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