Synthetic leather is a man-made artificial leather which looks like natural leather, also known as faux leather. Synthetic leather is marketed under numerous names such as vegan leather, faux leather, leatherette, and pleather. Its surface is treated & dyed with certain additives to provide them an ordinary look just as natural leather. It is often used as a substitute for real leather as it is less costly and does not require any real animal hide. It is available in various colors, leading to them being used in a wide number of industries for instance footwear, garments, automobile, and fashion accessories such as wallets, bags, etc. The key properties are easy maintenance, high strength, UV resistance and more ductile & high gloss finish.
According to study, “World Synthetic Leather Market Research Report 2024(Covering USA, Europe, China, Japan, SEA and India)” the key companies operating in the world synthetic leather market are Kuraray Co. Ltd., Bayer, Toray, Sappi, Favini, Asahi Kansei Corp., DAEWON Chemical, Ducksung, Teijin Ltd., Filwel Co. Ltd., Kolon, Nanya Plastics Co. Ltd., Sanfang, Anhui Anli, Wenzhou Imitation Leather, Shandong Jinfeng, Fujian Tianshou, Shandong Tongda, Yantai Wanhua, Kunshan Xiefu, Jiaxing Hexin, Wenzhou Huanghe, H.R. Polycoats Pvt. Ltd., Gruppo Mastrotto S.p.A., DuPont Tate & Lyle Bio Products, Huafeng Group, Xiamen Hongxin, Meisheng Industrial, Sanling, Fujian Huayang, Shandong Friendship, Mayur Uniquoters Limited, Hongdeli, Wenzhou Longxing, Wangkang Group, Zhejiang Hexin Industry Group Co. Ltd., Wenzhou Huadu, Kaishili, Hebei Changan, Benecke Kaliko, Vulca Flex, Canadian General Tower, Hornschuch, Om Nova.
Based on type, synthetic leather market is segmented into Polyvinylchloride (PVC) based synthetic leather, Polyurethane (PU) synthetic leather (microfiber leather) and bio-based leather. PU holds major share in market owing to its superior quality & ban on PVC based leather in a few countries. Based on application, market is segmented into clothing, shoes, bags, accessories, purses & wallets, belts, car interiors, sports goods and others (upholstery and gloves). In addition, based on end-user, market is segmented into footwear, automotive (seats, door trim, steering wheel covers, knob and gear bot covers), textile, furniture (chairs, bean bags, sofa, and others), sports, electronics, and others. Footwear industry is expected to witness lucrative growth due to increase in demand for comfortable & designer footwear during the forecast period.
The synthetic leather market is driven by surge in awareness & importance about animal cruelty, followed by growth in development of e-commerce sector, rise in disposable income, increase in awareness toward advantages of synthetic leather over natural leather, growth in demand for luxury goods, and rise in demand from footwear industry. However, harmful effects of PU & PVC and high tax & import duties may impact the market. Moreover, rise in focus on development of bio-based synthetic leather is a key opportunity for market.
Based on geography, Japan country holds major share, followed by China and India in synthetic leather market owing to increase in consumption of the product in bags, upholstery, footwear, & automobile covers and growth in consumer awareness by many animal right activist groups regarding animal slaughtering in the country. USA country is expected to witness higher growth rate due to stringent government regulations, high consumption in clothing & automotive industries and robust animal rights movement over the forecast period. Additionally, Europe region also expected to witness substantial growth on account of well-established end-use industries during the forecast period.
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Ankur Gupta, Head Marketing & Communications