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Synthetic Leather Market By Type (PU Synthetic Leather, PVC-based Synthetic Leather, Bio-based Leather), By End-Use Industry (Footwear, Furnishing, Automotive, Clothing, Consumer Goods, Others) – Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Published: | Report ID: 10645 | Report Format : PDF

Industry Outlook

Synthetic leather market value is expected to witness a CAGR of 7.5% during the forecast period from 2018 to 2026. Synthetic Leather or artificial Leather is a leather-like plastic material that is a direct substitute for natural Leather in each and every end-use industry. These leathers are generally made using polyurethane and polyvinyl chloride and marketed under different names such as “faux leather,” “artificial leather,” “pleather,” etc. Synthetic Leather finds promising end-use industry of natural Leather, which includes footwear, furnishing, automotive, clothing, consumer goods, and others. Footwear accounted for the largest demand share of synthetic Leather, and the demand for synthetic Leather is likely to rise in this segment on account of the surge in demand for footwear in the Asia-Pacific, Latin America, and Europe regions. Growing urbanization, rising disposable income, changing lifestyles, and growing demand for western and fashionable brands in developing economies in Asia-Pacific makes it the dominant region. North America closely follows Asia-Pacific in terms of synthetic leather consumption, with the U.S. being the market leader.

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Growing demand from the footwear and automotive industries, cost-effectiveness, mitigation of the risk of animal killing, and greater flexibility than pure Leather in terms of designs and customization are some of the major factors driving the growth of synthetic Leather across the globe. However, a few negative effects of synthetic materials, such as emissions, non-biodegradability, and hazardous waste, combined with a lengthy manufacturing process, are expected to stymie market growth during the forecast period. The development of bio-based and plant-based Leather is expected to offer a lucrative growth opportunity for this market. Major players operating in the synthetic leather market include Kuraray Co. Ltd. (Japan), Toray Industries (Japan), Teijin Limited (Japan), San Fang Chemical Industry Co. Ltd. (Taiwan), Nan Ya Plastics Co. Ltd. (Taiwan), and Mayur Uniquoters Ltd. (India), among others.

PU Synthetic Leather Segment Dominates the Synthetic Leather Market by Type

PU synthetic leather dominated the synthetic leather market by type in 2017 and is expected to maintain its dominance throughout the forecast period. Demand for polyurethane (PU) Leather has been growing fast owing to its increasing adoption in sports and the packaging industry. Moreover, PU synthetic leather is also one of the substitutes for polyvinyl chloride (PVC) synthetic leathers that have a negative environmental impact, making it the fastest-growing segment during the forecast period. However, PVC-based synthetic Leather offers some superior advantages, such as higher flexibility, performance at low temperatures, and lower cost than PU synthetic leather.

Bio-based Leather is also projected to show a significant growth rate during the forecast period. Bio-based leathers are made from yarn made from tree fiber, so they are biodegradable and sustainable alternatives to pure Leather. The clothing industry is the primary consumer of bio-based Leather.

In 2017, footwear led the End-Use Industry Segment.

Footwear led the synthetic leather end-use industry market in 2017 and is expected to maintain its dominance throughout the forecast period. Growing disposable incomes and the changing lifestyles of consumers are driving the demand for synthetic Leather in the footwear industry. Countries with extreme climatic conditions require different kinds of footwear, and high-performance materials are also expected to increase synthetic leather consumption in the footwear industry. Rising demand for athletic footwear owing to concerns about personal health and an inclination towards different physical activities among the population, coupled with periodic sports events such as the Olympic Games, the Commonwealth Games, the Asian Games, the Cricket World Cup, etc., promote the demand for footwear across the globe, which in turn drives the demand for synthetic Leather from the footwear industry.

Clothing and automotive end-use industries are projected to witness a significant CAGR during the forecast period owing to changing fashion preferences leading to a rising inclination towards luxury products and increasing demand for lightweight Leather, which makes seats comfortable and resistant to cold and hot temperatures, respectively.

During the Forecast Period, Asia-Pacific will continue to be the dominant region.

Asia-Pacific was the largest regional market for synthetic Leather in 2017, and it is also expected to see strong gains in the coming years on account of flourishing end-use industries such as footwear, furnishing, automotive, etc., coupled with rising disposable income and economic growth. China and India account for the majority of synthetic leather demand in the Asia-Pacific. Asia-Pacific economies are characterized by favorable and liberal government regulations, rapid industrialization, and increasing westernization, which will significantly contribute to the growth of the artificial leather market in China, India, and Japan. China is the world’s largest producer of Leather, followed by India in the Asia-Pacific region. Asia-Pacific is also identified as the fastest-growing region during the forecast period. North America closely follows Asia-Pacific in terms of market share, with the U.S. being the largest consumer in the region. Increasing demand for automotive upholstery and sporting goods is the key driving factor for synthetic Leather in the region.

New product development and expansion are among the preferred strategies adopted by key players in the synthetic leather market.

Companies are resorting to new product development as a major strategy to cater to consumer demand for natural and high-performance leather products and strengthen their market positions in the global synthetic leather industry. Consequently, the development of upgraded and customized bio-based products provides high growth opportunities for synthetic leather manufacturers. For instance, Teijin Cordley Limited, a subsidiary of Teijin’s Group, introduced a new high-grade synthetic leather under the brand name Maestley in April 2016. The company expanded its line of Maestley products by adopting natural leather processing procedures. Expansion is also one of the key strategies being adopted by key players to cater to the ever-rising demand for synthetic Leather across the globe. To meet domestic demand for synthetic Leather in Italy and other European countries, as well as to keep competitors at bay, Toray Industries invested US$ 276.87 million in March 2017 for capacity expansion of its synthetic leather output in Italy. Key players operating the market include Kuraray Co. Ltd. (Japan), Nan Ya Plastics Co. Ltd. (Taiwan), Teijin Limited (Japan), San Fang Chemical Industry Co. Ltd. (Taiwan), Mayur Uniquoters Ltd. (India), Toray Industries (Japan), and Zhejiang Hexin Industry Group Co., Ltd. (China), among others.

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Periods of History and Forecast

Each market segment is analyzed in our study for the period of 2016 to 2026, with 2017 as the base year, while the period from 2018 to 2026 is considered for the CAGR calculation.

Key questions are answered in this report.

  • What are the current market trends in the synthetic leather market, and what are the valuable opportunities for the players?
  • Which is the most lucrative region for investment?
  • What are the different government and environmental regulations governing this market across the world?
  • What are the market size and trends in emerging markets?
  • Which are the prime end-use industries for synthetic Leather across different geographies?
  • Which are the different types of synthetic Leather and their market sizes?
  • Which are the leading players and their market positions?

1. Preface
1.1. Report Description
1.1.1. Study Purpose
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top Down Approach
1.3.4.2. Bottom Up Approach
1.3.5. Assumptions
1.4. Market Segmentation

2. Executive Summary
2.1. Global SL Market Portraiture
2.2. Global SL Market, by Type, 2017 (US$ Bn)
2.3. Global SL Market, by End-use, 2017 (US$ Bn)
2.4. Global SL Market Share, by Geography, 2017 (US$ Bn)

3. Synthetic Leather: Market Dynamics and Outlook
3.1. Market Overview
3.2. Drivers
3.2.1. Increasing Demand for Eco-friendly and Cruelty-free Leather
3.2.2. Driver 2
3.3. Challenges
3.3.1. Challenge 1
3.3.2. Challenge 2
3.4. Opportunities
3.4.1. Opportunity 1
3.5. Attractive Investment Proposition, by Geography, 2017
3.6. Competitive Landscape, by Key Players, 2017

4. Global Synthetic Leather (SL) Market, by Type, 2016-2026 (US$ Bn) (Million Meters)
4.1. Overview
4.2. PU Synthetic Leather
4.3. PVC-based Synthetic Leather
4.4. Bio-based Leather

5. Global Synthetic Leather (SL) Market, by End-use, 2016-2026 (US$ Bn) (Million Meters)
5.1. Overview
5.2. Footwear
5.3. Furnishing
5.4. Automotive
5.5. Clothing
5.6. Consumer Goods
5.7. Others

6. Global Synthetic Leather (SL) Market, by Geography, 2016 – 2026 (US$ Bn) (Million Meters)
6.1. Overview
6.2. North America SL Market, 2016 – 2026
6.2.1. North America SL Market, by Type, 2016 – 2026 (US$ Bn) (Million Meters)
6.2.2. North America SL Market, by End-use, 2016 – 2026 (US$ Bn) (Million Meters)
6.2.3. North America SL Market, by Country, 2016 – 2026 (US$ Bn) (Million Meters)
6.2.3.1. U.S.
6.2.3.2. Canada
6.3. Europe SL Market, 2016 – 2026
6.3.1. Europe SL Market, by Type, 2016 – 2026 (US$ Bn) (Million Meters)
6.3.2. Europe SL Market, by End-use, 2016 – 2026 (US$ Bn) (Million Meters)
6.3.3. Europe SL Market, by Country/Region, 2016 – 2026 (US$ Bn) (Million Meters)
6.3.3.1. U.K.
6.3.3.2. Germany
6.3.3.3. France
6.3.3.4. Rest of Europe
6.4. Asia Pacific SL Market, 2016 – 2026
6.4.1. Asia Pacific SL Market, by Type, 2016 – 2026 (US$ Bn) (Million Meters)
6.4.2. Asia Pacific SL Market, by End-use, 2016 – 2026 (US$ Bn) (Million Meters)
6.4.3. Asia Pacific SL Market, by Country/Region, 2016 – 2026 (US$ Bn) (Million Meters)
6.4.3.1. Japan
6.4.3.2. China
6.4.3.3. India
6.4.3.4. Rest of Asia Pacific
6.5. Latin America SL Market, 2016 – 2026
6.5.1. Latin America SL Market, by Type, 2016 – 2026 (US$ Bn) (Million Meters)
6.5.2. Latin America SL Market, by End-use, 2016 – 2026 (US$ Bn) (Million Meters)
6.5.3. Latin America SL Market, by Country/Region, 2016 – 2026 (US$ Bn) (Million Meters)
6.5.3.1. Brazil
6.5.3.2. Mexico
6.5.3.3. Rest of Latin America
6.6. Middle East & Africa (MEA) SL Market, 2016 – 2026
6.6.1. Middle East & Africa SL Market, by Type, 2016 – 2026 (US$ Bn) (Million Meters)
6.6.2. Middle East & Africa SL Market, by End-use, 2016 – 2026 (US$ Bn) (Million Meters)
6.6.3. Middle East & Africa SL Market, by Region/Region, 2016 – 2026 (US$ Bn) (Million Meters)
6.6.3.1. GCC
6.6.3.2. Rest of Middle East and Africa

7. Company Profiles
7.1. Kuraray Co., Ltd.
7.1.1. Business Description
7.1.2. Financial Information (Subject to Data Availability)
7.1.3. Product Portfolio
7.1.4. Key Developments
7.2. San Fang Chemical Industry Co., Ltd.
7.3. Teijin Limited
7.4. Mayur Uniquoters Limited
7.5. Nan Ya Plastics Industrial Co., Ltd.
7.6. Filwel Co. Ltd
7.7. Toray Industries Inc.
7.8. Zhejiang Hexin Industry Group Co., Ltd.
7.9. Yantai Wanhua Synthetic Leather Group Co., Ltd.

List of Figures

FIG 1. Synthetic Leather (SL) Market: Research Methodology
FIG 2. Market Size Estimation – Top Down & Bottom up Approach
FIG 3. SL Market Segmentation
FIG 4. Global SL Market, by Type, 2017 (US$ Mn)
FIG 5. Global SL Market, by End-use, 2017 (US$ Mn)
FIG 6. Global SL Market, by Geography, 2017 (US$ Mn)
FIG 7. Attractive Investment Proposition, by Geography, 2017
FIG 8. Competitive Analysis: Global SL Market, by Key Players, 2017
FIG 9. Global PU SL Market, 2016 – 2026 (US$ Mn)
FIG 10. Global PVC-based SL Market, 2016 – 2026 (US$ Mn)
FIG 11. Global Bio-based Leather Market, 2016 – 2026 (US$ Mn)
FIG 12. Global SL Market for Footwear, 2016 – 2026 (US$ Mn)
FIG 13. Global SL Market for Furnishing, 2016 – 2026 (US$ Mn)
FIG 14. Global SL Market for Automotive, 2016 – 2026 (US$ Mn)
FIG 15. Global SL Market for Clothing, 2016 – 2026 (US$ Mn)
FIG 16. Global SL Market for Consumer Goods, 2016 – 2026 (US$ Mn)
FIG 17. Global SL Market for Other Applications, 2016 – 2026 (US$ Mn)
FIG 18. U.S. SL Market, 2016 – 2026 (US$ Mn)
FIG 19. Canada SL Market, 2016 – 2026 (US$ Mn)
FIG 20. U.K. SL Market, 2016 – 2026 (US$ Mn)
FIG 21. Germany SL Market, 2016 – 2026 (US$ Mn)
FIG 22. Rest of Europe SL Market, 2016 – 2026 (US$ Mn)
FIG 23. China SL Market, 2016 – 2026 (US$ Mn)
FIG 24. Japan SL Market, 2016 – 2026 (US$ Mn)
FIG 25. India SL Market, 2016 – 2026 (US$ Mn)
FIG 26. Rest of Asia Pacific SL Market, 2016 – 2026 (US$ Mn)
FIG 27. Brazil SL Market, 2016 – 2026 (US$ Mn)
FIG 28. Mexico SL Market, 2016 – 2026 (US$ Mn)
FIG 29. Rest of Latin America SL Market, 2016 – 2026 (US$ Mn)
FIG 30. GCC SL Market, 2016 – 2026 (US$ Mn)
FIG 31. Rest of Middle East and Africa SL Market, 2016 – 2026 (US$ Mn)

List of Tables

TABLE 1 Global Synthetic Leather (SL) Market Portraiture
TABLE 2 Global SL Market, by Type, 2016 – 2026 (US$ Mn)
TABLE 3 Global SL Market, by End-use, 2016 – 2026 (US$ Mn)
TABLE 4 Global SL Market, by Geography, 2016 – 2026 (US$ Mn)
TABLE 5 North America SL Market, by Product Type, 2016 – 2026 (US$ Mn)
TABLE 6 North America SL Market, by End-use, 2016 – 2026 (US$ Mn)
TABLE 7 North America SL Market, by Country, 2016 – 2026 (US$ Mn)
TABLE 8 Europe SL Market, by Product Type, 2016 – 2026 (US$ Mn)
TABLE 9 Europe SL Market, by End-use, 2016 – 2026 (US$ Mn)
TABLE 10 Europe SL Market, by Country/Region, 2016 – 2026 (US$ Mn)
TABLE 11 Asia Pacific SL Market, by Product Type, 2016 – 2026 (US$ Mn)
TABLE 12 Asia Pacific SL Market, by End-use, 2016 – 2026 (US$ Mn)
TABLE 13 Asia Pacific SL Market, by Country/Region, 2016 – 2026 (US$ Mn)
TABLE 14 Latin America SL Market, by Product Type, 2016 – 2026 (US$ Mn)
TABLE 15 Latin America SL Market, by End-use, 2016 – 2026 (US$ Mn)
TABLE 16 Latin America SL Market, by Country/Region, 2016 – 2026 (US$ Mn)
TABLE 17 Middle East and Africa SL Market, by Product Type, 2016 – 2026 (US$ Mn)
TABLE 18 Middle East and Africa SL Market, by End-use, 2016 – 2026 (US$ Mn)
TABLE 19 Middle East and Africa SL Market, by Region, 2016 – 2026 (US$ Mn)
TABLE 20 Kuraray Co., Ltd.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 21 San Fang Chemical Industry Co., Ltd.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 22 Teijin Limited: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 23 Mayur Uniquoters Limited: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 24 Nan Ya Plastics Industrial Co., Ltd.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 25 Filwel Co. Ltd: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 26 Toray Industries Inc.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 27 Zhejiang Hexin Industry Group Co., Ltd.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 28 Yantai Wanhua Synthetic Leather Group Co., Ltd.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)

Frequently Asked Questions:

What is the size of Synthetic Leather Market?

The market for Synthetic Leather Market is expected to reach US$ XX Mn by 2026.

What is the Synthetic Leather Market CAGR?

The Synthetic Leather Market is expected to see significant CAGR growth over the coming years, at 7.5%.

What is the Forecast period considered for Synthetic Leather Market?

The report is forecasted from 2018-2026.

What is the base year considered for Synthetic Leather Market?

The base year of this report is 2017.

Who are the major players in this market?

Teijin Limited (Japan), San Fang Chemical Industry Co. Ltd. (Taiwan), Mayur Uniquoters Ltd. (India), Toray Industries (Japan), and Zhejiang Hexin Industry Group Co., Ltd. (China), are some of the major players in the global market.

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