Synthetic Leather Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1282
Global Synthetic Leather Market size may witness strong gains as it is used as a substitute for conventional product derived from livestock, does not require animal hide for production and is available at competitive price.
Global leather goods market may surpass USD 95 billion by 2024, with gains at over 5%. Change in lifestyle along with rise in men and women’s accessories demand including gloves may drive industry growth. U.S. exports skins and hides and generated over USD 3.5 billion in 2015.
Rise in awareness regarding animal safety accompanied with genuine raw hide product may account for high market price and insufficient supplies, thereby positively influencing synthetic leather market size. It is preferably used in footwear, bags, purses & wallets, clothing, automotive and furnishing products.
Footwear industry may witness steady gains and accounts for a major chunk in synthetic leather market size. Global footwear market may surpass USD 375 billion in business by 2024 with registering over 5% gains. Changing consumer lifestyle and increasing fashion trends may favor industry growth. Rise in demand for stylish, better fit and comfortable shoes should drive synthetic leather demand.
Global automotive interior leather market was valued at over USD 25 billion in 2015 and may exceed USD 40 billion in business by 2024, and register close to 5.5% growth. Rise in automotive production for both domestic and public transport along with increasing consumer spending should have a positive influence on synthetic leather market size. Low cost, ease to use & clean characteristics and easy availability promotes its use in seats, belts, airbags and covers thereby contributing towards industry growth in automobile applications.
Global furniture market may register close to 5% gains. Increasing home and office furniture demands due to rising public infrastructures and improved economic standards should favor industry growth. Synthetic leather is widely used in sofas, chairs and bean bags in furnishing application contributing in product demand.
Global apparel market may witness significant gains at over 4%. As per industry statistics, the U.S. apparel market generated over USD 230 billion in 2015 and may witness above average gains at over 2%. Rise in fashion consciousness along with increasing various brands and distribution channels is likely to drive industry growth. Synthetic leather is widely used in jackets, belts, pants and tops due to prevailing fashion trend which may favor product demand.
Polyurethane (PU) synthetic leather accounted for majority of the demand in 2015. It is made with soft polymers and possess key properties such as lightweight, waterproof and does not crack or fade on light. exposure It is extensively used in clothing and automotive industries. Increasing bio based products demand due to growing environmental concerns may fuel product demand. However, PU based products are costly due to extensive production process which may pose challenge to industry growth.
North America, driven by the U.S. synthetic leather market may witness moderate growth rates. Positive application outlook in footwear, furnishing and automotive industries should drive regional growth. Rising concerns regarding animal killing may reduce pure skins consumption and favor regional demand.
APAC, led by India, Japan and China synthetic leather market may show significant gains. Growing automotive production along with rise in disposable income mainly in India and China may fuel regional growth. Positive outlook regarding R&D spending and technological innovations accompanied with strict regulations regarding animal welfare may fuel industry growth. China, Taiwan, India, Thailand, and Indonesia are major importers of raw hide and skins in Asia Pacific.
Europe led by France, Italy, UK and Germany synthetic leather market may witness steady growth. Rise in international fashion brands in apparels and bags along with stringent regulation promoting bio based product use may stimulate regional growth.
Key players operating in global synthetic leather market share include Kuraray, Tejin, Toray, Favini, Mayur Uniquoters, Filwel and San Fang Chemicals. Other prominent companies include Alflatex, HR Polycoats, Dunksung and Daewon Chemicals.
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