How Will the Synthetic Leather/Artificial Leather Market Grow? Key Trends and Opportunities for 2025 and Beyond
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What key factors are powering the surge in the synthetic leather/artificial leather market right now?
The market size of synthetic leather/artificial leather has seen significant growth in the past few years. It is projected to increase from $35.81 billion in 2024 to $38.75 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.2%. The factors that can be attributed to the growth seen in the historical period include advancements in versatility, durability, and texturing, along with cost-effectiveness, evolving fashion and design trends, and increased demand in the automotive sector.
How fast Is the synthetic leather/artificial leather market expected to grow, and what’s its future value?
Anticipations are high for a robust expansion of the synthetic leather/artificial leather market in the coming years. Projections estimate a surge to “$53.8 billion in 2029 with an 8.6% compound annual growth rate (CAGR). This predicted expansion during the forecast period is linked to environmental sustainability, shifts in the fashion industry, automotive sector demands, innovative uses, and adaptability with customization. Key trends expected during the forecast period encompass growth in the furniture and upholstery sector, focus on sustainability, concerns over animal welfare, evolving fashion and design landscapes, and regulatory compliance.
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What are the leading drivers of growth in the synthetic leather/artificial leather market?
The growth of the artificial/synthetic leather market is fueled by the burgeoning automotive industry. This industry comprises of firms and operations associated with the design, manufacturing, marketing, and selling of motor vehicles. The upswing in the automotive industry can be attributed to a variety of elements such as escalating demand for hybrid and electric vehicles, rising consumer income, and better financing options. Although synthetic/artificial leather is commonly linked with the medical field, its fundamental technologies – like precision sensors, data tracking, and automation – can be effectively utilized in the automotive sector. For instance, automotive statistics reveal that in September 2024, the sales of passenger cars in the UK saw a 10% increase, reaching 275,239 units. Consequently, the thriving automotive industry will propel the artificial/synthetic leather market.
What are the key segments defining the synthetic leather/artificial leather market?
The synthetic leather/artificial leather market covered in this report is segmented –
1) By Type: Polyurethane (PU)-Based, Polyvinyl Chloride (PVC)-Based, Bio-Based
2) By Grade: High-Grade, Mid-Grade
3) By Application: Footwear, Furnishing, Automotive, Clothing, Bags, Purses And Wallets
Subsegments:
1) By Polyurethane (PU)-Based: Flexible PU Leather, Rigid PU Leather
2) By Polyvinyl Chloride (PVC)-Based: Rigid PVC Leather, Flexible PVC Leather
3) By Bio-Based: Plant-Based Leather, Other Bio-Based Materials
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Who are the key players steering the development of the synthetic leather/artificial leather market?
Major companies operating in the synthetic leather/artificial leather market include H. 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., Jiaxing Hexin Chemical Industry Co. Ltd., Kunshan Xiefu New Material Co. Ltd., Huafeng Co. Ltd., Xiamen Hongxin Microfiber Materials Co. Ltd., Fujian Huayang Co. Ltd., Sanling Microfiber Leather Co. Ltd., Wenzhou Hongdeli Synthetic Leather Co. Ltd., Mayur Uniquoters Limited, Anhui Anli Material Technology Co. Ltd., Winner Nippon Leatherette Pvt. Ltd., Nanjing Wanlida Technology Co. Ltd., M. Zellner GmbH, Ecopell GmbH, FORTIS Tomasz Jakubow e.K., Franz Seiler GmbH, Guangzhou Xinjin Plastics Co. Ltd., Hofert GmbH
What emerging trends are influencing the growth of the synthetic leather/artificial leather market?
Product innovation is emerging as a crucial trend in the synthetic leather/artificial leather market. Major players in this market are focusing on creating cutting-edge artificial leather to broaden their usage in different sectors. Take for instance, in April 2023, General Silicones, a company based in Taiwan that manufactures silicone products introduced the Compo-SiL (SL series) vegan leather items. These products were designed specifically for companies making consumer goods such as bags, backpacks, shoes, wallets, belts, book bindings, and covers who were seeking vegan leather materials with pre-applied fabric lining. The Compo-SiL (SL series) offers a variety of surface textures like stripes, matte, lambskin, calf, and bovine. The unique properties of silicone rubber as well as the Compo-SiL technology offer producers a great PETA-approved vegan leather option that has numerous benefits over conventional leather products.
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Which regions are most influential in expanding the synthetic leather/artificial leather market?
Asia-Pacific was the largest region in the synthetic leather/artificial leather market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global synthetic leather/artificial leather market report during the forecast period. The regions covered in the synthetic leather/artificial leather market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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