Synthetic Leather Market Size, Share, Demand & Trends by 2032
A recently published study by FMI expects the global synthetic leather market to augment at a 6% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 50 Billion is expected for the market.
Manufacturing, innovation and use of synthetic leather
is undergoing several changes. This has led to the rapid adoption of synthetic
leather in various end user industries. From 2017 to 2021, the industry
experienced noteworthy growth, registering a value CAGR of 1% and closing at
US$ 26.34 Billion.
Although the COVID-19 pandemic affected the sales of
synthetic leather, post-pandemic, the sales of the same have increased owing to
its various properties. Manufacturers are now making synthetic leather made of
environmentally friendly materials.
Furthermore, key players in the synthetic leather
market are launching products that make wide use of synthetic leathers, thus,
increasing use of the same. The use of synthetic leather in automotive,
consumer electronic and fashion industries is propelling the sales of the same.
This, in turn, is contributing to the growth of the market.
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Key Takeaways from the Market Study
- By
material type, polyurethane (PU) synthetic leather is expected to possess
40% market share for synthetic leather market in 2022.
- Italy
is expected to hold nearly 30% market share for synthetic leather market
in 2022.
- India
is expected to possess 25% market share for synthetic leather market in
2022
- S.
is expected to hold 35% market share for synthetic leather market in 2022
- Japan
is expected to procure 33% market share for synthetic leather market in
2022.
“The synthetic leather industry is
undergoing a drastic change. Innovations in manufacturing sustainable leather
along with making it durable is increasing the usage of the same.” states
an FMI analyst.
Market Competition
FMI has identified 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 as leading players in synthetic leather market. They
collectively account for more than 30% of global market share
as of 2022.
- Bucha
Bio launched plant based leather which is completely made in laboratory in
July 2021, in an attempt to push the envelope towards introducing a
sustainable leather alternative that can be used for shoes, clothing,
accessories and more.
- In
June 2021, Gucci launched its brand new range of footwear made from
bio-based synthetic leather derived from wood pulp.
Key Segments Profiled In The Synthetic
Leather Market Industry Survey
Synthetic Leather by Material Type:
- Polyvinyl
Chloride
- Polyurethane
- Bio
Based
Synthetic Leather by Application:
- Synthetic
Leather for Footwear
- Synthetic
Leather for Furnishing
- Synthetic
Leather for Automotive
- Synthetic
Leather for Clothing
- Synthetic
Leather for Bags
- Synthetic
Leather for Sports
- Synthetic
Leather for Electronics
More Insights Available
FMI, in its new offering, presents an unbiased
analysis of the global synthetic leather market, presenting historical analysis
from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of
Material Type (Polyvinyl Chloride, Polyurethane, Bio Based), by Application
(Footwear, Furnishing, Automotive, Clothing, Bags, Sports, Electronics) across
five major regions (North America, Latin America, Europe, Asia Pacific and
Middle East & Africa).
About FMI
Future Market Insights (ESOMAR certified market
research organization and a member of Greater New York Chamber of Commerce)
provides in-depth insights into governing factors elevating the demand in the
market. It discloses opportunities that will favor the market growth in various
segments on the basis of Source, Application, Sales Channel and End Use over
the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
Browse Full Report: https://www.futuremarketinsights.com/reports/synthetic-leather-market
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