The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Growth Overview

• Recent Growth:
  • 2023: $33.25 billion
  • 2024: $36.04 billion
  • CAGR: 8.4%
• Key Drivers:
  • Advancements in texturing
  • Enhanced durability and versatility
  • Cost efficiency
  • Fashion and design trends
  • Increased automotive sector demand

Future Market Projections

• Forecast Growth:
  • 2028: $48.7 billion
  • CAGR: 7.8%
• Key Drivers:
  • Focus on environmental sustainability
  • Evolving fashion industry trends
  • Continued demand in the automotive sector
  • Innovative applications
  • Customization and adaptability

Read The Full Synthetic Leather or Artificial Leather Market Report Here:
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Major Trends

• Furniture and Upholstery: Increasing use in home and office decor.
• Sustainability Focus: Growing consumer preference for eco-friendly products.
• Animal Welfare Concerns: Ethical considerations driving demand for synthetic alternatives.
• Fashion and Design Trends: Popularity in high-fashion and everyday wear.
• Regulatory Compliance: Meeting stringent environmental and safety standards.

Athleisure Trend Fuels Growth

• Definition: Casual attire for both exercise and daily wear.
• Benefits of Synthetic Leather:
  • Cost-effective alternative to genuine leather
  • Comparable appearance and feel to real leather
  • More environmentally friendly production process
• Market Impact:
  • Example: True Fit reported an 84% increase in athleisure sales from 2020 to 2021.
• Key Companies: H. R. Polycoats Pvt. Ltd., Kuraray Co. Ltd., Alfatex Italia SRL, among others.

Innovation in Style and Sustainability

• Product Innovation:
  • Focus: Developing new artificial leather for diverse applications.
  • Example: General Silicones’ Compo-SiL (SL series) launched in April 2023.
    • Features: Vegan leather, various textures, factory-applied fabric lining.
    • Applications: Bags, backpacks, shoes, wallets, belts, book bindings, and covers.
    • Benefits: PETA-approved, high-quality vegan leather options.

Strategic Acquisitions

• Expansion:
  • Example: Coronet Group’s acquisition of Synt3 Srl in April 2022.
  • Impact: Increased manufacturing capacity to 20 million linear meters.
    • Facilities: 8 coating and 4 coagulation lines, multiple finishing operations, 5 R&D centers.

Market Segmentation

• By Type:
  • Polyurethane (PU)-Based
  • Polyvinyl Chloride (PVC)-Based
  • Bio-Based
• By Grade:
  • High-Grade
  • Mid-Grade
• By Application:
  • Footwear
  • Furnishing
  • Automotive
  • Clothing
  • Bags, Purses, and Wallets

Regional Insights

• Largest Market: Asia-Pacific in 2023.
• Fastest Growing Region: Expected to be Asia-Pacific during the forecast period.

In summary, the synthetic leather/artificial leather market is poised for substantial growth driven by advancements in technology, increasing demand across various industries, and a shift towards sustainable and ethical products. Major trends and strategic moves by key companies will further bolster the market’s expansion in the coming years.

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The Synthetic Leather or Artificial Leather Global Market Report 2024  provides an overview of the synthetic leather or artificial leather market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The synthetic leather or artificial leather market forecast analyzes synthetic leather or artificial leather market size, synthetic leather or artificial leather market share, leading competitor and their market positions.

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