June 07, 2021
According to a research report titled ‘Global Synthetic Leather Market Size study, by Product (Polyurethane, Polyvinyl Chloride and Bio-based), Application (Furnishing, Automotive, Footwear and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global synthetic leather market was valued at USD 29.13 billion in 2019 and is projected to grow with a CAGR of 7.8% over 2020-2027, amassing USD 53.12 billion by the end of the forecast timeframe.
As per findings of the report, animal friendly manufacturing process, as well as sustainable products launched by companies are the primary factors driving global synthetic leather market growth.
For instance, in 2018, Ananas Anam Ltd. developed its new sustainable handbag, made of a natural leather alternative from pineapple leaves.
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The use of natural fibers to create synthetic leather, as well as strict regulations by countries are likely to create opportunities for businesses operating in this domain. Notably, the Government of India outlawed import of certain furs and exotic skins of animals used for manufacturing fur or leather clothing in 2017.
For the unversed, synthetic leather or artificial leather is a material designed to look like leather but is not made from animal skin. It has applications in automotive, footwear, and furnishing sectors among others.
Despite the lucrative returns, slackened laws related to animal welfare, absence of penalties for harming animals, and the use of toxic raw materials like polyvinyl chloride and polyurethane (PU) in the manufacturing process are anticipated to hamper global synthetic leather market development in the ensuing years.
Considering the regional scope, Asia-Pacific accounted for a major market share in the recent past and is projected to record remarkable growth during the forecast period. This can be ascribed to the region’s rising young population with a preference for environment-friendly products as well as flourishing fashion industry.
Moreover, factors such as rising levels of disposable income and developments in manufacturing infrastructure are expected to create lucrative growth opportunities for synthetic leather industry in the Asia-Pacific region.
Major contenders in global synthetic leather market are Yantai Wanhua Synthetic Leather Group Co. Ltd., Zhejiang Hexin Industry Group Co. Ltd., Mayur Uniquoters Ltd., Teijin Ltd., Nan Ya Plastics Corp., FILWEL Co. Ltd., San Fang Chemical Industry Co. Ltd., Alfatex Italia Srl, H.R. Polycoats Pvt. Ltd., and Kuraray Co. Ltd.