Synthetic Leather Market to Surpass 66.84 Billion by 2030 Drives Due to the Increased Demand for Clothing
SkyQuest projects that the synthetic leather market will attain a USD 66.84 billion value by 2030, with a CAGR of 8% over the forecast period (2023-2030).The synthetic leather market is expected to grow in the coming years due to increased demand for shoes, cars, furniture, and clothing. However, there are concerns related to the raw materials used in synthetic leather production, particularly polyvinyl chloride (PVC). PVC is commonly used in synthetic materials but has been associated with potential health risks.
Westford,USA, July 14, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the consumption of synthetic leather in the United States has witnessed a significant surge in recent times. The synthetic leather market has experienced a notable increase in demand, particularly in the automobile sector. The rising demand for synthetic leather upholstery in automobiles has been a driving force behind this growth.
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- Pages – 265
- Tables – 67
- Figures –75
The global synthetic leather market growth for synthetic leather is anticipated to be driven by the increasing demand from the footwear sector. As the footwear industry continues to grow and evolve, there is a rising need for alternative materials to natural leather. Synthetic leather provides a viable solution as it offers similar aesthetics and functionalities at a more affordable price.
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Prominent Players in Synthetic Leather Market
- Kuraray Co., Ltd.
- Toray Industries, Inc.
- Teijin Limited
- Mayur Uniquoters Limited
- Nan Ya Plastics Corporation
- San Fang Chemical Industry Co., Ltd.
- Alfatex
- Filwel Co., Ltd.
- Zhejiang Hexin Industry Group Co., Ltd.
- Yantai Wanhua Synthetic Leather Group Co., Ltd.
- H.R. Polycoats Pvt. Ltd.
- Favini S.R.L.
- Sappi Limited
- Asahi Kasei Corporation
- DuPont de Nemours, Inc.
- Wanhua Chemical Group Co., Ltd.
- Kurabo Industries Ltd.
- Daikin Industries, Ltd.
- Alcantara S.p.A.
- STKC Co., Ltd.
PU Synthetic Leather Segment is Expected to Grow the Market Due to the Significant Progress Made in Terms of Product Quality
The PU synthetic leather category emerged as the dominant segment in the synthetic leather market, generating over 55 per cent of the total revenue. This dominance can be attributed to the significant progress made in terms of product quality, diversity, and yield. Polyurethane (PU) synthetic leather offers several advantages over genuine hides.
The markets in North America are projected to experience slow growth in the synthetic leather market due to the saturation of larger domestic fashion brands. The region has witnessed growing concerns from animal rights organizations such as PETA and WWF.
PVC Synthetic Leather Segment is Expected to Dominate the Market Due to the Rising Popularity of its Suitability in Furnishings
The PVC synthetic leather segment is expected to experience slow growth throughout the forecast period in the synthetic leather market. PVC, the first synthetic leather substitute developed in the 1920s, initially gained popularity for its suitability in furnishings and household goods. However, PVC’s early formulations contained cancer-causing chemicals, which raised concerns about its safety and environmental impact.
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Regional markets in the Asia Pacific held the largest market share in the synthetic leather market, and this dominance is expected to continue throughout the projected period. The region’s strong market presence can be attributed to several factors. China, India, and South Korea are the top three countries known for exporting faux leather products, contributing significantly to the market growth in Asia Pacific.
A comprehensive analysis of the major players in the synthetic leather market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Synthetic Leather Market
- Kuraray Co., Ltd. recently introduced CLARINOTM Microfiber Leather, a synthetic leather product developed through Kuraray’s dedicated research and development efforts. CLARINOTM Microfiber Leather offers a high-quality alternative to genuine leather, with advanced features and functionality.
- Teijin Cordley Limited, a subsidiary of Japan’s Teijin Frontier Group, recently announced the development of the latest antiviral and antibacterial artificial leather. This breakthrough innovation incorporates a long-lasting antibacterial agent, enhancing the hygiene and safety of the artificial leather material.
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Key Questions Answered in Synthetic Leather Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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