoters Limited - Mayur Uniquoters Limited was founded in 1994 and is headquartered in Jaipur, India. It produces PVC vinyl leather using the release paper transfer coating technology. Leather produced by the company is employed in footwear, furnishing, and leather goods & garments, and automotive applications. The unique properties of the artificial leather produced by the company includes anti-fogging and resistance to UV, saltwater, weather, mildew, alcohol, and abrasion. The company supplies artificial leather to auto giants such as Ford, Maruti Suzuki, Tata Motors, M&M, Chrysler, and Honda. Footwear buyers of the company’s product include Bata, Liberty, Action Group, Paragon, and Lancer Footwear. The company exports its products to the U.S., the Middle East, Russia, and Germany. It earns approximately 20% of its revenue from the U.S. The highest revenue generating product segment of the company is footwear, followed by automobile and consumer goods.

  • Nan Ya Plastics Corporation - Nan Ya Plastics Corporation was founded in 1958 as a subsidiary of Formosa Plastics Group. It is headquartered in Taipei, Taiwan, and operates across four major segments, namely plastic processing, electronic material, polyester, and petrochemicals. The company conducts research and development activities for process improvement, environmental chemicals, optoelectronic materials, testing and calibration of electronics materials, specialty chemicals, and polymers.  It manufactures chemicals, textiles, faux leather, plastics, petrochemicals, machinery, and switchgear, which find application across transportation, industrial equipment, household goods, electronics, and construction sectors along with polyester fiber and copper-clad laminates of electronic materials. It also provides electromechanical engineering services. The company has manufacturing plants across Taiwan and branches in Hsinkang, Mailiao, and Taipei. It has an operational presence in China, Indonesia, and the U.S. and is headquartered in Kaohsiung City, Taiwan. The company has a global presence across North America, Oceania, Europe, South America, Asia, and Africa. It operates in the U.S. through its subsidiary Nan Ya Plastics USA.

  • Zhejiang Hexin Industry Group Co., Ltd. - Zhejiang Hexin Industry Group Co., Ltd. was founded in 1998 and is headquartered in Zhejiang, China. It is engaged in the manufacturing of synthetic leather base fabrics, PU rayon, non-woven fabrics, PU leather, and dyestuffs. It produces wet and dry processed PU leather, which finds application in shoes, bags & wallets, sporting goods, garments, and furniture. It owns 16 wet and dry-process production lines and relevant facilities with post-finishing equipment made in Italy and Taiwan. The annual production capacity of its PU leather manufacturing plant is up to 22 million meters. Major export markets for the company include Eastern Europe, Asia, and Central & South America.

  • Teijin Limited - Teijin Limited was incorporated in 1918 and is headquartered in Tokyo, Japan. The company was earlier known as Jinzo Kenshi Co., Ltd., and is one of the leading manufacturers of synthetic fiber in Japan and operates through 150 subsidiaries and affiliates across the globe. It carries out operations through 169 group companies in Japan, Europe, Asia, and the Americas, and sells its products in over 83 countries worldwide. Geographically, the company classifies its operations into five regions, namely Japan, China, Asia, America, and Europe and others. Tejin Limited provides a range of services and products in the fields of information and electronics, safety and protection, environment and energy, and healthcare. It operates through two business segments, namely materials and healthcare. Under its Advanced Fibers and Composites product category, the company offers high-performance fibers and carbon fibers and composites like aramid fibers, polyethylene, polyester fibers, PEN fibers, and artificial leather. The company offers these products under various brands such as Twaron, Technora, Teijinconex, Endumax, Teijin, Tetoron, Teonex, and Cordley. 

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Synthetic Leather Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Synthetic Leather Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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