The global synthetic leather market is poised for significant expansion, projected to reach a value of USD 50.01 billion by 2033, showcasing a robust compound annual growth rate (CAGR) of 6%. This anticipated surge reflects a substantial increase from its estimated value of USD 29.24 billion in 2023. Factors such as growing demand for sustainable and cruelty-free alternatives to genuine leather, coupled with advancements in synthetic materials technology, are driving this impressive growth trajectory in the synthetic leather industry.
Increasing awareness of environmental issues and the negative impact of animal leather production has led to a rise in demand for sustainable and cruelty-free alternatives. Synthetic leather, also known as faux leather, offers a more eco-friendly option. Artificial leather is typically more economical than authentic leather. This makes it an attractive choice for consumers seeking a similar look and feels without the higher price tag. Advances in material science and manufacturing technologies have led to the development of high-quality synthetic leather that closely mimics the appearance and texture of genuine leather. These innovations have expanded the synthetic leather market appeal.
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The fashion and apparel sectors are significant consumers of synthetic leather. The material is commonly used in the production of shoes, bags, clothing, and accessories, driving demand from fashion-conscious consumers. Increasing demand from the global footwear sector is anticipated to be a pivotal factor driving the overall market expansion. The exorbitant expense of organic leather is another element that has spurred the necessity for substitutes derived from natural materials.
PVC leather is an additional crucial form of artificial leather that has surged in popularity owing to its wide range of applications, encompassing tote bags, beauty pouches, wallets, suitcases, handbags, and travel bags. It is utilized in diverse fields, including textiles, shoes, garments, upholstery, and others where a leather-like texture is desired. The substance is impracticable, inappropriate, and cost-prohibitive. The production procedure has progressed in recent years to incorporate a surface coating atop the synthetic polymer blend.
The surge in the vegan population is propelling the inclination towards faux leather due to its source of materials. Many corporations are now refraining from utilizing animal-derived sources in the production of leather. In general, artificial leather is created through either wet coagulation or dry coagulation processes, along with the transfer coating technique. Hence, the rise of veganism and ethical consumerism has prompted more people to choose animal-free alternatives, driving the demand for synthetic leather products.
Synthetic leather proves to be more environmentally friendly than traditional or genuine leather. It can become even more eco-friendly and widely accepted by implementing certain modifications to its composition. Several companies are now prioritizing recycled materials for producing synthetic leather, aiming to promote sustainable development.
Companies are adopting the use of recycled polyester ultra-fine microfibers as the primary raw materials. This approach not only prevents microfiber pollution but also significantly reduces the demand for crude oil and petroleum-based products. Additionally, it helps in minimizing the level of carbon dioxide emissions associated with the processing and manufacture of virgin polyester fibers. Such discoveries play a crucial role in fostering the growth of the synthetic leather market.
The automotive industry is another key end user of synthetic leather. The rapid population growth and disposable income have driven the demand for passenger and commercial vehicles. As a result, the automotive industry has experienced an increase in vehicle sales, along with continuous shifts in consumer preferences, particularly in terms of automotive interior aesthetics and designs. This has led to a surge in demand for premium-grade synthetic leather in recent years. It is extensively used in car interiors due to its durability, easy maintenance, and cost-effectiveness.
Key Takeaways from the Synthetic Leather Market
- The synthetic leather industry in the United Kingdom is anticipated to rise sizably, exhibiting a CAGR of 5.9% through 2033, driven in part by the growing demand for eco-friendly and sustainable materials in the country’s fashion and consumer goods sectors.
- In 2022, the United States accounted for a significant 12.1% share of the global synthetic leather industry, driven by its robust demand from key sectors such as automotive, fashion, and upholstery, along with its advanced manufacturing capabilities and strong distribution networks.
- With a CAGR of 5.3% over the forecast period, India is predicted to develop rapidly in the synthetic leather market, primarily fueled by the country’s burgeoning fashion and automotive sectors’ increasing adoption of synthetic leather materials for their products.
- In 2022, Japan held a 4.7% share of the global synthetic leather industry, driven in part by the country’s strong reputation for technological expertise and high-quality manufacturing processes in the synthetic leather sector.
- The synthetic leather industry in China is expected to flourish speedily, registering a CAGR of 4.8% over the forecast period, primarily driven by the country’s massive population and increasing disposable incomes, leading to greater demand for synthetic leather products in various applications.
- In 2022, Germany accounted for 7.4% of the global synthetic leather industry, bolstered by the country’s strong emphasis on sustainable manufacturing practices and its reputation for producing high-quality synthetic leather materials.
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Competitive Landscape in the Synthetic Leather Market
Key players are continuously investing in research and development to improve product quality and sustainability. Additionally, they are broadening their international footprint by engaging in strategic partnerships and acquisitions. The objective is to meet the rising demand for eco-friendly and cost-effective synthetic leather alternatives. These alternatives are sought after in industries such as automotive, fashion, and furniture.
Recent Developments by Key Players
In December 2021, Dow unveiled LUXSENSE™ Silicone Synthetic Leather, a pioneering high-end synthetic leather material. It establishes fresh benchmarks for transportation seating and interiors, furniture, fashion, wearable devices, and consumer electronics within the industry. This groundbreaking material represents a leap in material science, presenting an unparalleled alternative in the synthetic leather market.
In September 2021, Teijin Cordley Limited achieved a significant breakthrough by developing a cutting-edge artificial leather with antiviral and antibacterial properties, incorporating a long-lasting antibacterial agent. Starting from October of the same year, Teijin Cordley commenced the sale of this latest antiviral synthetic leather.
Top Key Players in the Synthetic Leather Market
Asahi Kasei, Nan Ya Plastics Corporation, Toray Industries, Teijin Limited, Kuraray Co., Ltd., Daewon Chemical Co Ltd., Kolon Industries Inc., Achilles Corp, and Mayur Uniquoters
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