DELRAY BEACH, Fla., Jan. 23, 2025 /PRNewswire/ -- The report "Synthetic Leather Market by Type (PU based, PVC based, and Bio based), End-use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses, & Wallets), and Region - Global Forecast to 2029", synthetic leather market exhibits high growth potential and is 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%. One of the largest markets for synthetic leather worldwide is the Asia Pacific area. The demand for synthetic leather is increasing in the footwear and automotive industry. The demand from developing nations, such as China, India, Brazil, and Argentina are expected to drive the global synthetic leather market.
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302 - Tables
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PU based, by type segment is expected to be second fastest growing type for synthetic leather market during the forecasted period.
PU synthetic leather is expected to be the second fastest-growing segment of the synthetic leather market during the forecast period due to its superior qualities, such as high durability, flexibility, and a more environmentally friendly production process when compared to PVC-based alternatives. PU synthetic leather is lightweight, breathable, and offers a premium aesthetic that has gained popularity in the fashion, automotive, and upholstery industries. This material can be used in a huge range of items and gaining attention for the growing demand for sustainable materials. Besides, increasing awareness about lowering the environmental footprint of synthetic materials will spur further adoption of PU-based synthetic leather.
Furnishing, by end-use industry segment hold the second largest growing segment in synthetic leather market during forecast period.
Over the course of the forecast period, the furniture segment is expected to hold the second-largest share among the further growing segments in the synthetic leather market. Affordability, durability, and beauty are all greatly influenced by the growing use of workplace and home furnishings like sofas and chair-cushions. Synthetic leather is significantly more appealing than regular leather because it is stain-free, has low friction, and comes in a variety of textures and finishes. This rapid rise in the furnishing sector is also fueled by the growing trend for ecologically friendly and sustainable materials in interior design.
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Europe region likely to account the second largest share of the global synthetic leather market during forecasted period.
Europe is expected to account for the second highest share of the global synthetic leather market over this time period. The reasons for this are numerous. Europe has a developed automotive, fashion, and furniture industry, and integrated synthetic leather is quickly becoming an essential component of their future development due to its cost savings, durability, and sustainability. Synthetic leather adoption in the area is mostly driven by growing awareness of animal welfare issues and the use of eco-friendly materials. Last but not least, strong sustainability laws and carbon emission limits encourage manufacturers to use more environmentally friendly options. This would greatly accelerate the expansion of the European market as a whole.
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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), and Zhejiang Hexin Holdings Co., Ltd. (China) are the key players in the global synthetic leather market.
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