Global Synthetic Leather Market Trends, Applications, Analysis, Growth, and Forecast to 2027

The Global Synthetic Leather Market report also offers insightful and detailed information regarding the various key players operating in the global synthetic leather market, and their financials, apart from strategies, acquisitions & mergers, and market footprint.

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The global synthetic leather market is estimated to exhibit an XX.X% CAGR in terms of value during the forecast period 2018–2027. The global market report has been segmented on the basis of deployment, end-user, vertical, and region.

Growing demand for furnishing, footwear, and automotive sectors are anticipated to be a key factor driving the synthetic leather market growth. The market is segmented by product type, into PU synthetic leather, PVC synthetic leather, and bio-based leather. PU synthetic leather segment holds the maximum share in the product type segment, and it is foreseen to witness the highest CAGR during the projection period.

PU synthetic leather is more environment-friendly as compared to PVC synthetic leather, as it does not generate dioxins. Companies are also producing microfiber PU synthetic leather, due to its high-quality leather and properties which are more beneficial than pure leather.

Global Synthetic Leather Market Overview

The bio-based leather product is manufactured with polyester polyol and contains 70-75% renewable content. The bio-based leather is softer and has excellent scratch resistance features as compared to PVC and PU synthetic leather.

Market players are developing new products through the partnership with polyols manufacturer to produce bio-based synthetic leather. Growing industrialization and continuous R&D in this sector will continue to strengthen the demand for synthetic leather in the forthcoming years.

The furnishing industry is an essential application segment of the synthetic leather market. A broad range of synthetic leather products is available in the market depending on texture, color, and fabric appearance to serve various requirements in furnishing industries.

Ongoing R&D in this sector offers artificial options for marine furnishing which is salt water-resistant leather. Faux leather is used in trucks, buses, cars, motorcycles, and farming vehicles. Its high elasticity offers comfort and improves endurance at different temperatures situations. It also enhances durability and reduces maintenance costs.

Asia-Pacific is forecasted to be the highest and fastest-growing region in the synthetic leather market due to the increasing furniture and automotive business in the region. The North American market is witnessing a steady growth rate due to rising concerns regarding animal killing which is decreasing the requirement for genuine leather and boosting the demand for synthetic leather.

Market segmentation and key players operating in the global synthetic leather market:

Global market segmentation by product type:

• Polyurethane (PU) Synthetic Leather
• Polyvinyl Chloride (PVC) Synthetic Leather
• Bio-Based Leather

Global Market Segmentation by application:

• Furnishing
• Automotive
• Footwear
• Bags & wallets
• Clothing
• Others

Global Market Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa