Synthetic Leather Market worth $88.0 billion by 2028, at a CAGR of 5.1%, says MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, June 18, 2024 (GLOBE NEWSWIRE) -- The Synthetic Leather Market is estimated to grow from USD 68.7 billion in 2023 to USD 88.0 billion by 2028, at a CAGR of 5.1% in terms of value, as per the recent study by MarketsandMarkets™. The growing demand for the footwear industry, coupled with increasing concerns about animal welfare and environmental impact, serves as a significant driver for innovation. This scenario presents a unique opportunity for the industry to focus on the development of bio-based synthetic leather, which not only meets consumer demands but also aligns with sustainability goals. However, the harmful effects of traditional materials like PU and PVC on human health act as restraints, emphasizing the urgent need for eco-friendly alternatives in the synthetic leather market.
Based on Type, the synthetic leather market is segmented as PU-based, PVC-based, and bio-based synthetic leather. PU-based synthetic leather stand out as the largest segment in terms of value, globally. The PU-based synthetic leather segment's dominance in the synthetic leather market is driven by its cost-effectiveness, versatility, durability, sustainability options, and the ability to meet the appealing and ethical considerations of today's consumers and industries. This domination is attributed to the rising demand for eco-friendly leather in industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. Furthermore, the bio-based synthetic leather segment is forecasted to exhibit the highest CAGR in terms of value during the forecast year 2023 and 2028.
Based on End-use industry, the synthetic leather market has been categorized into various segments including footwear, furnishing, automotive, clothing, bags, purses, & wallets, and others. Notably, the footwear segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. Furthermore, the automotive segment is forecasted to exhibit the second highest CAGR in terms of value during the forecast year 2023 and 2028. This remarkable growth and increase in demand in both the sectors are due to its affordability, sustainability, consistent quality, durability, and customization choices as well as its alignment with vegan and ethical principles, synthetic leather is highly desired in the footwear and automotive end-use industries.
Based on Region, Asia Pacific stands out as the fastest-growing market for synthetic leather. This is primarily attributed to strengthening the sustainability and biodegradability in key industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. On the other hand, the rising demand observed in emerging economies like China, India, and Japan also plays a crucial role. Growing environmental consciousness and ethical animal treatment factors have significantly fueled the demand for synthetic leather, leading to a substantial expansion of the synthetic leather market in the Asia Pacific.
Kuraray Co., Ltd.
Kuraray Co., Ltd. is a multinational company known for its diverse range of products. The company has a strong presence in the synthetic leather market. The company serves various end-use industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. The synthetic leather section of Kuraray Co., Ltd. is renowned for its creativity and commitment to research and development. For instance, in January 2022, Kuraray Co., Ltd. and Nissha Co., Ltd. collaborated in the development of Material Insert Technology, utilizing synthetic leather CLARINO, and subsequently introduced the product for sale, with a focus on the mobility and consumer electronics sectors. The expansion will help the company to develop infinite possibilities in the synthetic leather market.
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