The latest research study “Synthetic Leather Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global synthetic leather market reached a value of US$ 35.95 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 47.68 Billion by 2027, exhibiting a CAGR of 4.60% during 2022-2027.

Synthetic leather, also known as faux, artificial, or rexine leather, represents a material that has a similar appearance to leather but is not animal-made. It is generally manufactured from two types of materials, namely polyurethane (PU) and polyvinylchloride (PVC). Polyurethane leather or PU leather is entirely manmade and offers the look as well as the feel of genuine leather. In contrast, the PVC variant is a less expensive alternative to genuine leather. Synthetic leather provides various benefits, such as enhanced durability and resistance to water, heat, severe climatic conditions, ultraviolet (UV) rays, etc. Consequently, it finds extensive applications across numerous sectors, including automotive, textile, sports, etc.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. The industry is segmented by size and region. The report provides an analysis of the key trends in each sub-segment of the market, along with forecasts at the global and regional level from 2022-2027. The report also includes competitive landscape of major key players in the industry along with emerging trends in the market.

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Global Synthetic Leather MarketTrends and Drivers: 

The escalating demand for spandex clothes and competitive swimsuits is primarily driving the synthetic leather market. Additionally, the growing consumer awareness towards sustainable fashion is further catalyzing the market growth. Besides this, the implementation of several stringent animal welfare regulations by government bodies across countries is augmenting the utilization of synthetic alternatives, thereby also positively influencing the global market.

Moreover, the rising adoption of luxury automotive and electric vehicles is propelling the need for fancy leatherette car seats, which, in turn, is acting as another significant growth-inducing factor. Apart from this, the increasing investments in fashion-related R&D activities are anticipated to fuel the synthetic leather market over the forecasted period.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Type:

• Bio-Based
• Polyvinylchloride (PVC) Based
• Polyurethane (PU) Based

Breakup by Application:

• Clothing
• Bags
• Shoes
• Purses and Wallets
• Accessories
• Car Interiors
• Belts
• Sports Goods
• Others

Breakup by End Use Industry:

• Footwear
• Furniture
• Automotive
• Textile
• Sports
• Electronics
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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List of Major Key Players:

The major players in the market are Asahi Kasei Corporation (OTCMKTS: AHKSY), DuPont Tate & Lyle Bio Products Company LLC, FILWEL Co. Ltd. (Air Water Inc.), H.R. Polycoats Pvt. Ltd., Kuraray Co. Ltd., Mayur Uniquoters Limited (NSE: MAYURUNIQ), Nan Ya Plastics Corporation, San Fang Chemical Industry Co. Ltd., Teijin Limited (OTCMKTS: TINLY) and Zhejiang Hexin Holdings Co. Ltd.

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