The global synthetic leather market size is expected to reach USD 52.96 billion by 2027, according to a new study by Grand View Research, Inc. It is projected to expand at a strong CAGR of 7.8%, in terms of revenue during the forecast years. Increasing scope of application for the product in footwear has been a major factor driving the growth. Growing importance and awareness about animal rights along with stringent laws regarding the usage of real leather is anticipated to further fuel the product demand.
Synthetic leather materials have superior properties, such as high gloss finish, durability, strength, 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 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 forecast period. Cheaper costs and 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 the footwear segment. Rising use of athletic shoes in everyday life is further augmenting the product demand.
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Further key findings from the repot suggest:
PU leather emerged as the largest product segment in 2019 and is estimated to generate revenue over USD 32.9 billion by 2027
Asia Pacific (APAC) 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 APAC is also fueling the product demand in the regional market
Countries, such as South Korea, Taiwan, China, and India, are emerging as leading producers of synthetic leather in the global market as a result of available of relatively cheaper raw materials
Key companies in the global synthetic leather market include Nan Ya Plastics Corporation, Mayur Uniquoters Limited, Alfatex Italia SRL, and Kuraray Co. Ltd.
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
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