What Is The Current and Historic Market Size Analysis Of The Synthetic Leather/Artificial Leather Market?
The synthetic leather/artificial leather market has seen considerable growth due to a variety of factors.
•The market size of synthetic leather or artificial leather has experienced a robust growth in the past years. The market value is expected to rise from $35.81 billion in 2024 to $38.75 billion in 2025, which equates to a compound annual growth rate (CAGR) of 8.2%.
This growth during the historical period can be ascribed to progress in texturing, durability, versatility, cost-effectiveness, evolving fashion and design trends, and increased demand from the automotive industry.
What Are The Predictions for The Synthetic Leather/Artificial Leather Market Size In The Coming Years?
The synthetic leather/artificial leather market is expected to maintain its strong growth trajectory in upcoming years.
• The market for synthetic or artificial leather is predicted to experience a robust expansion in the forthcoming years. With a compound annual growth rate (CAGR) of 8.6%,
its value is projected to reach $53.8 billion in 2029. Factors impacting this increase during the forecast period comprise environmental sustainability, preferences in the fashion sector, automotive sector demand, innovative uses, and the ability to customize. The forecast period will also witness notable trends such as the popularity of synthetic leather in furniture and upholstery, focus on sustainable practices, concerns about animal wellbeing, fashion and design developments, and adherence to regulations.
Which Key Drivers Are Propelling The Synthetic Leather/Artificial Leather Market's Growth?
The expansion of the automotive industry is playing a significant role in the progression of the synthetic leather/artificial leather market. This industry encapsulates firms and operations linked with the crafting, manufacturing, promotion, and retail of vehicles. The augmentation of the automotive sector is due to a variety of elements such as escalating demand for hybrid and electric vehicles, amplified consumer earnings and finance alternatives. Synthetic leather/artificial leather, predominantly affiliated with the medical domain, has technologies like precision sensors, data observation, and mechanization that are useful in the automotive sector. For example, automotive data from September 2024 shows a 10% increase to 275,239 units in UK passenger car sales. Hence, the burgeoning automotive industry will propel the synthetic leather/artificial leather market.
What Are The Key Segments Within The Global Synthetic Leather/Artificial Leather Market?
The synthetic leather/artificial leather market covered in this report is segmented –
1) By Type: Polyurethane (PU)-Based, Polyvinyl Chloride (PVC)-Based, Bio-Based
2) By Grade: High-Grade, Mid-Grade
3) By Application: Footwear, Furnishing, Automotive, Clothing, Bags, Purses And Wallets
Subsegments:
1) By Polyurethane (PU)-Based: Flexible PU Leather, Rigid PU Leather
2) By Polyvinyl Chloride (PVC)-Based: Rigid PVC Leather, Flexible PVC Leather
3) By Bio-Based: Plant-Based Leather, Other Bio-Based Materials
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How Are New Trends Impacting The Size Of The Synthetic Leather/Artificial Leather Market?
In the synthetic or artificial leather market, product innovation is emerging as a critical trend. Key players in this market are channeling their efforts towards the creation of innovative synthetic leather materials that can be used in a vast array of applications. For example, General Silicones, a silicone products manufacturer based in Taiwan, launched the Compo-SiL (SL series) of silicone vegan leather goods in April 2023. This product range has been designed specifically for manufacturers of consumer items such as backpacks, shoes, bags, wallets, belts, book covers, and bindings who are in search of vegan leather materials which come with a factory-applied lining fabric. Customers have an array of SL series leather surface textures to choose from such as calf, matte, lambskin, bovine, and stripes. With the exclusive properties of silicone rubber and the Compo-SiL technology, manufacturers in search of a top-quality vegan leather source that has PETA-approval will find numerous benefits over traditional leather goods.
Who Are the Key Players in the Synthetic Leather/Artificial Leather Market?
Major companies operating in the synthetic leather/artificial leather market include:
• H. R. Polycoats Pvt. Ltd.
• Kuraray Co. Ltd.
• Alfatex Italia SRL
• Yantai Wanhua Synthetic Leather Group Co. Ltd.
• San Fang Chemical Industry Co. Ltd.
• Filwel Co. Ltd.
• Nan Ya Plastics Corporation
• Teijin Limited
• Zhejiang Hexin Industry Group Co. Ltd.
• Jiaxing Hexin Chemical Industry Co. Ltd.
• Kunshan Xiefu New Material Co. Ltd.
• Huafeng Co. Ltd.
• Xiamen Hongxin Microfiber Materials Co. Ltd.
• Fujian Huayang Co. Ltd.
• Sanling Microfiber Leather Co. Ltd.
• Wenzhou Hongdeli Synthetic Leather Co. Ltd.
• Mayur Uniquoters Limited
• Anhui Anli Material Technology Co. Ltd.
• Winner Nippon Leatherette Pvt. Ltd.
• Nanjing Wanlida Technology Co. Ltd.
• M. Zellner GmbH
• Ecopell GmbH
• FORTIS Tomasz Jakubow e.K.
• Franz Seiler GmbH
• Guangzhou Xinjin Plastics Co. Ltd.
• Hofert GmbH
What are the Regional Insights into the Synthetic Leather/Artificial Leather Market?
Asia-Pacific was the largest region in the synthetic leather/artificial leather market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global synthetic leather/artificial leather market report during the forecast period. The regions covered in the synthetic leather/artificial leather market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
