Synthetic Leather Market Growth & Trends
The global synthetic leather market size is expected to reach USD 66.84 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.0% from 2022 to 2030. The expanding product application scope in footwear has been a major factor driving the market. Furthermore, the increased significance of animal rights and growing awareness regarding that, as laid forth by various groups, and strict legislation prohibiting the use of real leather are driving the demand for synthetic leather.
Synthetic leather has many advantages, including a high gloss surface, durability, strength, UV resistance, and ease of maintenance. Additionally, synthetic leather products are less expensive so they continue to appeal to consumers, particularly those in the medium and upper-income level groups. However, in some places, like Japan, the product is competing with Fumikodata, which is a vegan material that looks like real leather. In 2021, polyurethane (PU) was the most popular product category, and it is predicted to expand at the fastest CAGR during the forecast period.
PVC is expected to grow slowly on account of its properties, such as lesser durability and sticky finish. The footwear application segment is predicted to increase significantly in the coming years owing to cheaper prices and changing environmental circumstances in various places, which require the use of different types of footwear. The demand for synthetic leather in the footwear market is being sustained by rising disposable income levels in developing markets. Furthermore, the trend of mixing athletic shoes into an everyday lifestyle is boosting product demand.
Footwear was the largest application segment in 2021. Due to the increased demand from emerging nations, the footwear sector has witnessed significant growth in recent years, although consumer spending in the U.S. and several European countries has slowed slightly due to the global recession. There has been a strong demand from countries such as China, India, Thailand, South Korea, Vietnam, and other South Asian countries. This is expected to have a major influence on synthetic leather demand in the Asian market.
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Synthetic Leather Market Report Highlights
The global market is projected to witness significant growth during the forecast period owing to the rising product demand in automotive and footwear applications
PU synthetic leather emerged as the largest product segment in 2021 and is estimated to maintain its lead over the forecast period
The Asia Pacific is expected to witness the fastest growth during the forecast period owing to the rapid economic growth across various countries, such as Japan, India, China, and Korea. The rapid growth of the automotive and construction manufacturing industries in APAC is also fueling the product demand in the regional market
Countries such as India, South Korea, China, and Taiwan are emerging as key producers in the global market as a result of the availability of lower-cost raw materials. For instance, in May 2019, Teijin Frontier Co. Ltd., the fibers and products converting company of the Teijin Group, developed polishing pads with non-woven material ‘NANOFRONT’ to improve the quality of silicon wafers while also lowering production costs
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