Demand for Bio-based Products Drive Synthetic Leather Market

Triton Market Research presents the Global Synthetic Leather Market report segmented by Type (Polyurethane [PU], Polyvinyl Chloride [PVC], Bio-based), End-use (Footwear, Automotive, Clothing, Furnishing, Bags & Wallets, Other End-uses), and Regional Outlook (Middle East and Africa, North America, Asia-Pacific, Europe, Latin America).

The report further includes the Market Summary, Industry Outlook, Parent Market Overview, Manufacturing Process Overview, Impact Analysis, Key Insights, Porter’s Five Forces Analysis, Market Maturity Analysis, Industry Components, Key Buying Impact Analysis, Regulatory Framework, Key Market Strategies, Drivers, Challenges, Opportunities, Analyst Perspective, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

Based on Triton’s research report, the global synthetic leather market is deemed to witness revenue and volume growth at a CAGR of 7.48% and 7.26%, respectively, during the forecast period 2023-2030.

Synthetic leather is also known as faux or vegan leather resembling an animal’s skin. This material is formed by encasing natural or synthetic fibers in a plastic polymer or similar substance.

Several bio-based materials are employed for the production of synthetic leather, including flax, cotton, soybean, corn, etc. In recent years, pineapple leaves have been used to develop ‘Pinatex’ – a new synthetic leather product. They are primarily employed since they have flexible fiber, making them beneficial in manufacturing. Additionally, this process aids in reducing environmental harm. Hence, the growing use and demand for bio-based products create opportunities for the synthetic leather market.

However, different characteristics of synthetic to real leather and processing concerns pertaining to PU and PVC impedes the overall growth of the synthetic leather market.

The North America is estimated to witness the fastest growth over the forecast period. The growing innovations related to bio-based leather and rising concerns about animal rights support the market’s growth to a large extent. Further, there is a rising demand for formal footwear, along with vegan fashion, which has also elevated the adoption of synthetic leather to meet the demand. These trends have influenced players to increase R&D of artificial leather, thereby propelling the studied market on a growth path.

The major companies listed in the synthetic leather market include Mayur Uniquoters Limited, San Fang Chemical Industry Co Ltd, Achilles USA Inc, BASF SE, Nan Ya Plastics Corporation Inc, Teijin Limited, Alfatex Italia SRL, Kuraray Co Ltd, HR Polycoats Pvt Ltd, and Toray Industries Inc.

Large players have a wide geographic presence with strong pricing strategies. Moreover, the initial fixed costs are higher in the market. These factors have thus intensified the competition among existing players. Also, the established players own imported technologies and advanced R&D facilities, which significantly lowers the entry of players with less capital. Thus, the entry of new players is expected to be low or moderate, while the competition among players is likely to be high over the forecast period.