Synthetic Leather Market, By Type (Polyurethane (PU) Synthetic Leather, Polyvinyl Chloride (PVC) Synthetic Leather, and Bio Based Leather), By Application (Furnishing, Automotive, Footwear, Bags & Wallets, Clothing, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Synthetic Leather market accounted for USD 32.34 Billion in 2020 and is estimated to be USD 66.50 Billion by 2030 and is anticipated to register a CAGR of 7.50%.

Synthetic leather gives a luxurious appearance to a vehicle. It is significant material for auto accessories in automobiles. Therefore, the growth of the automotive sector is projected to create strong growth opportunities for the synthetic leather market. Growth in vehicle production and Vehicle Park coupled with growth in the sales of luxury goods propels the growth of the synthetic leather market. Particularly, bio based and PVC PU are the two types of materials utilized in the production of synthetic leather.

Increased demand for luxurious goods

Growth in the luxury goods such as bags and wallets particularly the women will boost the growth of the target market globally. Along with the growth in personal consumption, tax easing regulations of the current U.S. government will authorized consumers with higher disposable income, which in turn will propel the synthetic leather market. Further, synthetic leather market exports will soon jump significant and the consumption of footwear, bags, and electronics in North America, especially in the U.S. will boost the synthetic leather market.

Growing E-commerce industry to boost the synthetic leather market

Eastern Europe footwear ecommerce market is on an upward trend. Online shopping of footwear will boost the synthetic leather market. The synthetic leather formal footwear market segment is acting well, due to increasing middle class, growth in shopping centers, and increase in women participation at work which will accordingly drive the market for synthetic leather. The shift in demand witnessed by the footwear business is projected to grow in the future as well hence boosting synthetic leather market.

However, harmful effects of PVC and PU is restraining growth of the target market.

The global synthetic leather market is segmented based on type, application, and region.

On the basis of type, the global synthetic leather market is segmented into polyurethane (PU) synthetic leather, polyvinyl chloride (PVC) synthetic leather, and bio based leather. On the basis of application, the target market is classified into furnishing, automotive, footwear, bags & wallets, clothing, and others.

Regional Insights:

 On region the global synthetic leather market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is expected to register largest and fastest-growing region in the synthetic leather market owing to growing automotive and furniture business in the region. North America market is registering a steady growth rate owing to growing concerns regarding animal killing which is reducing the requirement for genuine leather and fueling the demand for synthetic leather

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest application trends and opportunities in each of the sub-segments from 2019 to 2025. For the purpose of this study, has segmented the global synthetic leather market report based on type, application, and region.

Global Synthetic Leather Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

The key players operating the global synthetic leather market includes R. Polycoats Pvt. Ltd., Filwel Co. Ltd., Mayur Uniquoters Limited, Kuraray Co. Ltd., San Fang Chemical Industry Co. Ltd, Alfatex Italia SRL, Yantai Wanhua Synthetic Leather Group Co. Ltd., Shandong Jinfeng Artificial Leather Co., Ltd., Teijin Limited, and Nan Ya Plastics Industrial Co., Ltd. Prominent market players are focusing on product innovation and business expansion. For instance, on July 2019, Asahi Kasei Corporation declared plan to improve the production capacity of its Lamous artificial suede at its Nobeoka plant in Miyazaki, Japan, by 4 million square meters per year. This is projected to expand the company’s total production capacity to 14 million square meters per year upon completion in 2021.

• ?Kuraray Co. Ltd.
• R. Polycoats Pvt. Ltd
• Filwel Co. Ltd
• Alfatex Italia SRL
• Mayur Uniquoters Limited
• San Fang Chemical Industry Co. Ltd
• Yantai Wanhua Synthetic Leather Group Co. Ltd.
• Shandong Jinfeng Artificial Leather Co., Ltd.
• Teijin Limited
• Nan Ya Plastics Industrial Co., Ltd.