Synthetic Leather Market Is Likely To Up Demand At A USD 66.24 Billion By 2030

 San Francisco, 12 April 2024: The Report Synthetic Leather Market Size, Share & Trends Analysis Report By Type (PU, PVC, Bio-based), By Application (Footwear, Automotive, Furnishing, Clothing, Wallets Bags & Purses), By Region, And Segment Forecasts, 2024 - 2030

The global synthetic leather market is anticipated to reach USD 66.24 billion by 2030 and is projected to grow at a CAGR of 7.87% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing awareness among consumers regarding animal exploitation, aided by programs run by organizations such as PETA, has played a major role in increasing the demand for leather alternatives. The growing supply-demand gap in the natural leather industry is also a major factor responsible for manufacturers opting for synthetic or artificial leather.

Furthermore, natural leather is obtained from animals, which has resulted in animal killings. There have been various guidelines and laws established by various countries to protect animal rights. Animal rights laws have become a major hurdle for natural leather manufacturers in several countries.

Manufacturing activities of natural leather, especially tanning, lead to pollution of the nearby surroundings. This is another major reason leading to the shift in preference toward synthetic leather. Stringent environmental laws and government regulations have been influential in promoting the demand for synthetic leather.

India is among the world’s top five producers of leather. However, the Central government of India has banned the slaughter of cows for meat and leather, which has adversely affected the leather industry in the country. Most of India’s leather and meat industry comprises unorganized players, owing to which a reduction in the annual production from these industries is not feasible to estimate. The market situation has widened the demand-supply gap of genuine leather, which is expected to supplement the India PU market’s growth over the forecast period.

Access Research Report of Synthetic Leather Market @ https://www.grandviewresearch.com/industry-analysis/synthetic-leather-market

Synthetic Leather Market Report Highlights

• The automotive application segment is anticipated to grow at a CAGR of 8.9% over the forecast period.  Synthetic leather is used in several automotive applications such as upholstery, dashboards, headliners, seat belts, airbags, and floor & trunk carpets. It is employed in passenger vehicles, light & commercial vehicles, heavy trucks, and buses & coaches as it is lighter than real leather. Its high elasticity enables passenger comfort in addition to providing resistance against hot & cold temperatures and spillage. The product also increases the durability of automotive interiors and reduces maintenance requirements
• The PU synthetic leather segment held the largest market share of 60.8% in 2023. PU leather has good elasticity, resistance to solvents, high tensile strength, and skin abrasion resistance. These properties have been a major help in increasing its market penetration in the automotive, footwear, and furnishing sectors
• Asia Pacific dominated the synthetic leather market. China is the largest market for synthetic leather in Asia Pacific. It is also among the major consumers of leather in primary application segments such as automotive, furnishing, and clothing. Automotive and footwear industry, which are vital application segments for synthetic leather, are witnessing a rapid growth in the country. China mainly imports synthetic leather from India, Korea, and Italy
• In December 2021, Dow, a U.S.-based company, announced the launch of LUXSENSE, a silicone synthetic leather. It is the world's first high-end silicone synthetic leather material designed to meet specifications in furniture, wearable devices, fashion, transportation seating and interiors, and consumer electronics, offering unique features

Synthetic Leather Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 42.05 million
Revenue forecast in 2030	USD 66.24 million
Growth rate	CAGR of 7.8% from 2024 to 2030
Historical data	2018 - 2023
Forecast period	2024 - 2030

List of Key Players in the Synthetic Leather Market

• Kuraray Co., Ltd.
• 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

Access Press Release of Synthetic Leather Market @ https://www.grandviewresearch.com/press-release/global-synthetic-leather-market