Global Synthetic Leather/Artificial Leather Market Analysis 2024 – Estimated Market Size And Key Drivers

The Synthetic Leather/Artificial Leather Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Synthetic Leather/Artificial Leather Global Market Report 2024, The synthetic leather/artificial leather market size has grown strongly in recent years. It will grow from $33.25 billion in 2023 to $36.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The  growth in the historic period can be attributed to advancements in texturing, durability and versatility, cost efficiency, fashion and design trends, automotive sector demand.

The synthetic leather/artificial leather market size is expected to see strong growth in the next few years. It will grow to $48.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to environmental sustainability, fashion industry trends, demand in automotive sector, innovative applications, customization and adaptability. Major trends in the forecast period include growth in furniture and upholstery, sustainability focus, animal welfare concerns, fashion and design trends, regulatory compliance.

The rising athleisure trend significantly contributes to the growth of the synthetic leather /artificial leather market going forward. Athleisure refers to casual attire made to be worn both while exercising and in daily life. Synthetic leather is a popular choice for athleisure since it is less expensive than genuine leather and can be manufactured to appear and feel like genuine leather. Synthetic leather manufacturing is also more environmentally friendly than actual leather manufacturing, making it a more ethical choice for customers. For instance, according to February 2021 data released by True Fit, a US-based size advisor that gives shoppers the right size in apparel and footwear, athleisure sales orders increased by 84% from 2020 to 2021. Therefore, the rising athleisure trend will drive the synthetic leather/artificial leather market.

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The synthetic leather/artificial leather market covered in this report is segmented –
1) By Type: Polyurethane (PU)-Based, Polyvinyl Chloride (PVC)-Based, Bio-Based
2) By Grade: High-Grade, Mid-Grade
3) By Application: Footwear, Furnishing, Automotive, Clothing, Bags, Purses And Wallets

Product innovation is the key trend gaining popularity in the synthetic leather/artificial leather market. Major companies operating in the synthetic leather/artificial leather market are focusing on developing innovative artificial leather to increase their application in various fields. For instance, in April 2023, General Silicones, a Taiwan-based manufacturer of silicone products launched Compo-SiL (SL series) silicone vegan leather products. It is created especially for companies that make consumer goods like bags, backpacks, shoes, wallets, belts, book bindings, and covers and are looking for vegan leather supplies with factory-applied fabric lining. Customers can choose from a variety of SL series leather surface textures, including stripes, matte, lambskin, calf, and bovine. The unique features of silicone rubber and the Compo-SiL technology provide producers searching for a source of excellent PETA-approved vegan leather with several advantages over leather products.

The synthetic leather/artificial leather market report table of contents includes:
1. Executive Summary

2. Synthetic Leather/Artificial Leather Market Characteristics
3. Synthetic Leather/Artificial Leather Market Trends And Strategies
4. Synthetic Leather/Artificial Leather Market – Macro Economic Scenario
5. Global Synthetic Leather/Artificial Leather Market Size and Growth
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6. Global Synthetic Leather/Artificial Leather Market Competitive Benchmarking
7. Global Synthetic Leather/Artificial Leather Market Competitive Dashboard
8. Key Mergers And Acquisitions In The Synthetic Leather/Artificial Leather Market
9. Synthetic Leather/Artificial Leather Market Future Outlook and Potential Analysis
10. Appendix

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