Growing demand for furnishing, footwear, and automotive sectors are anticipated to be a key factor driving the synthetic leather market growth. The market is segmented by product type, into PU synthetic leather, PVC synthetic leather, and bio-based leather. PU synthetic leather segment holds maximum share in the product type segment, and it is foreseen to witness highest CAGR during the projection period. PU synthetic leather is more environment-friendly as compared to PVC synthetic leather, as it does not generate dioxins. Companies are also producing microfiber PU synthetic leather, due to its high-quality leather and properties which are beneficial than pure leather.
The bio based leather product is manufactured by polyester polyol and contains 70-75% renewable content. The bio based leather is softer and has an excellent scratch resistance features as compared to PVC and PU synthetic leather. Market players are developing new products through the partnership with polyols manufacturer to produce bio based synthetic leather. Growing industrialization and continuous R&D in this sector will continue to strengthen the demand for synthetic leather in forthcoming years.
Furnishing industry is essential application segment of the synthetic leather market. The broad range of synthetic leather products are available in the market depending on texture, color, and fabric appearance to serve various requirements in furnishing industries. Ongoing R&D in this sectors offers artificial options for marine furnishing which is salt water resistant leather. Faux leather is used in trucks, buses, cars, motorcycles, and farming vehicles. Its high elasticity offers comfort and improves endurance at different temperatures situations. It also enhances the durability and reduces the maintenance cost.
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Asia-Pacific is forecasted to be highest and fastest-growing region in the synthetic leather market due to increasing furniture and automotive business in the region. North America market is witnessing a steady growth rate due to rising concerns regarding animal killing which is decreasing the requirement for genuine leather and boosting the demand for synthetic leather.
Key players operating in the global Kuraray Co. Ltd., H.R. Polycoats Pvt. Ltd, Filwel Co. Ltd, Alfatex Italia SRL, Mayur Uniquoters Limited, San Fang Chemical Industry Co. Ltd, Yantai Wanhua Synthetic Leather Group Co. Ltd., Shandong Jinfeng Artificial Leather Co., Ltd., Teijin Limited, and Nan Ya Plastics Industrial Co., Ltd.
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