Synthetic Leather Market Estimated to Reach US$ 13

Albany - NY, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled “Synthetic Leather Market (Type: Polyurethane, Polyvinylchloride; End-user: Automobile, Furnishings, Sporting goods, Garments, Footwear, Industrial fabrics, and other End-users) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2025” According to the report, the global synthetic leather market was valued at US$ 74.6 Bn in 2016 and is anticipated to reach US$ 136.7 Bn by 2025, expanding at a CAGR of 6.9% between 2016 and 2025.

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Synthetic leather is a man-made fabric treated and dyed so that it resembles real leather in terms of its appearance. Synthetic leather utilizes fabric base instead of animal hide and act as a substitute for natural leather. It is also known as faux leather and due to its resemblance to natural leather and being less expensive than natural leather, it is widely employed in various industries such as footwear, automobile, furnishing, and garment. From past few years, rising campaign by various NGO’s such as People for the Ethical Treatment of Animals (PETA) against animal slaughtering pushing manufacturer to shift towards greener alternative. In addition rising level of air & water pollution by various tanneries, high demand and supply gap, and high price has also resulted in growing awareness for substitute of natural leather. Synthetic leather over the past few years came out to be greener alternative in terms of low manufacturing cost and low pollution level as compared to natural leather. Rising technological advancement in field of development of versatile synthetic fabric that provides smooth and natural leather appearance is propelling the synthetic leather market.

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There are two type of synthetic leather-polyurethane (PU) and polyvinylchloride (PVC) based available in market. PU based synthetic leather is more flexible and has high tensile, bursting, and tearing strength compared to PVC type. In addition, PU type has high stress tolerance and resistance to UV rays. Furthermore, PU type synthetic leather is breathable and allows air to flow; also can be dry-cleaned and washable whereas PVC type synthetic leather is not breathable and cannot be dry-cleaned. Demand for PU based synthetic leather is currently high due to its above mentioned characteristics. However countries such as India, Tanzania, and Ethiopia demand for PVC type of leather is still high as it is less expensive than PU type. Furthermore, growth of PVC type leather in European economy as well as North America is low due to stringent regulations on vinyl and phthalates which is used as tanning agents during manufacture of synthetic leather.

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In terms of end-user the synthetic leather market is segmented into automobile, furnishings, sporting goods, garments, footwear, industrial fabrics, and others such as fashion accessories-wallets, belts, bags, etc. In terms of revenue, automobile is the leading end-user constituting more than 40% of the global synthetic leather market. Rising consumer interest towards retrofitting of automobiles with leather upholstery raising the demand for synthetic leather in automobile industry. Recently in 2017, one of the leading electric car manufacturer based in the U.S., Tesla Inc. has replaced natural leather with synthetic leather in its model X and model S. Footwear is also one of the prominent segment of synthetic leather market and its demand expected to rise significantly over the forecast period due to changing consumer lifestyle, increasing fashion trends and rising demand for comfortable shoes. Garments, furnishing, and other segments such as bags, wallets, etc. are also some of the lucrative sector where manufacturers may get suitable opportunities to increase their sales.

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Asia Pacific is dominating the overall market. Increasing population coupled with rising disposable income in countries such as China, India, Thailand, and Vietnam expected to drive synthetic leather market. In addition, rising demand for branded footwear due to changing consumer lifestyle coupled with increasing demand for home and office furniture due to rising public infrastructures and improved economic standards are some of the other factors propelling the market growth. Rising investment in automobile sector typically in developing economies such as Mexico, South Africa, and UAE are also boosting the synthetic leather market. North America and Europe are the developed economy, however rising research & development in field of sustainable material typically in automobile sector coupled with stringent regulations on animal slaughtering and tanning industry pollutants are also expected to fuel the demand for synthetic leather over the forecast period

Major players in the synthetic leather market includes Kuraray, Asahi Kasei Corporation, SAN FANG CHEMICAL INDUSTRY CO., LTD., Toray Coatex Co. Ltd., H.R. Polycoats Pvt. LTD., ALFATEX, and FILWEL CO., LTD.

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