Synthetic Leather Market Size, Growth, Opportunity, Share, Trends, Graphical Insights, Top Manufacturers, Segments, and Forecast to 2028
In terms of value, the synthetic leather market is estimated to grow from USD 68.7 billion in 2023 to USD 88.0 billion by 2028, at a CAGR of 5.1%. Rising demand for sustainable leather materials from industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others for a variety of applications is leading the market. During the forecast period, this is anticipated to expand the synthetic leather market even more.
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The major players in synthetic leather market are Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), NAN YA PLASTICS CORPORATION (Taiwan), Wanhua Chemical Group Co., Ltd. (China), Mayur Uniquoters Limited (India), FILWEL Co., Ltd. (Japan), Zhejiang Hexin Holdings Co., Ltd. (China), Alfatex Italia SRL (Italy), and H.R. Polycoats Private Limited (India) are key players in the synthetic leather market. These companies have gained recognition for producing diverse synthetic leather types utilized in multiple industries. In response to the growing demand for synthetic leather in various applications, market participants are primarily emphasizing research and development efforts.
Kuraray Co., Ltd.
Kuraray Co., Ltd. is a multinational company known for its diverse range of products. The company has a strong presence in the synthetic leather market. The company serves various end-use industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. The synthetic leather section of Kuraray Co., Ltd. is renowned for its creativity and commitment to research and development. For instance, in January 2022, Kuraray Co., Ltd. and Nissha Co., Ltd. collaborated in the development of Material Insert Technology, utilizing synthetic leather CLARINO, and subsequently introduced the product for sale, with a focus on the mobility and consumer electronics sectors. The expansion will help the company to develop infinite possibilities in the synthetic leather market.
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San Fang Chemical Industry Co., Ltd.
San Fang Chemical Industry Co., Ltd. is a key player in the synthetic leather market, known for producing and supplying synthetic leather materials for various uses. They prioritize research and development to meet the rising demand in diverse industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. One of the top manufacturers of synthetic leather, San Fang Chemical Industry Co., Ltd.’s commitment to innovation, sustainability, and product quality positions them as a leading contributor to the synthetic leather market’s growth and development. The company is focused on expanding its synthetic leather segment to satisfy consumer demand. For instance, in March 2023, San Fang Chemical Industry Co., Ltd. revealed plans to allocate approximately USD 100 million (equivalent to NT$ 3 billion) for the establishment of a new synthetic leather facility in Vietnam, set for completion by 2024, with an annual production capacity of 2 million square meters.
The Asia Pacific region dominates the synthetic leather market due to a blend of economic, industrial, and cultural influences. Its fashion and footwear sectors rank among the world’s largest and favor synthetic leather for its versatility and cost-effectiveness. Additionally, the automotive industry’s growth in the region has fueled demand for synthetic leather in vehicle interiors. Concerns regarding environmental impact and animal welfare further drive the shift towards synthetic leather, offering a more ethical alternative to genuine leather. This convergence of factors has solidified Asia Pacific’s position as the leading market for synthetic leather.
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