Synthetic Leather Market to grow by USD 23.52 billion from 2022 to 2027

Jan 29, 2024

NEW YORK, July 21, 2023 /PRNewswire/ -- The latest report on the synthetic leather market, 2022-2027 estimates to register an incremental growth of USD 23.52 billion, at a CAGR of 9.44% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. The shift of consumer preference from animal hide to synthetic leather products drives market growth. Generally, leather is a premium or luxury material for shoes, clothing, and bags but a significant portion of the sales in the apparel, accessory, and footwear industries are made up of synthetic leather or fabric. Such goods are also reasonably priced and are sold on the market in a variety of colors, patterns, and textures but do not include leather as a raw material. Hence, such factors drive market growth during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report

Synthetic Leather Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The soft skills training market report covers the following areas:

Synthetic Leather Market 2023-2027 Size

Synthetic Leather Market 2023-2027 Trends

Synthetic Leather Market 2023-2027 Industry Analysis

Synthetic Leather Market 2023-2027: Vendor Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Air Water Inc., Akea Srl, Alfatex Italia Srl, Anhui Anli Material Technology Co. Ltd., Asahi Kasei Corp., Colence Pvt. Ltd., H.R. Polycoats Pvt. Ltd., Kolon Industries Inc., KURARAY Co. Ltd., Lederplast Spa, Marvel Vinyls Ltd., Mayur Uniquoters Ltd., Nan Ya Plastic Corp., San Fang Chemical Industrial Co. Ltd., Teijin Ltd., Toray Industries Inc., Uniroyal Global Engineered Products Inc., Winner Nippon Leatherette Pvt. Ltd., Zhejiang Hexin Industry Group Co. Ltd., and Zhejiang Yongfa Synthetic Leather Co. Ltd. are among some of the major market participants.

Vendor Offerings

Air Water Inc. - The company offers synthetic leather solutions through its subsidiary FILWEL.

Alfatex Italia Srl - The company offers synthetic leather solutions to industries such as marine, automotive, and medical.

Asahi Kasei Corp. - The company offers synthetic leather solutions such as DURANOL.

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Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial

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Synthetic Leather Market 2023-2027: Market Dynamics

The customization of synthetic leather is a trend fueling the market growth. Design, color, luster, and texture can all be modified through customization and customized synthetic leather has grown in popularity among numerous application industries. Additionally, customers can also choose traditional gliding and embossing using digital processes like laser printing and cutting. Hence, these trends will boost the growth of the market during the forecast period.

Factors such as fluctuating raw material prices will challenge market growth. Substrates such as polymer film and silicone are mainly used for the production of synthetic leather. Fluctuations in the prices of raw materials, including polymers such as PVC (polyvinyl chloride) and PU, are directly related to fluctuations in the price of crude oil. In addition, fluctuations in the prices of petroleum-based raw materials and the surging competition from local manufacturers, especially in developing economies, will pose a challenge to the market vendors.

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Synthetic Leather Market 2023-2027: Segmentation

Synthetic Leather Market is segmented as below:

Product

End-user

Geography

The PU-based segment will be significant for market growth during the forecast period. PU-based synthetics are lightweight. They can be made in a variety of colors and textures and is primarily utilized in the clothing, footwear, and auto industries. Furtermore, synthetic leather made from PU has a leather-like appearance, which results in many consumers are converting from animal-hide leather to synthetic leather. Hence, such factors boost the segment growth during the forecast period.

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Synthetic Leather Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027

Detailed information on factors that will assist synthetic leather market growth during the next five years

Estimation of the synthetic leather market size and its contribution to the parent market

Predictions on upcoming trends and changes in consumer behavior

The growth of the synthetic leather market

Analysis of the market's competitive landscape and detailed information on vendors

Comprehensive details of factors that will challenge the growth of the synthetic leather market, vendors

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Related Reports:The bio-based leather market size should rise by USD 250.48 million from 2021 to 2026 at a CAGR of 6.55%. Furthermore, this report extensively covers market segmentation by application (footwear, furnishing, automotive, clothing, and others) and geography (North America, Europe, APAC, MEA, and South America). The environmental hazards associated with the use of normal leather is notably driving the bio-based leather market growth.

The coating agents for synthetic leather market size is expected to increase by USD 207.38 million from 2021 to 2026, at a CAGR of 7.12%. Furthermore, this report extensively covers coating agents for synthetic leather market segmentation by end-user (automotive, footwear, furniture and domestic upholstery, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The shift of consumer preference from animal hide to synthetic leather products is notably driving the coating agents for synthetic leather market growth.

Synthetic Leather Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 9.44%

Market growth 2023-2027

USD 23.52 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

7.73

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 54%

Key countries

US, China, Japan, France, and Italy

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Air Water Inc., Akea Srl, Alfatex Italia Srl, Anhui Anli Material Technology Co. Ltd., Asahi Kasei Corp., Colence Pvt. Ltd., H.R. Polycoats Pvt. Ltd., Kolon Industries Inc., KURARAY Co. Ltd., Lederplast Spa, Marvel Vinyls Ltd., Mayur Uniquoters Ltd., Nan Ya Plastic Corp., San Fang Chemical Industrial Co. Ltd., Teijin Ltd., Toray Industries Inc., Uniroyal Global Engineered Products Inc., Winner Nippon Leatherette Pvt. Ltd., Zhejiang Hexin Industry Group Co. Ltd., and Zhejiang Yongfa Synthetic Leather Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global synthetic leather market 2017 - 2021

4.2 Product Segment Analysis 2017 - 2021

4.3 End users Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 PU-based - Market size and forecast 2022-2027

6.4 PVC-based - Market size and forecast 2022-2027

6.5 Bio-based - Market size and forecast 2022-2027

6.6 Market opportunity by Product

7 Market Segmentation by End-user

7.1 Market segments

7.2 Comparison by End-user

7.3 Footwear industry - Market size and forecast 2022-2027

7.4 Furnishing industry - Market size and forecast 2022-2027

7.5 Automotive industry - Market size and forecast 2022-2027

7.6 Bags industry - Market size and forecast 2022-2027

7.7 Others - Market size and forecast 2022-2027

7.8 Market opportunity by End-user

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 US - Market size and forecast 2022-2027

9.10 France - Market size and forecast 2022-2027

9.11 Italy - Market size and forecast 2022-2027

9.12 Japan - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Air Water Inc.

12.4 Alfatex Italia Srl

12.5 Anhui Anli Material Technology Co. Ltd.

12.6 Asahi Kasei Corp.

12.7 KURARAY Co. Ltd.

12.8 Lederplast Spa

12.9 Marvel Vinyls Ltd.

12.10 Mayur Uniquoters Ltd.

12.11 Nan Ya Plastic Corp.

12.12 San Fang Chemical Industrial Co. Ltd.

12.13 Teijin Ltd.

12.14 Toray Industries Inc.

12.15 Uniroyal Global Engineered Products Inc.

12.16 Zhejiang Hexin Industry Group Co. Ltd.

12.17 Zhejiang Yongfa Synthetic Leather Co. Ltd.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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