Wilmington, Delaware: The global synthetic leather market is broadly affected by several factors, including rise in usage of synthetic leather in footwear, furnishing, interior, automobiles, sporting goods, garments, and luxury goods products, Transparency Market Research.  Increase in demand for synthetic leather in footwear is propelling the global synthetic leather market. Synthetic leather is widely used in industries such as footwear, automobiles, furnishing, sporting goods, and garments.Synthetic leather market to exceed US$ 174.7 bn by 2031.

Genuine leather and synthetic leather undergo chemical processing. Both these materials are not degradable easily. Leather is a by-product; the main sources of raw material for leather industry worldwide are cattle (including buffalo), sheep, goat, and pigs, which are reared specifically for the production of meat, wool, and dairy products. Hides and skins from other species account for a small percentage of the global leather production. Typically, the value of hides and skins represents in the region of 5% to 10% of the market value of an animal. Synthetic leather is now replacing leather considering concerns about animal cruelty.

Dynamics:The rise in demand for footwear, automobiles, furnishing, and garments is expected to drive the synthetic leather market in the near future. The potential concern is regarding the raw material. Polyvinylchloride and polyurethane are commonly used as raw materials for synthetic materials. Polyvinylchloride has harmful effects on humans, as it can be toxic. It may cause severe health issues including cancer, hormone disruption, and damage to the immune system.

Increase in vegan population is driving the trend toward synthetic leather due to its material source. Many companies are now avoiding the usage of animal sources for the production of leather. Generally, synthetic leather is made by wet coagulation or dry coagulation and the transfer coating process. It is quite difficult to differentiate between genuine and synthetic leather. Synthetic leather is typically cheaper and affordable than genuine leather. It is glossier and has matte finish than genuine leather. It does not fade easily and is UV resistant as well. The major and most important difference is that it is not made from animal hide and skin.

Prominent Regions:Based on region, the global synthetic leather market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global synthetic leather market in 2020. The region is expected to maintain its dominance during the forecast period.

In Asia Pacific, demand for synthetic leather is high in various industries such as automobiles, footwear, furnishing, garments. China, Japan, and India are spearheading the functional food production in Asia Pacific. These countries are considered leading consumers of synthetic leather that is used in automobiles and footwear and furnishing product segments.

Key Players:The global synthetic leather market is fragmented with the presence of a large number of players. Key players operating in the global synthetic leather market are Asahi Kasei Corporation, Kuraray Co. Ltd, San Fang Chemical Industry Co., Ltd., Achilles USA, Inc., Teijin Limited, Nan Ya Plastics Corporation Inc., FILWEL Co., Ltd., H.R.PolycoatsPvt. Ltd., Alfatex Italia SRL, Zhejiang Hexin Holdings Co., Ltd, Toray Industries, Mayur Uniquoters Limited, and FUJIAN POLYTECH TECHNOLOGY CORP., LTD.

Transparency Market Research delivers key insights on the global synthetic leather market. In terms of revenue, the global synthetic leather market is estimated to expand at a CAGR of 7.23% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global synthetic leather market. TMR, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade. Its exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of analysts, researchers, and consultants. The proprietary data sources and various tools & techniques they use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.