Synthetic Leather Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Synthetic Leather Market grew at a CAGR of 4.3% between 2017-2021 and is estimated to be US$ 30,748.9Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.6% and is expected to reach a valuation of US$ 48,211.0Mn by 2032 end.
Globally rising demand from the footwear industry is anticipated to be a major driver of market expansion. Another aspect that has fueled the need for natural alternatives is the high price of genuine leather. Another significant type of synthetic leather that has gained popularity is PVC leather, used for a wide range of products such as shopping bags, cosmetic bags, wallets, suitcases, purses, and travel bags.
It is utilized in many applications, such as fabrics, shoes, clothing, furniture, and others, where a leather-like finish is necessary, but the material is unsuitable, unusable, or prohibitively expensive. Over the past few years, the manufacturing procedure for the shell coating applied on top of the synthetic polymer blend has changed.
NO ANIMAL KILLING INVOLVED
Over a billion animals are killed yearly for their skin and skins, claims People for the Ethical Treatment of Animals (PETA). Genuine leather is primarily produced in developing nations like China and India, where regulations protecting animals are not sufficiently implemented.
However, strict rules will probably be implemented in Asia Pacific and the rest of the world, boosting demand for genuine leather replacements. As a result, businesses are concentrating on synthetic leather, also known as an alternative to real leather. Synthetic leather produces ingredients made of synthetic materials rather than actual animal skins.
HARMFUL EFFECTS OF PU AND PVC ON HUMANS
The environment and the health of people and animals are negatively impacted by the raw ingredients used to make synthetic leather, such as polyurethane (PU) and polyvinyl chloride (PVC). As an isocyanate, PU can potentially injure the lungs since it aggravates the airways and triggers asthma symptoms. In addition to irritating the skin, it makes breathing difficult owing to lung infection. Polyurethane fumes, frequently exposed to employees at PU production factories, can cause several health problems, including nausea, upset stomachs, and dizziness.
Dioxin, phthalates, and vinyl chloride monomer (VCM) are only a few hazardous carcinogens in PVC. Dioxin is a highly dangerous and destructive substance that is typically released after the burning of chlorine-containing polymers. Consequently, the manufacture of PVC and PU is hazardous.
FOCUS ON THE DEVELOPMENT OF BIO-BASED SYNTHETIC LEATHER
There are no detrimental characteristics in producing synthetic leather made from biomaterials. Manufacturers should concentrate on commercializing artificial leather using natural fibers like flax or cotton blended with palm, soybean, corn, and other plants. Pineapple leaves are used in “Pinatex,” a novel synthetic leather product.
These leaves’ fiber offers the tensile strength and flexibility required for manufacture. Since pineapple leaves are seen as a waste product, they can be upgraded into valuable items without requiring a lot of resources. The market is already flooded with Footwear, wallets, and other accessories made of pineapple fibers.
Market Segments Covered in Report
By Region and Country:
Why is the demand in the PU Synthetic Leather sector high?
The market’s largest sector by revenue, comprising more than 55.0% of the total, was PU synthetic leather. Its product quality, diversity, and yield progress have been encouraging. Compared to actual hides, polyurethane is more easily torn and lighter, softer, and waterproof. Sunlight does not affect it either.
Additionally, because it doesn’t generate dioxins, it is a more environmentally friendly alternative to products made of vinyl. All of these elements are anticipated to increase its demand further.
Why is the demand for Footwear increasing in the foreseen period?
The footwear category dominated the market with more than 30.0% of the total revenue generated worldwide. Its use is becoming more similar to genuine leather, replacing applications in handbags, briefcases, furniture for cars, and clothes. The demand for Footwear has been spurred by rising income levels and economic expansion, particularly in emerging economies. Additionally, the industry is driven by variances in regional climates, which call for various styles of Footwear.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Few businesses, mostly in the Asia Pacific, with significant production capacities dominate the synthetic leather market. To boost their revenues and expand their market shares, companies frequently employ techniques like joint ventures, mergers and acquisitions, production capacity expansions, and new product development.
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.6%.
No animal killing involved
Major global Synthetic Leather Market players are Kuraray Co., Ltd., H.R. Polycoats Pvt. Ltd., Alfatex Italia SRL, Filwel Co., Ltd., Yantai Wanhua Synthetic Leather Group Co., Ltd., San Fang Chemical Industry Co., Ltd., Mayur Uniquoters Limited, Teijin Limited, Nan Ya Plastics Corporation
Harmful effects of PU and PVC on humans
Asia Pacific Region is expected to account for the largest market revenue share in the Global Synthetic Leather market.
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