The global synthetic leather market was valued at USD 22.13 Billion in 2015 and is projected to reach USD 33.54 Billion by 2021, at a CAGR of 7.20% from 2016 to 2021. The growing demand from the footwear and automotive industry, coupled with cost effectiveness is expected to drive the global synthetic leather market. Synthetic leather is a leather fabric which is synthetically manufactured by manmade ingredients. It is also identified by several other names such as faux leather, artificial leather, blended leather, or imitation leather. It is a major substitute of pure or genuine leather.
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The global synthetic leather market is segmented based on type, into PU-based, PVC-based, and bio-based. In 2015, PU-based synthetic leather captured the maximum share of the overall market; it is also expected to witness the highest CAGR during the forecast period. PU leather is considered more environment friendly as compared to vinyl based leather, as it does not create dioxins. PU-based based leather is more expensive than PVC-based leather, due to the extensive manufacturing process that is required. Companies are also manufacturing microfiber PU leather, which is a high quality leather, and has properties that are better than pure leather.
The major end-use industries of synthetic leather are footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. Footwear is the largest end-use industry of synthetic leather. The demand for synthetic leather in the footwear industry is also projected to register the second highest CAGR during the forecast period. The growth in this industry is driven by the growing incomes, and economic growth. Another major driver for the growth in demand for synthetic leather in various countries is the variation in climatic conditions, which requires different kinds of footwear.
Asia-Pacific: The largest market in synthetic leather
The global synthetic leather market is segmented into five regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The Asia-Pacific region is the largest synthetic leather market, closely followed by Europe, in terms of value. The growing end-use industries such as, automotive, footwear, and furnishing, coupled with regulations regarding animal welfare is driving the demand for synthetic leather in the Asia-Pacific region. The presence of many international fashion brands in Europe is driving the demand for synthetic leather in the region.
Currently, market players such as, Kuraray Co. Ltd. (Japan), San Fang Chemical industry Co. Ltd (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Ltd. (India), Nan Ya Plastics Co. Ltd. (Taiwan), Filwel Co. Ltd. (Japan), Zhejiang Hexin Industry Group Co., Ltd. (China), Alfatex (Italy), H.R. Polycoats Pvt. Ltd. (India), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China) are leading the global synthetic leather market.
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