Synthetic Leather Market Dynamics: Competitive Landscape, Trends, and Future Prospects

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The global synthetic leather market is projected to reach USD 66.24 billion by 2030, with an anticipated compound annual growth rate (CAGR) of 7.87% from 2024 to 2030, according to a new report by Grand View Research, Inc. This market growth is driven by several key factors. One significant driver is the growing consumer awareness regarding animal exploitation, which has been significantly influenced by advocacy campaigns from organizations such as PETA. These initiatives have played a crucial role in promoting the demand for leather alternatives that do not involve the use of animals. Additionally, the increasing supply-demand gap in the natural leather industry is another major factor leading manufacturers to opt for synthetic or artificial leather as an alternative material.

Natural leather, which is derived from animals, has been associated with animal killings, a practice that has raised ethical concerns globally. As a result, many countries have implemented guidelines and laws aimed at protecting animal rights. These regulations have posed challenges for natural leather manufacturers, particularly in nations with stringent animal rights protections. The enforcement of these laws has made it increasingly difficult for natural leather producers to operate in certain markets, further contributing to the shift toward synthetic leather.

Another contributing factor to the rising demand for synthetic leather is the environmental impact of natural leather production. The manufacturing process of natural leather, particularly the tanning process, often leads to the pollution of surrounding environments due to the chemicals and waste generated. As environmental concerns have become more pressing, governments around the world have introduced stricter environmental regulations, encouraging manufacturers to seek more sustainable alternatives. This has further boosted the demand for synthetic leather, which typically has a lower environmental impact.

India, a major player in the global leather industry and one of the top five producers of leather, has also seen shifts in its leather market due to regulatory changes. The Indian government has imposed a ban on the slaughter of cows for meat and leather, which has had a negative impact on the leather industry in the country. India’s leather and meat industries are largely composed of unorganized sectors, making it difficult to estimate the precise reduction in annual production. This regulatory situation has created a widening demand-supply gap for genuine leather, which is expected to further drive the growth of the synthetic leather market in India, particularly for polyurethane (PU) leather, over the forecast period.

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Frequently Asked Questions (FAQ) – Synthetic Leather Market

1. What is the projected size of the global synthetic leather market?

The global synthetic leather market is anticipated to reach USD 66.24 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.87% from 2024 to 2030.

2. What factors are driving the growth of the synthetic leather market?

Key drivers include:

• Ethical considerations: 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.

• Supply-demand gap: The growing supply-demand gap in the natural leather industry is also a major factor responsible for manufacturers opting for synthetic or artificial leather.

• Environmental regulations: Manufacturing activities of natural leather, especially tanning, lead to pollution of the nearby surroundings. Stringent environmental laws and government regulations have been influential in promoting the demand for synthetic leather.

• Regulatory changes in India: India, among the world’s top five producers of leather, has banned the slaughter of cows for meat and leather, adversely affecting the leather industry in the country. This has widened the demand-supply gap of genuine leather, supplementing the growth of the synthetic leather market in India.

3. Which synthetic leather type holds the largest market share?

The polyurethane (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, making it a preferred choice in automotive, footwear, and furnishing sectors.

4. Which region dominates the synthetic leather market?

Asia Pacific dominates the synthetic leather market. China is the largest market for synthetic leather in the Asia Pacific region and is among the major consumers of leather in primary application segments such as automotive, furnishing, and clothing.

5. Who are the key players in the Synthetic Leather Market?

• 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

Order a free sample PDF of the Synthetic Leather Market Intelligence Study, published by Grand View Research.

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