Synthetic Leather Market Trend, Covid-19 Outbreak, Information by Material, Application, Industry Share, Segmentation and Forecast to 2025

Market Overview:

Synthetic Leather, also known as bicast leather is a fabric made out of polyurethane (PU) or polyvinylchloride (PVC) type of synthetic materials and bio-based products, which is intended to replace the real leather material. The applications of Synthetic Leather can be seen in diverse end uses such as clothing, accessories, footwear, and furnishing among others. Generally, the product is marketed under "leatherette", "faux leather", "vegan leather", "PU leather" and "pleather. Synthetic leather materials are durable, moisture resistance, and most importantly, they are cost-effective as compared to the real product. The global manufacturers of synthetic leather are looking towards increasing their production capacity owing the declining cost of production. Global footwear market is growing at highest CAGR on accounts of an increasing standard of living of people and growing urban population around the world. The global leather goods market is estimated to grow at 4% CAGR to reach ~USD 110 billion, wherein Synthetic Leather segments holds significant share. This, in turn, is projected to fuel the demand of Synthetic Leather during the forecast period.

Market Segmentation:

The Global Synthetic Leather Market has been segmented on the basis of type, end use and region. On the basis of type, the market is divided into, polyurethane (PU), polyvinylchloride (PVC) and vegetable-based, and bio-based. Among these types, the polyurethane (PU) based synthetic is a leading segment and is estimated to grow at highest CAGR among the other types. The PU-based Synthetic Leather material is anticipated to acquire the maximum share of the overall market. In coming years, it is expected to witness the highest CAGR. This is attributed to the harmless nature of PU as compared to PVC, which may boost the demand of poromeric imitation leather during the forecast period. The major use of this type of leather can be found in manufacturing imitation leather which is comparatively stiff and durable. This makes it usable in production of footwear, and accessories, which are the major end uses of Synthetic Leather. Polyvinylchloride (PVC) based artificial leather also holds significant share of the market. The major advantage of PVC based leather is its glossy surface which is moisture resistant and can be easily wipe-cleaned. Its uses can be found in shiny professional shoe. The vegetable based Synthetic Leather products primarily consists of cork leather that is a natural alternative made from the bark of cork oak trees, ocean leather made from kelp and piñatex, made from pineapple leaves. The growing environmental concerns over persistent waste which is non-biodegradable may help growth in demand of bio-based synthetic leather during the forecast period.

Regional Analysis:

Global Synthetic Leather Market Trend is geographically divided into five key regions namely, Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Asia Pacific is the leading region among them owing to the increasing demand from footwear and automotive u-industries in this region. Countries namely India, China, and Japan are the leading markets in this region due to the presence of many key players and growing demand from major end use industries such as automotive, and building & construction along with the footwear making industry in these countries. Europe is the second most important region in the Global Synthetic Leather Market.

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Key Players:

Key players in the Global Synthetic Leather Market are DuPont Tate & Lyle Bio Products (U.S.), Mayur Uniquoters Limited (India), NAN YA PLASTICS CORPORATION (Taiwan), KURARAY CO., LTD. (Japan), SAN FANG CHEMICAL INDUSTRY CO., LTD. (Taiwan), TEIJIN LIMITED (Japan), H.R. Polycoats Pvt. Ltd. (India), FILWEL CO., LTD. (Japan), Yantai Wanhua Synthetic Leather Group Co., Ltd. (China), and TORAY INDUSTRIES, INC. (Japan), among others.

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