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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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
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)
Synthetic Leather Application Outlook (Volume, Million Meter; Revenue, USD Million, 2016 - 2028)
Bags & Wallets
Synthetic Leather Regional Outlook (Volume, Million Meter; Revenue, USD Million, 2016 - 2028)
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 Corp.
Alfatex Italia SRL
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