Synthetic Leather Market Share: Growth, Value, Size, Scope, and Analysis
"Global Synthetic Leather Market, By Type (Polyurethane, Polyvinyl Chloride Based, Bio-based), End-User (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Others) – Industry Trends and Forecast to 2029
The Synthetic Leather Market sector is rapidly evolving, with substantial growth and advancements anticipated by 2031. Comprehensive market research provides an in-depth analysis of market size, share, and trends, offering crucial insights into its expansion. The report delves into market segmentation and definitions, highlighting key components and drivers. By utilizing SWOT and PESTEL analyses, it assesses the market's strengths, weaknesses, opportunities, and threats, along with political, economic, social, technological, environmental, and legal factors.
Synthetic Leather Market Industry Trends and Forecast to 2031
What are the projected market size and growth rate of the Synthetic Leather Market?
Data Bridge Market Research analyses that the Global Synthetic Leather Market which was USD 29.19 Million in 2021 is expected to reach USD 53.23 Billion by 2029 and is expected to undergo a CAGR of 7.80% during the forecast period of 2021 to 2029
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Which are the top companies operating in the Synthetic Leather Market?
The report profiles noticeable organizations working in the water purifier showcase and the triumphant methodologies received by them. It likewise reveals insights about the share held by each organization and their contribution to the Synthetic Leather Market extension. This Global Synthetic Leather Market report provides the information of the Top 10 Companies in Synthetic Leather Market in the market their business strategy, financial situation etc.
Market Analysis of Synthetic Leather in 2024
- The global synthetic leather market in 2024 experienced steady growth due to the increasing awareness about animal welfare concerns and the rising demand for sustainable textiles. The market was valued at USD 30.5 billion in 2024 and is expected to witness significant growth over the forecast period.
- One of the key drivers for the growth of the synthetic leather market in 2024 was the growing preference for eco-friendly and sustainable materials in industries such as automotive, fashion, and upholstery. The advancements in technology have enabled the production of high-quality synthetic leathers that closely resemble genuine leather, further propelling market growth.
- The Asia-Pacific region dominated the synthetic leather market in 2024, driven by the presence of key manufacturing hubs such as China, India, and South Korea. The region accounted for a significant market share due to the booming automotive and textile industries, which are major consumers of synthetic leather.
Market Analysis of Synthetic Leather in 2031
- By 2031, the global synthetic leather market is projected to reach a valuation of USD 45 billion, exhibiting a compound annual growth rate (CAGR) of 4.5% during the forecast period. Factors such as the increasing focus on sustainable and cruelty-free products, coupled with the expanding applications of synthetic leather across various end-use industries, are expected to drive market growth.
- The demand for synthetic leather in the automotive sector is anticipated to witness substantial growth in 2031, driven by the rising production of vehicles and the growing preference for lightweight and durable materials. Additionally, the fashion and footwear industries are expected to contribute significantly to market growth, owing to the versatility and cost-effectiveness of synthetic leather.
- The market growth in 2031 will also be fueled by technological advancements in the manufacturing processes of synthetic leather, leading to the development of innovative product variants with enhanced properties such as water resistance, durability, and aesthetics.
Market Players
- Kuraray Co.,In 2024, the synthetic leather market witnessed significant growth driven by factors such as the increasing focus on sustainable and cruelty-free products across industries. The advancements in technology have played a crucial role in enhancing the quality of synthetic leather, making it a viable alternative to genuine leather. The consumer shift towards eco-friendly materials in sectors like automotive, fashion, and upholstery has further boosted the demand for synthetic leather globally. The Asia-Pacific region emerged as a key player in the market, with countries like China, India, and South Korea leading the production and consumption of synthetic leather.
Looking ahead to 2031, the global synthetic leather market is projected to continue its growth trajectory, with a forecasted valuation of USD 45 billion. The market is expected to benefit from the increasing adoption of sustainable products and the expanding applications of synthetic leather across various industries. The automotive sector is likely to drive substantial demand for synthetic leather due to the growing need for lightweight and durable materials in vehicle manufacturing. Similarly, the fashion and footwear industries are poised to contribute significantly to market growth, leveraging the versatility and cost-effectiveness of synthetic leather materials.
Moreover, the market players in the synthetic leather industry, including Kuraray Co., are expected to focus on innovation and research to develop advanced product variants with enhanced properties. Technological advancements in manufacturing processes will lead to the production of synthetic leathers with superior qualities such as water resistance, durability, and aesthetics. These developments are anticipated to further fuel market growth and cater to the evolving needs of consumers across different sectors.
In conclusion, the synthetic leather market is set to experience continued expansion in the coming years, driven by the demand for sustainable and cruelty-free alternatives, technological innovations, and the versatility of synthetic leather in various industries. The market players are likely to play a crucial role in shaping the future of the industry by introducing innovative products and solutions that meet the evolving requirements of the market.Market Players
- San Fang Chemical Industry Co. Ltd. (Taiwan)
- Teijin Limited (Japan)
- Mayur Uniquoters Limited (India)
- NAN YA plastics corporation (Taiwan)
- Filwel Co. Ltd. (Japan)
- Zhejiang Hexin Industry Group Co., Ltd. (China)
- Alfatex N.V. (Belgium)
- H.R. Polycoats Pvt. Ltd. (India)
- Yantai Wanhua Synthetic Leather Group Co. Ltd. (China)
- KURARAY CO LTD (Japan)
In the synthetic leather market, key players such as Kuraray Co., San Fang Chemical Industry Co. Ltd., Teijin Limited, and others have been instrumental in driving innovation and technological advancements in the industry. These companies have focused on producing high-quality synthetic leather that closely mimics genuine leather while offering additional benefits such as water resistance, durability, and enhanced aesthetics. Through research and development initiatives, market players have been able to cater to the growing demand for sustainable and cruelty-free alternatives in industries like automotive, fashion, and upholstery.
As the market progresses towards 2031, market players are expected to intensify their efforts in developing advanced product variants to meet the evolving needs of consumers. By investing in technological innovations and manufacturing processes, companies aim to introduce synthetic leather products with superior properties that align with the sustainability goals of industries worldwide. The versatility and cost-effectiveness of synthetic leather materials make them
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