Synthetic Leather Market Size $52.9 Billion By 2027 | Emerging Regional Markets Are, China, India, Brazil, Malaysia, Thailand, and Vietnam: Grand View Research, Inc.

Synthetic Leather Market Size $52.9 Billion By 2027 | Emerging Regional Markets Are, China, India, Brazil, Malaysia, Thailand, and Vietnam: Grand View Research, Inc.

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According to a new report by Grand View Research, Inc. the global synthetic leather market size was valued at USD 29.2 billion in 2019 and is projected to expand at a revenue-based CAGR of 7.8% during the forecast period. Increasing demand from the footwear sector is expected to be a key factor propelling growth. Comprised of a cloth base coated with a synthetic resin, artificial leather serves as a suitable alternative, augmenting its scope of application.

The global synthetic leather market size is expected to reach USD 52.96 billion by 2027, according to a new study by Grand View Research, Inc. It is projected to expand at a strong CAGR of 7.8%, in terms of revenue during the forecast years. Increasing scope of application for the product in footwear has been a major factor driving the growth. Growing importance and awareness about animal rights along with stringent laws regarding the usage of real leather is anticipated to further fuel the product demand.

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U.S. synthetic leather market

Synthetic leather materials have superior properties, such as high gloss finish, durability, strength, UV resistance, and easy maintenance. Moreover, products made from faux leather are cheaper and thus, continue to attract consumers, especially from middle- and high-income level groups. However, in countries, such as Japan, the product is facing competition from Fumikodata, which is a replica of real leather and is a cruelty-free material. Polyurethane (PU) was the largest product category in 2017 and is expected to register the fastest CAGR over the forecast period.

Further key findings from the repot suggest:

  • PU leather emerged as the largest product segment in 2019 and is estimated to generate revenue over USD 32.9 billion by 2027

  • Asia Pacific (APAC) is projected to witness the fastest growth over the estimated period owing to rapid economic growth across countries, such as India, China, Japan, and Korea

  • Rapid development of construction and automotive manufacturing industries in APAC is also fueling the product demand in the regional market

  • Countries, such as South Korea, Taiwan, China, and India, are emerging as leading producers of synthetic leather in the global market as a result of available of relatively cheaper raw materials

  • Key companies in the global synthetic leather market include Nan Ya Plastics Corporation, Mayur Uniquoters Limited, Alfatex Italia SRL, and Kuraray Co. Ltd.

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Global synthetic leather market

PVC is anticipated to witness sluggish growth on account of its properties, such as sticky finish and lesser durability. Footwear application segment is expected to observe a considerable growth over the forecast period. Cheaper costs and fluctuating climatic conditions in several regions creates needs for different types of footwear. Rising disposable income levels in emerging regions are also fueling the demand for synthetic leather in the footwear segment. Rising use of athletic shoes in everyday life is further augmenting the product demand.

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Grand View Research has segmented the global synthetic leather market on the basis of product, application, and region:

Synthetic Leather Product Outlook (Volume, Million Meter; Revenue, USD Million, 2016 – 2027)

  • PU

  • PVC

  • Bio-based

Synthetic Leather Application Outlook (Volume, Million Meter; Revenue, USD Million, 2016 – 2027)

  • Furnishing

  • Automotive

  • Footwear

  • Bags & Wallets

  • Clothing

  • Others

Synthetic Leather Regional Outlook (Volume, Million Meter; Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Italy

    • France

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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