Latest News- Synthetic Leather Market: PU-based is expected to lead the Product segment during 2024-2028

The Synthetic Leather Market is being driven by High demand from developing economies

The Synthetic Leather Market is expected to grow at a CAGR of 9.42% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 25.3 billion. In the global synthetic leather market, customization is a burgeoning trend, particularly among luxury consumer product manufacturers. This customization encompasses various aspects, including design, color, luster, and texture. Over the past five years, the demand for customized synthetic leather has surged across numerous industries. Vendors, such as Toray, a leading player in this market, offer a multitude of options for customization, including pattern, design, luster, texture, and prints. Advanced digital techniques, like laser printing and cutting, enable traditional embossing and gliding. This flexibility caters to the unique requirements of customers, making customized synthetic leather a preferred choice. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • PU-based
  • PVC-based
  • Bio-based
• End-user
  • Footwear industry
  • Furnishing industry
  • Automotive industry
  • Bags industry
  • Others
• Geography
  • APAC
    • China
    • Japan
  • North America
    • US
  • Europe
    • France
    • Italy
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• High demand from developing economies
• Availability of wide range of products
• Shift of consumer preference from animal hide to synthetic leather products

However, the market also witnesses some limitations, which are as follows:

• Fluctuating raw material prices
• Intense competition among vendors
• Stringent government regulations and standards

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Market Scope in Synthetic Leather Market Research Report

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Research Analysis Overview

The Synthetic Leather market encompasses various types of artificial materials, including Polyurethane (PU) and Polyvinyl Chloride (PVC), used as alternatives to natural leather. Eco-friendly and cost-efficient, these materials are widely used in footwear, furnishing, clothing, and consumer appliances. PU and PVC production involves the use of polyester polyol, with some manufacturers incorporating renewable content. These materials offer benefits such as lightweight, scratch-resistant, and waterproof properties, making them popular choices for vegan fashion, marine furnishing, and upholstery. Animal rights organizations advocate for the use of vegan materials, leading to an increased demand for synthetic leather in the fashion industry. Additionally, sustainable materials like bio-based materials derived from agricultural wastes are gaining traction in the market. These breathable and waterproof alternatives to animal leather are also known as faux leather, imitation leather, or eco-friendly synthetic leather.

Market Research Overview

The synthetic leather market, a segment of the larger global textiles industry, encompasses the production and sale of artificial leather alternatives, primarily Polyurethane (PU) and Polyvinyl Chloride (PVC). This sector experiences significant growth due to its eco-friendly and cost-efficient advantages over natural leather. Key applications include footwear and furnishing. Factors driving market expansion include the increasing demand for synthetic leather in geotextiles, a category of synthetic, permeable textiles, manufactured using polymers such as polyester, polypropylene, polyethylene, and polyamides. This trend is expected to continue, propelling the synthetic leather market forward throughout the forecast period.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/