The global synthetic leather market size is expected to reach USD 40.9 billion by 2027, according to a new study by Grand View Research, Inc. The market is projected to expand at a strong CAGR of 4.4% in terms of revenue during the forecast period. Increasing scope of application for the product in footwear has been a major factor driving the growth. In addition, growing importance and awareness about animal rights set by several organizations and stringent laws regarding the usage of real leather are propelling the demand for synthetic leather.
Superior properties of this material, such as high gloss finish, durability, strength, UV resistance and easy maintenance are anticipated to positively influence the application. 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 2017 and is expected to register the fastest CAGR over the forecast period.
PVC is anticipated to witness sluggish growth on account of its properties, such as sticky finish and lesser durability. Footwear application segment is expected to observe a considerable growth over the upcoming years. Cheaper costs, fluctuating climatic conditions in several regions creates needs for different types of footwear. Rising disposable income levels in emerging regions are also fueling the demand for synthetic leather in footwear segment. Moreover, trend of incorporating athletic shoes in daily lifestyle is further augmenting the product demand.
The ongoing spread of coronavirus pandemic across the globe is severely affecting the production, import, and export of leather and its byproduct, which, in turn, is anticipated to negatively affect the growth of the global market. As COVID-19 continues to spread across the world, order cancellations and shipping complications are surging throughout the leather industry. End-use industries such as automotive, furniture, footwear, and textile are witnessing a sharp decline, in terms of demand and production, on account of reducing discretionary spending, factory shutdowns, limitations on the supply and transport, and a slowdown in infrastructure development activities across the globe. This, in turn, is anticipated to hamper the global market for the next two quarters of 2020.
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PU leather emerged as the largest product segment in 2019 and is estimated to generate revenue over USD 25.4 billion by 2027
Asia Pacific is projected to witness the fastest growth over the estimated period owing to rapid economic growth across countries, such as India, China, Japan, and Korea
Rapid development of construction and automotive manufacturing industries in Asia Pacific is also fueling the product demand in the regional market
Countries, such as South Korea, Taiwan, China, and India, are emerging as leading producers in the global market as a result of available of relatively cheaper raw materials
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 - 2027)
Synthetic Leather Application Outlook (Volume, Million Meter; Revenue, USD Million, 2016 - 2027)
Bags & Wallets
Synthetic Leather Regional Outlook (Volume, Million Meter; Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
List of Key Players of Synthetic Leather Market
Kuraray Co., Ltd.
H.R. Polycoats Pvt. Ltd.
Nan Ya Plastics Corporation
Yantai Wanhua Synthetic Leather Group Co., Ltd.
Alfatex Italia SRL
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