Global Synthetic Leather or Artificial Leather Market
Paper, Plastics, Rubber, Wood And Textile Manufacturing

Understand How The Synthetic Leather or Artificial Leather Market Is Set To Grow In Through 2024-2033

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.

 

Explore Similar Reports From The Business Research Company:
Leather And Allied Products Global Market Report 2024
Leather Goods Global Market Report 2024
Leather Chemicals Global Market Report 2024

 

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