Synthetic Leather Market worth $93.25 billion by 2029, at a CAGR of 5.3%, says MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Feb. 10, 2025 (GLOBE NEWSWIRE) -- In terms of value, the Synthetic Leather Market  projected to reach a market size of USD 93.25 billion by 2029 from USD 71.93 billion in 2024, at a CAGR of 5.3%, as per the recent study by MarketsandMarkets™. The market for PU-based synthetic leather has the highest share of overall synthetic leather market in terms of volume in 2023, because of its exceptional performance in a range of climates. PU leather is more resilient to heat, wetness, and cold than raw leather, which can break or deform under harsh circumstances. This makes it perfect for a variety of uses, particularly in outdoor items and car interiors. Furthermore, new technologies have produced PU materials that are lighter and more breathable, which makes them more appealing for comfort-focused items like clothing and shoes. These functional qualities, along with its low cost, contribute to its dominant position in the synthetic leather business.

PU based synthetic leather is the largest synthetic leather market segment in type that is projected to register the significant CAGR during the forecasted period. This high growth is due to the growing demand from the footwear end-use industry.

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Browse in-depth TOC on “Synthetic Leather Market”

302 - Market Data Tables
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List of Key Players in Synthetic Leather Market:

1. Kuraray Co., Ltd. (Japan),
2. San Fang Chemical Industry Co., Ltd. (Taiwan),
3. Teijin Limited (Japan),
4. Mayur Uniquoters Limited (India),
5. Nan Ya Plastics Corporation (Taiwan),
6. Filwel Co., Ltd. (Japan),
7. Zhejiang Hexin Holdings Co., Ltd. (China)

Drivers, Opportunities and Challenges in Synthetic Leather Market:

1. Drivers: Expanding footwear and apparel industries
2. Restraint: Environmental impact associated with PVC and PU used in synthetic leather production
3. Opportunity: Growing demand for sustainable synthetic leather
4. Challenge: Waste management and recycling of synthetic leather products

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Key Findings of the Study:

1. PU based, by type segment is expected to be second fastest growing type for synthetic leather market during the forecasted period.
2. Furnishing, by end-use industry segment hold the second largest growing segment in synthetic leather market during forecast period.
3. Europe region likely to account the second largest share of the global synthetic leather market during forecasted period.

In terms of volume, the market for footwear is the largest segment in overall synthetic leather market, in 2023. The market for synthetic leather is mostly used in footwear because of the synthetic materials' affordability, adaptability, and durability. Additionally, synthetic leather is less expensive than real leather, which makes it a particularly appealing material for mass-producing shoes. This material allows for a great diversity of style and design because it is lightweight, easy to clean, and comes in a broad range of colors and patterns. Additionally, it is far more resilient to environmental conditions like wear and dampness, which extends the footwear's lifespan. The need for synthetic leather will increase along with the desire for stylish yet reasonably priced shoes. Synthetic "leather" will so play a significant role in the footwear sector.

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Based on region, Asia Pacific is the largest synthetic leather market. Asia Pacific has proven to be the most significant market for synthetic leather, owing to fast industrialization, a large population, and rising desire for more inexpensive, environmentally friendly products. China, India, and Japan have massive manufacturing facilities, making them the region's leading producers and users of synthetic leather. The growing middle class fuels demand for synthetic leather alternatives to genuine leather, particularly in the fashion accessories, automobile, and footwear industries. Furthermore, the rising desire for the environmental friendliness of cruelty-free alternatives drives the rise of the synthetic leather industry. Government measures aimed at sustainable production will also help Asia Pacific maintain its supremacy in the synthetic leather industry.

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