According to a report, “Synthetic Leather Market Size, Share & Trends Analysis Report By Product (Bio-based, PVC, PU), By Application (Clothing, Furnishing, Automotive, Bags & Wallets, Footwear), By Region, And Segment Forecasts, 2020 - 2027”, published by Grand View Research, Inc., The global synthetic leather market is estimated at USD 40.9 billion by 2027. It is expected to develop by a 4.4% CAGR during 2020 to 2027. The artificial also known as synthetic leather is manually prepared Wherein the end-product offers the look of real leather. This product is promoted in diverse names, for example leather, vegan leather, leatherette, and faux leather. Synthetic leather is equipped by a fabric source, and is covered with artificial resin that it looks like some creature on the exterior. External side of the textile is painted and treated with particular additives to give a real look. Mainly, the synthetic leather finds application wherever leather like surface is necessary such as in automobiles, footwear, garments, upholstery and others. Synthetic leather has no lines of stitching thereby preventing the water from permeating on the applied substances.
Growing use of the synthetic leather in manufacturing of foot wear is an important factor, powering the market development. Furthermore, increasing alertness and significance regarding the animal rights as per government associations and stringent regulations about the usage of actual leather are pushing the demand for synthetic leather.
Excellent features of this material such as stress free maintenance, strength, high surface shine, resistance to ultra violet, and robustness are expected to optimise its usage. Furthermore, products manufactured from faux leather that are available at low price that attract the customers, particularly from high and middle income groups. But, the synthetic leather is facing opposition from Fumikodata in Japan. This is a duplication of the actual leather and this material is free from any harm to animals.
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In 2017, Polyurethane (PU) was the leading type of the product and is likely to record the highest CAGR during the period of the forecast. PVC is projected to observe slothful expansion due to its possessions, such as smaller strength and sticky surface.
Footwear function sector is estimated to see a sizable rise in the near future. Unpredictable weather situations in some regions generate necessity for diverse categories of foot wear in economical price.
Increase in disposable incomes in developing nations are powering the demand for synthetic leather in footwear sector. Likewise, the tendency of including sporty shoes, in usual routine is additionally increasing the demand for the synthetic leather.
Effect of Covid-19:
The constant increase of the Covid19 pandemic across the world is harshly disturbing the manufacturing, export and the import of leather as well as its derivative products. Sequentially, this is expected to harmfully influence the development of the global market. The cancellations of orders and the difficulties in deliveries are increasing throughout the leather business because of Covid-19 pandemic. The end user businesses such as textile, furniture, footwear and automobiles are facing a severe drop, in terms of manufacturing and the demand, because of the deceleration in the development of the infrastructure, shutdowns of the manufacturing plants, falling expenditure and restrictions on the transportation and supply, globally. Sequentially, this is expected to create obstacles in the global market for the near future.
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Further findings from the report suggest:
- Speedy growth of the automobile manufacturing and the construction business in Asia Pacific is powering the demand for the synthetic leather, within the local market.
- Due to the fast enlargement of the economy within the nations such South Korea, India, China and Japan, Asia Pacific is estimated to observe the high development, during the forecast period.
- On account of the availability of the raw material in moderately cheap price, the nations for example India, Taiwan, China and South Korea are uprising like principal manufacturers of synthetic leather in the global market.
- In 2019, Polyurethane (PU) leather appeared as the biggest product sector and is expected to produce revenue, more than USD 25.4 billion by 2027.
Application Insights
Footwear accounted for the largest revenue share of over 30% in 2019. Its application is getting nearer to genuine leather, which is increasingly replacing the applications in handbags, briefcases, car furnishings, and clothing. Rising income levels and economic growth, especially in emerging nations, has fueled the demand for footwear. In addition, the segment is also led by variations occurring in climatic conditions of different regions, which needs different types of footwear.
The increasing athleisure trend of incorporating athletic shoes in daily lifestyle is also expected to propel the segment growth. The price of faux leather footwear products is three times lower than the ones made from animal hide, which also boosts the segment growth. The furnishing industry is also one of the major application areas for synthetic leather as it has become more affordable than animal hides.
There is a wide range of synthetic leather materials available in the market that serve varied requirements of the furnishing industry, in terms of color, texture, and fabric look. Moreover, such artificial alternatives can also be used in marine furnishing as it is saltwater resistant. Faux leather is used in cars, trucks, motorcycles, buses, and agricultural vehicles as it is lighter than animal hides.
Polyurethane is the most-widely used material in the automotive sector as it is non-sticky and softer than other products. The bags and wallets segment is also estimated to have a significant growth in the forthcoming years due to high product demand. The usage of faux leather enables the production of lightweight, breathable, scratch- and water-proof, and easy-to-maintain bags.
With the evolving textile technology, consumers are preferring vegan fashion, which refers to adopting non-leather products. Thus, synthetic leather serves as the most suitable alternative in textile applications. PU synthetic leather is also used in clothing where it is used to create spandex and to add buoyancy to competitive swimsuits.
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Synthetic Leather Market Segmentation
Grand View Research has segmented the global synthetic leather market on the basis of product, application, and region:
Synthetic Leather Product Outlook (Volume, Million Meter; Revenue, USD Million, 2016 - 2027)
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PU
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PVC
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Bio-based
Synthetic Leather Application Outlook (Volume, Million Meter; Revenue, USD Million, 2016 - 2027)
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Furnishing
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Automotive
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Footwear
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Bags & Wallets
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Clothing
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Others
Synthetic Leather Regional Outlook (Volume, Million Meter; Revenue, USD Million, 2016 - 2027)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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Italy
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France
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U.K.
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Asia Pacific
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China
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India
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Japan
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South Korea
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Central & South America
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Brazil
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Middle East & Africa
List of Key Players of Synthetic Leather Market
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Kuraray Co., Ltd.
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H.R. Polycoats Pvt. Ltd.
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Nan Ya Plastics Corporation
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Teijin Limited
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Yantai Wanhua Synthetic Leather Group Co., Ltd.
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Alfatex Italia SRL
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