The synthetic leather market exhibits high growth potential and is projected to reach a market size of USD 93.25 billion by 2029 from USD 71.93 billion in 2024, at a CAGR of 5.3%. The factors like stringent regulatory and quality standards and growing focus on infection control are significantly driving the market growth. This report delves into segmentation and definition, offering a clear understanding of market components and drivers. The report presents and showcases a dynamic vision of the global scenario in terms of synthetic leather market size, market statistics, and competitive situation.
PU based, by type segment is expected to be second fastest growing type for synthetic leather market during the forecasted period.
PU synthetic leather is expected to be the second fastest-growing segment of the synthetic leather market during the forecast period due to its superior qualities, such as high durability, flexibility, and a more environmentally friendly production process when compared to PVC-based alternatives. PU synthetic leather is lightweight, breathable, and offers a premium aesthetic that has gained popularity in the fashion, automotive, and upholstery industries. This material can be used in a huge range of items and gaining attention for the growing demand for sustainable materials. Besides, increasing awareness about lowering the environmental footprint of synthetic materials will spur further adoption of PU-based synthetic leather.
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Furnishing, by end-use industry segment hold the second largest growing segment in synthetic leather market during forecast period.
Over the course of the forecast period, the furniture segment is expected to hold the second-largest share among the further growing segments in the synthetic leather market. Affordability, durability, and beauty are all greatly influenced by the growing use of workplace and home furnishings like sofas and chair-cushions. Synthetic leather is significantly more appealing than regular leather because it is stain-free, has low friction, and comes in a variety of textures and finishes. This rapid rise in the furnishing sector is also fueled by the growing trend for ecologically friendly and sustainable materials in interior design.
Europe region likely to account the second largest share of the global synthetic leather market during forecasted period.
Europe is expected to account for the second highest share of the global synthetic leather market over this time period. The reasons for this are numerous. Europe has a developed automotive, fashion, and furniture industry, and integrated synthetic leather is quickly becoming an essential component of their future development due to its cost savings, durability, and sustainability. Synthetic leather adoption in the area is mostly driven by growing awareness of animal welfare issues and the use of eco-friendly materials. Last but not least, strong sustainability laws and carbon emission limits encourage manufacturers to use more environmentally friendly options. This would greatly accelerate the expansion of the European market as a whole.
Synthetic Leather Companies
Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Limited (India), Nan Ya Plastics Corporation (Taiwan), Filwel Co., Ltd. (Japan), and Zhejiang Hexin Holdings Co., Ltd. (China) are the key players in the global synthetic leather market.
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Kuraray Co., Ltd: Kuraray Co., Ltd. is a Japanese specialty chemicals company that produces various materials and products including resins, fibers, films, chemicals, and medical. The company operates in six business segments: Vinyl Acetate, Trading, Functional Materials, Isoprene, Fibers and Textiles, Others. It sells artificial leather through its Fibers and Textiles segment under the name CLARINO. Kuraray has many operations at the world level, for example Japan, the US, Brazil, Germany, Belgium, China, Singapore, India, Thailand, among others. The synthetic leather production capacity of Kuraray is 1.5 million meters square/month. The company has 102 companies in more than 31 countries and three laboratories worldwide. It is expanding its production and sales to meet the increased demand in the global market. North America, Europe, and the Asia Pacific are well represented.
San Fang Chemical Industry Co., Ltd.: San Fang Chemical Industry Co., Ltd. has its operations in Taiwan with three main business segments: Wet Processed Synthetic Leather, Dry Processed Synthetic Leather and Other. Under the production of products, the company has manufactured synthetic leather in Full Grain and Nubuck. Long-term market changes, including investment in R&D studies, with a revolutionization of products, led to San Fang reaching the status of manufacturing the PU wet synthetic leather. The total production capacity for both types: wet and dry processed synthetic leathers is close to 45 million square meters per year. The company also ventured into expanding its operation to other parts of Asia Pacific countries such as China, Vietnam, US, and others.
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