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Synthetic Leather Market Size to Surpass US$ 40.5 billion by 2027

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The synthetic leather market is expected to grow at a CAGR of 4.6% during forecast period 2021 to 2027 and is projected to reach around US$ 40.5 billion by 2027.

The synthetic leather market report covers a detailed analysis for the historic period 2017-2020, considering 2021 as the base year and forecast (growth) for 2021-2027.

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This research report evaluates the synthetic leather market on a global and regional level. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global synthetic leather market for the period from 2017 to 2027.

Growth Factors

Remarkable properties of the synthetic leather over real leather such as high moisture resistance, easy washable, cost-effectiveness, and high durability drives its demand during the forthcoming years. Increasing demand for synthetic leather mainly from the footwear industry because of presence of durable and affordable leather expected to augment the market size for the product. In addition, robust demand for luxurious products from furniture and automotive sectors projected to accelerate the market growth over the coming years.

Additionally, stringent government norms for the protection of animals for leather products anticipated to bolster the market growth during the analysis period. Rising consumer awareness related to cruel practices of animal killing along with introduction of better alternatives of leather for furniture, clothing, and footwear applications likely to offer alluring opportunities to the market participants operating. Increasing Research & Development (R&D) investments for the production of bio-based leathers using fruits such as banana and jackfruit are further creating massive opportunities for the manufacturers over the upcoming years. However, the spread of corona virus disease which was centered at Wuhan, China expected to hamper the demand of the synthetic leathers in the near future.

Market Report Scope

 

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This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global synthetic leather market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.

The report analyzes the historical and present-day scenario of the global synthetic leather market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.

Key Highlights

  • The Asia Pacific encountered the largest value share of more than 40% in the year 2019 and expected to maintain the same trend over the analysis period
  • North America and Europe witness sluggish growth owing to the maturity of the market along with drastic decline in the cross-border trade with the spread of the coronavirus pandemic
  • Polyurethane (PU) synthetic leather segment captured the largest value share of more than 50% in 2019 along with the promising growth over the upcoming years owing to the product quality, yield, and variety
  • The PVC product segment expected to register slow growth over the analysis period owing to inability to maintain the body heat as well as gave a sticky feel when touched
  • Bio-based product expected to witness prominent growth over the forthcoming years owing to presence of polyester polyol that has 70% to 75% renewable content
  • Footwear application accounted for the maximum revenue share of more than 30% in 2019 due to increasing income levels and economic growth in the developing countries
  • Automotive application witnesses significant growth over the analysis period owing to large application of PU because of its non-sticky and soft touch properties
  • Asia-Pacific emerged as the largest market for synthetic leathers, in terms of value, followed by Europe. The prominent growth of the region is mainly because of the on-going technological innovations in the synthetic leather industry along with the presence of some of key market players in the region.
  • China is one of the major markets in the Asia Pacific region for synthetic leathers in terms of production and sales. Besides this, the recent outbreak of COVID-19 has drastically impacted the manufacturing output of the country.
  • North America expected to register a moderate growth rate over the analysis period owing to the considerable demand for synthetic leathers in automotive, footwear, and construction industries.

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Competition Landscape

In the final section of the research report, Precedence Research provided the global synthetic leather market structure and a detailed competition landscape to provide a dashboard view of key players operating in the global market along with their business strategies to report audiences. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the market.

Some of the major players in the synthetic leather market include:

  • 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.

Market Segmentation

By Product

  • PVC
  • PU
  • Bio Based

By Application

  • Automotive
  • Furnishing
  • Footwear
  • Clothing
  • Bags & Wallets
  • Others

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Research Methodology

  • Market estimate for 2020
  • Average selling price (ASP) per region for specific product type
  • Filtrations and assortment of gathered data, to estimate the base year (2021) market size for the country
  • Gathering data from company websites, annual reports, white papers, financial reports, broker reports, investor presentations, and SEC filings
  • National government documents, statistical databases
  • News articles, press releases, and webcasts specific to companies operating in the market
  • Country wise analysis through internal and external proprietary databases, and relevant patent and regulatory databases
  • Determination of market penetration by country

Most Asked Questions –

What was the market size value of the synthetic leather in 2020?

What is the expected market size by 2027?

What is the synthetic leather market growth?

What are the key factors that positively influence market growth?

Who are the prominent players in the synthetic leather market?

Why Buy this Report?

The purpose of Precedence Research’s synthetic leather market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers

Chapter 7. Global Synthetic Leather Market, By Product

7.1. Synthetic Leather Market, by Product Type, 2020-2027
7.1.1. PVC
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. PU
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Bio Based
7.1.3.1. Market Revenue and Forecast (2016-2027)

Chapter 8. Global Synthetic Leather Market, By Application

8.1. Synthetic Leather Market, by Application, 2020-2027
8.1.1. Furnishing
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Automotive
8.1.2.1. Market Revenue and Forecast (2016-2027)
8.1.3. Footwear
8.1.3.1. Market Revenue and Forecast (2016-2027)
8.1.4. Clothing
8.1.4.1. Market Revenue and Forecast (2016-2027)
8.1.5. Bags & Wallets
8.1.5.1. Market Revenue and Forecast (2016-2027)
8.1.6. Others
8.1.6.1. Market Revenue and Forecast (2016-2027)

Chapter 9. Global Synthetic Leather Market, Regional Estimates and Trend Forecast

9.1. North America
9.1.1. Market Revenue and Forecast, by Product (2016-2027)
9.1.2. Market Revenue and Forecast, by Application (2016-2027)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.1.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.1.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Product (2016-2027)
9.2.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.2.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.2.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Product (2016-2027)
9.2.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Product (2016-2027)
9.2.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.3.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.3.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Product (2016-2027)
9.3.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Product (2016-2027)
9.3.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.4.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.4.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Product (2016-2027)
9.4.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Product (2016-2027)
9.4.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Product (2016-2027)
9.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.5.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.5.4.2. Market Revenue and Forecast, by Application (2016-2027)

Chapter 10. Company Profiles

10.1. H.R. Polycoats Pvt. Ltd.
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. Kuraray Co., Ltd.
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Alfatex Italia SRL
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Yantai Wanhua Synthetic Leather Group Co., Ltd.
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. San Fang Chemical Industry Co., Ltd.
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Filwel Co., Ltd.
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. Nan Ya Plastics Corporation
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. Teijin Limited
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. Zhejiang Hexin Industry Group Co., Ltd.
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives

Chapter 11. Research Methodology

11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions

Chapter 12. Appendix

12.1. About Us
12.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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