The market for vegan synthetic leather is expected to grow substantially in the coming years, according to a new report.
The global synthetic leather market size is expected to reach $66.84 billion by 2030, states a new report. It is expected to expand at a CAGR of 8.0% from 2022 to 2030.
“The expanding product application scope in footwear has been a major factor driving the market”, states the report. “Furthermore, the increased significance of animal rights and growing awareness regarding that, as laid forth by various groups, and strict legislation prohibiting the use of real leather are driving the demand for synthetic leather.”
The report states that “Synthetic leather has many advantages, including a high gloss surface, durability, strength, UV resistance, and ease of maintenance.” Additionally, “synthetic leather products are less expensive so they continue to appeal to consumers, particularly those in the medium and upper-income level groups.”
Footwear was the largest application segment in 2021. Due to the increased demand from emerging nations, the footwear sector has witnessed significant growth in recent years, although consumer spending in the U.S. and several European countries has slowed slightly due to the global recession, the report notes. “There has been a strong demand from countries such as China, India, Thailand, South Korea, Vietnam, and other South Asian countries. This is expected to have a major influence on synthetic leather demand in the Asian market.”
Synthetic Leather Market Report Highlights
- The global market is projected to witness significant growth over the forecast period owing to the rising product demand in automotive and footwear applications.
- PU synthetic leather emerged as the largest product segment in 2021 and is estimated to maintain its lead over the forecast period.
- Asia Pacific is expected to witness the fastest growth over the forecast period owing to the rapid economic growth across various countries, such as Japan, India, China, and Korea. The rapid growth of the automotive and construction manufacturing industries in APAC is also fueling the product demand in the regional market.
- Countries such as India, South Korea, China, and Taiwan are emerging as key producers in the global market as a result of the availability of lower-cost raw materials. For instance, in May 2019, Teijin Frontier Co. Ltd., the fibers and products converting company of the Teijin Group, developed polishing pads with non-woven material ‘NANOFRONT’ to improve the quality of silicon wafer while also lowering production costs.
The full report can be found by clicking here.
