The synthetic leather market size is estimated to be USD 63.3 billion in 2020 and is expected to reach USD 78.5 billion by 2025, at a CAGR of 4.4% during the forecast period. Factors such as growing demand from footwear industry, no animal killing involved, advantages over pure leather, and increasing demand for luxury cars and electric vehicles will drive the synthetic leather market. The major restraint for the market will be harmful effects of PU and PVC on humans and substitute for synthetic leather in the automotive industry. However, focus on development of bio-based synthetic leather will act as an opportunity for the market.
Bio-based leather is manufactured by using natural materials. It is made by using natural fibers such as cotton or flax, further mixed with corn, palm, soybean, and other plant oils. These raw materials are laminated collectively into many layers to create bio-based leather. It is sustainable and has low carbon footprint. The bio-based leather market is in a nascent phase and has not been fully commercialized. But due to increasing government regulations and rising environmental concerns, the market is expected to grow in the near future.
Synthetic leather is widely used in the footwear industry due to its excellent properties and high durability. It is used in shoe linings, shoe uppers, and insoles to make different types of footwear such as sports shoes, shoes & boots, and sandals & slippers. The increasing demand for footwear in developed and emerging countries is expected to drive the demand for synthetic leather. Synthetic leather is widely used to manufacture sports shoes for various games around the world due to its cost-effectiveness. Sports shoes made from synthetic leather look similar to those of pure leather and are offer various other properties such as resistance to water, heat, and rigid climatic conditions. It is used to make formal men’s and women’s footwear for official purposes, boots for women and men in the fashion industry, and for those living in the cold regions around the world. Boots made out of real leather tear when exposed to snow and water, but synthetic leather offers excellent resistance to water and snow.
The key market players profiled in the report include Kuraray Co. Ltd. (Japan), 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), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China).
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