Synthetic Leather Market To Exceed US$174.7 Billion Valuation By 2031, Says TMR

ALBANY, NY, March 7, 2022 /PRNewswire/ — Synthetic leather sales have proliferated due to growing demand for animal-free products in the manufacture of a wide range of consumer goods, home furnishings and sporting goods. The consumption of artificial leather has been propelled by the growing popularity of animal-free alternatives for use in automotive materials. The global synthetic leather market is expected to grow at a CAGR of 7.23% between 2021 and 2031.

Synthetic leather is rapidly gaining momentum among end-use industries due to their relative low cost, making the products affordable to the general public. Plastics are widely used in synthetic leather, making them less expensive to produce than real leather. Moreover, the wide variety of products in different colors and glasses that can be made from artificial leather is boosting the sales of products in the synthetic leather market.

The size of the skin is limited, which greatly limits the use of genuine leather in several applications. This aspect propels the popularity, boosting the revenue sales in the synthetic leather market.

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Key Findings from the Synthetic Leather Market Research

  • The automotive sector is experiencing substantial adoption: The shift in consumer inclination towards animal-free alternatives has pivoted the expansion of avenues in the synthetic leather market. The significant demand for synthetic leather for the manufacture of a range of automotive interiors and automotive parts. PVC leather is widely used in the automotive industry. The increase in demand for high-quality synthetic leather in the automotive industry has opened up new avenues, find the authors of the study on the synthetic leather market.
  • Affordability underpins the outlook for synthetic leather in a diverse range of products: Over the years, the use of synthetic leather has increased in footwear. Sales of synthetic leather-based sporting goods and apparel generate significant revenue. The synthetic leather market also derives revenue from the growing popularity of artificial leather as a cheaper raw material for several high-end fashion brands.
  • The transition to sustainable animal-free products drives growth: Changing regulations on the adverse health effects of raw materials used for synthetic leather have pushed manufacturing companies to seek safe and durable materials. Although polyvinyl chloride has been widely used in the end products, the authors of the synthetic leather market report have observed that polyvinyl chloride and polyurethane have drawn criticism due to these factors. A growing number of companies are therefore turning to the use of ultra-fine recycled polyester microfibers to meet the latest sustainability standards. The relentless pursuit of manufacturers in the synthetic leather market has spurred R&D into the use of cork, pineapple leaves, fruit waste and recycled plastics.

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Synthetic Leather Market: Key Drivers

  • The synthetic leather market has evolved significantly due to the growing focus on moving away from the use of animal hides and skins for consumer products. Several campaigns over the decades have promoted the use of vegan products, including by PETA (People for the Ethical Treatment of Animals).
  • The use of environmentally friendly raw materials promotes synthetic leather as environmentally friendly, thereby expanding the horizon of the synthetic leather market.

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Synthetic leather market: regional growth dynamics

Asia Pacific contributed a major share of the global synthetic leather market in 2020. The regional market is expected to maintain its lead during the forecast period, the authors of the synthetic leather market study project.

The increase in the use of synthetic leather in a host of products such as automobiles, footwear, home furnishings and fashion apparel in the region has propelled the revenue growth of the Asia Pacific synthetic leather market. China, Japanand India are lucrative national markets.

Synthetic Leather Market: Key Players

Some of the Key Synthetic Leather Market Players Are:

  • FILWEL Co., Ltd.
  • Toray Industries
  • Zhejiang Hexin Holdings Co.
  • Alfatex Italy SRL
  • HRPolycoats Pvt. ltd.
  • Nan Ya Plastics Corporation Inc.
  • Nan Ya Plastics Corporation Inc.
  • Achille United StatesInc.
  • San Fang Chemical Industry Co., Ltd.
  • Kuraray Co.Ltd.

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Global Synthetic Leather Market: Segmentation

Synthetic Leather Market, By Type

  • Polyurethane (PU)
  • Polyvinyl chloride (PVC)

Synthetic Leather Market, By End User

  • Shoe
    • Performance Shoes
    • fashion shoes
  • Furnishing
  • Interior
    • Interior decoration and upholstery
    • Wall tile
  • Cars
    • Seats
    • Doors
    • Dashboards
    • Steering covers
    • Others
  • Sport stuff
  • Clothes
    • fashion clothes
    • Fashion Accessories
    • Performance Clothing
  • Luxury products
  • Others (including industrial)

Synthetic Leather Market, By Region

  • North America
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia & IEC
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC countries
    • South Africa
    • Rest of Middle East & Africa

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