Synthetic Leather Market

What Are the Key Drivers Behind the Synthetic Leather Market's Growth to $104.9 Billion by 2031?

Synthetic Leather Market 2024-2031 According to the latest report by Meticulous Research , the global synthetic leather market is anticipated to reach $104.9 billion by 2031, growing at a CAGR of 6.3% from 2024 to 2031. The increasing demand for sustainable materials, the expanding usage of synthetic leather in the automotive and footwear industries, and its cost-effectiveness drive the market growth. Nevertheless, consumer preferences for natural products and the limited availability of synthetic materials act as significant restraints. Request for Sample Report: https://www.meticulousresearch.com/request-sample- report/cp_id=5974 The market's growth potential is further amplified by the versatility and customization options of synthetic leather, alongside the rising demand for bio-based materials. However, the complex manufacturing process and performance limitations present major challenges for companies operating in this sector. Market Segmentation: The synthetic leather market is segmented by material type, end-use industry, and geography. The material type segment includes polyurethane (PU)-based synthetic leather, microfiber leather, polyvinyl chloride (PVC)-based synthetic leather, bio-based synthetic leather, and other material types. In 2024, PU-based synthetic leather is projected to dominate the market with over 61.0% share. The cost-effectiveness of PU leather, its durability, and its ability to mimic genuine leather make it a preferred choice across various industries. Furthermore, PU leather's resistance to water, scratches, and fading, along with its wide range of available colors and textures, enhances its appeal. The end-use industry segment is categorized into automotive, fashion & apparel, consumer goods, oil and gas, healthcare, industrial manufacturing, aerospace and marine industries, and other sectors. The fashion & apparel segment is expected to account for the largest market share, over 48.0%, in 2024. Synthetic leather s affordability, versatility, and sustainability make it ideal for fashion items such as coats, jackets, footwear, bags, and accessories. Its ability to offer stylish and cost-effective alternatives to genuine leather contributes to its widespread adoption in this segment. The consumer goods segment, however, is anticipated to witness the highest CAGR during the forecast period. PU-based synthetic leather's resistance to wear and tear, scratches, and fading makes it suitable for furniture, upholstery, bags, and shoes. Its wide range of colors, textures, and finishes allows manufacturers to create products that resemble genuine leather or explore unique design possibilities. Geographical Insights: Geographically, the synthetic leather market is divided into North America, Europe, Asia- Pacific, Latin America, and the Middle East & Africa. Europe is expected to hold the largest Page 1 of 3 Meticulous Research| sales@meticulousresearch.com

Synthetic Leather Market 2024-2031 share, over 44.0%, in 2024. The region s fashion-forward approach and the cost- effectiveness of synthetic leather drive its demand. Additionally, the expanding automotive and consumer appliance sectors contribute to the market growth. The increasing environmental concerns among European consumers make PU-based synthetic leather, which is more eco-friendly than traditional leather, particularly appealing. The European market is also projected to register the highest CAGR of 8.0% during the forecast period. The focus on bio-based, low-cost, and long-lasting products by state and regional governments, along with the utilization of synthetic leather by European car manufacturers for car seats, dashboards, and interior trims, further fuels the market growth. Key Players: Leading players in the synthetic leather market include 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), H.R. Polycoats Private Limited (India), Covestro AG (Germany), ALFATEX ITALIA Srl (Italy), Yantai Wanhua Huayi Polyurethane Products Co., Ltd. (China), Asahi Kasei Corporation (Japan), Shanghai Hexin International Co., Ltd. (China), Toray Industries, Inc. (Japan), Wanhua Chemical Group Co., Ltd. (China), and Fujian Polytech Technology Co., Ltd (China). Buy Now: https://www.meticulousresearch.com/Checkout/84984172 About Meticulous Research Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to detail. With meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Page 2 of 3 Meticulous Research| sales@meticulousresearch.com

Synthetic Leather Market 2024-2031 Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 3 of 3 Meticulous Research| sales@meticulousresearch.com