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
· U.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.
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).