The global synthetic leather market is expected to reach USD 85.05 billion by 2025, according to a new report by Grand View Research, Inc. Globally increasing applications in foot wears has been a major factor driving market growth. In addition, increasing focus towards animal rights led by several organizations and rising stringency in laws governing real leather are propelling demand for synthetic leather.
Synthetic leather materials are competing with natural leather for over three decades owing to its superior properties such as high durability, strength, UV resistance, easy maintenance and high gloss finish. Cheaper prices of products made up from faux leather continue to attract huge number of customers 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 was the largest product category in 2015 and is expected to grow at the fastest CAGR over the forecast period. PVC is anticipated to maintain a slow growth rate on account of its properties which include sticky finish and lesser durability.
Footwear application segment is expected to observe the fastest growth over the next nine years with an estimated CAGR of around 9.7% from 2016 to 2025. Cheaper costs, fluctuating climatic conditions in countries creating needs for several types of footwear coupled with rising disposable income levels are fueling the demand for synthetic leather in footwear segment. Moreover, trend of incorporating athletic shoes in daily lifestyle is further augmenting demand of the application segment over the forecast period.
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Further key findings from the report suggest:
The global demand for artificial leather exceeded 15,780 million meter in 2015 and is expected to grow at a CAGR of 9.5% from 2016 to 2025
PU leather emerged as the largest product segment in 2015 and is estimated to generate revenue over USD 51.9 billion by 2025
Global market demand in footwear was USD 10.1 billion in 2015 and is anticipated to witness fastest growth over the next nine years
The U.S. synthetic leather market in PVC was 513.2 million meter in 2015 and is estimated to reach a total volume of over 1,169.7 million meter by 2025
The industry in Asia Pacific is projected to witness substantial growth over the next decade owing to rapid economic growth across countries such as India, China, Japan and Korea. The regional market is expected to grow at a CAGR of 11.7% from 2016 to 2025
Key players including Nan Ya Plastics Corporation, Mayur Uniquoters Limited, Alfatex Italia SRL, and Kuraray Co. Ltd. dominated the market
Grand View Research has segmented the global synthetic leather market on the basis of product, application, and region:
Synthetic Leather Product Outlook (Volume, Million Meters; Revenue, USD Billion, 2014 - 2025)
Synthetic Leather Application Outlook (Volume, Million Meters; Revenue, USD Billion, 2014 - 2025)
Bags & wallets
Synthetic Leather Regional Outlook (Volume, Million Meters; Revenue, USD Billion, 2014 - 2025)
Central & South America
Middle East & Africa
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