Summary

The synthetic leather market is projected to register a CAGR of 5.3% between 2024 and 2029, in terms of value. The synthetic leather market size is projected to reach USD 93.25 billion by 2029 at a CAGR of 5.3% from USD 71.93 billion in 2024. The PU based, by type segment is estimated to account for the largest share in terms of value of the synthetic leather market in 2023. Biobased, by type likely to be the fastest growing type of synthetic leather market in terms of value.

Man-made PVC leather is synthetic leather that is intended to resemble leather. A layer of PVC raw material is created, and it is bonded to a suitable fabric backing by applying pressure and/or heat to create vinyl leather. Synthetic leather is known for its long-lasting, waterproof, and easy-to-maintain characteristics, making it a popular material for upholstery, fashion, and vehicle interiors. Although it is less breathable than natural leather, PVC synthetic leather comes in a variety of textures and finishes and is typically less expensive or more eco-friendly than comparable real leather.

The eco-friendly appeal and sustainable production practices of bio-based synthetic leather have made it one of the fastest-growing types. Bio-based synthetic leather reduces reliance on petroleum-based components often present in conventional synthetic leathers by using renewable resources for producing it, such as cork, algae, or plant-based polymers. Greener options are becoming more popular among businesses and customers alike in an environmentally concerned society. Additionally, bio-based synthetic leather has a lower carbon impact than non-bio-based synthetic leather while yet being just as gorgeous and long-lasting. Bio-based synthetic leather is becoming more and more popular as an eco-friendly alternative since more buyers are looking for sustainable furniture, fashion, and car interiors.

“Footwear, by end use industry is fastest growing end-use industry segment of synthetic leather market”
The footwear segment of the synthetic leather market is expanding at its fastest pace due to the growing need for fashionable, long-lasting, and reasonably priced substitutes for real leather. Synthetic leather is extremely adaptable, allowing for the creation of new designs and seeming to be simply maintained with diverse textures and finishes, from which many types of footwear styles may be constructed. Eco-friendly synthetic leather, on the other hand, gained popularity as a substitute as consumers' understanding of environmental sustainability and animal welfare increased. In addition, the fact that synthetic leather is less expensive to produce than traditional leather adds to the developing global trend of employing this material in sandals, boots, and shoes.

“Asia Pacific, by region is forecasted to be the fastest growing segment of synthetic leather market during the forecast period.”
Asia Pacific has emerged as the fastest-growing synthetic leather market due to increased industrialization, urbanization, and rising disposable incomes. The low labor costs and extensive industrial bases in China, India, and Vietnam have made them key production hubs for synthetic leather items. In addition, customers are moving toward more economical, durable, and eco-friendly alternatives to real leather, which is driving up demand for synthetic leather in sectors including fashion, footwear, and automobiles. In addition, government sustainability initiatives and the expanding retail and e-commerce industries would enable this sector to play a major role in the expansion of the synthetic leather market.

Interviews:
• By Company Type: Tier 1 – 46%, Tier 2 – 36%, and Tier 3 – 18%
• By Designation: C Level – 21%, D Level – 23%, and Others – 56%
• By Region: North America – 37%, Europe – 26%, Asia Pacific – 23%, and South America – 4%, Middle East & Africa – 10%

The key companies profiled in this report are Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Limited (India), Nan Ya Plastics Corporation (Taiwan), Filwel Co., Ltd. (Japan), and Zhejiang Hexin Holdings Co., Ltd. (China) .

Research Coverage:
The synthetic leather market has been segmented based on Type (PU based, PVC based, and Bio based), End-use Industry (Fotwear, Furnishing, Automotive, Clothing, Bags, Purse, & wallets, and Others), and by Region (Asia Pacific, North America, Europe, South America, Middle East & Africa).

This report provides insights on the following pointers:
• Analysis of key drivers (Emerging demand from the APAC region, High growth of end-use industries,), restraints (Substitute for Synthetic leather in automotive industry), opportunities (Growth in emerging applications), and challenges (Recycling of synthetic leather) influencing the growth of the synthetic leather market.
• Product Development/Innovation: Detailed insight of upcoming technologies, research & development activities, and new product launch in the synthetic leather market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the synthetic leather market across varied regions.
• Market Diversification: Exclusive information about the new products & service untapped geographies, recent developments, and investments in synthetic leather market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like, Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Limited (India), Nan Ya Plastics Corporation (Taiwan), Filwel Co., Ltd. (Japan), and Zhejiang Hexin Holdings Co., Ltd. (China) among other in the synthetic leather market.

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Table of Contents

1 INTRODUCTION 27
1.1 STUDY OBJECTIVES 27
1.2 MARKET DEFINITION 27
1.3 STUDY SCOPE 28
1.3.1 MARKETS COVERED AND REGIONAL SCOPE 28
1.3.2 INCLUSIONS AND EXCLUSIONS 28
1.3.3 YEARS CONSIDERED 30
1.3.4 CURRENCY CONSIDERED 30
1.3.5 UNIT CONSIDERED 30
1.4 STAKEHOLDERS 31
1.5 SUMMARY OF CHANGES 31
2 RESEARCH METHODOLOGY 32
2.1 RESEARCH DATA 32
2.1.1 SECONDARY DATA 33
2.1.1.1 Key data from secondary sources 33
2.1.2 PRIMARY DATA 33
2.1.2.1 Participants for primary interviews (demand and supply side) 34
2.1.2.2 Key industry insights 34
2.1.2.3 Breakdown of primary interviews 35
2.2 MARKET SIZE ESTIMATION 35
2.3 BOTTOM-UP APPROACH 35
2.3.1 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE) - COLLECTIVE MARKET SHARE OF KEY PLAYERS 36
2.3.2 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 BOTTOM-UP (SUPPLY SIDE) - COLLECTIVE REVENUE OF ALL SYNTHETIC LEATHER TYPES 36
2.3.3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 3 - BOTTOM-UP (DEMAND SIDE): PRODUCTS SOLD 37
2.4 TOP-DOWN APPROACH 37
2.5 DATA TRIANGULATION 38
2.6 GROWTH RATE ASSUMPTIONS/FORECAST 39
2.6.1 SUPPLY SIDE 39
2.6.2 DEMAND SIDE 40
2.7 FACTOR ANALYSIS 40
2.8 RESEARCH ASSUMPTIONS 41
2.9 RESEARCH LIMITATIONS 41
2.10 RISK ASSESSMENT 41
3 EXECUTIVE SUMMARY 42
4 PREMIUM INSIGHTS 45
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SYNTHETIC LEATHER MARKET 45
4.2 ASIA PACIFIC SYNTHETIC LEATHER MARKET, BY TYPE AND COUNTRY 46
4.3 SYNTHETIC LEATHER MARKET, BY REGION 46
4.4 REGIONAL SYNTHETIC LEATHER MARKET, BY END-USE INDUSTRY 47
4.5 SYNTHETIC LEATHER MARKET, BY COUNTRY 47
5 MARKET OVERVIEW 48
5.1 INTRODUCTION 48
5.2 MARKET DYNAMICS 48
5.2.1 DRIVERS 49
5.2.1.1 Expanding footwear and apparel industries 49
5.2.1.2 Rising concerns about animal welfare and environmental impact 49
5.2.1.3 Advantages associated with synthetic leather 49
5.2.1.4 Booming automotive sector 50
5.2.2 RESTRAINTS 51
5.2.2.1 Environmental impacts related to use of PVC and PU in
synthetic leather production 51
5.2.2.2 Availability of substitutes for synthetic leather in automotive industry 51
5.2.3 OPPORTUNITIES 51
5.2.3.1 Growing demand for sustainable synthetic leather solutions 51
5.2.4 CHALLENGES 52
5.2.4.1 Challenges in waste management and recycling of synthetic leather 52
5.3 PORTER’S FIVE FORCES ANALYSIS 52
5.3.1 THREAT OF NEW ENTRANTS 53
5.3.2 THREAT OF SUBSTITUTES 54
5.3.3 BARGAINING POWER OF SUPPLIERS 54
5.3.4 BARGAINING POWER OF BUYERS 54
5.3.5 INTENSITY OF COMPETITIVE RIVALRY 54
5.4 KEY STAKEHOLDERS AND BUYING CRITERIA 55
5.4.1 KEY STAKEHOLDERS IN BUYING PROCESS 55
5.4.2 BUYING CRITERIA 55
5.5 MACROECONOMIC INDICATORS 56
5.5.1 GDP TRENDS AND FORECAST OF PROMINENT ECONOMIES 57
6 INDUSTRY TRENDS 58
6.1 SUPPLY CHAIN ANALYSIS 58
6.2 PRICING ANALYSIS 59
6.2.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY END-USE INDUSTRY 59
6.2.2 AVERAGE SELLING PRICE TREND, BY REGION 60
6.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 61
6.4 ECOSYSTEM ANALYSIS 62
6.5 TECHNOLOGY ANALYSIS 64
6.5.1 KEY TECHNOLOGIES 64
6.5.1.1 Polyurethane (PU) coating technology 64
6.5.2 COMPLEMENTARY TECHNOLOGIES 64
6.5.2.1 Water-based technology: Advancing sustainable synthetic
leather production 64
6.6 CASE STUDY ANALYSIS 65
6.6.1 DEVELOPMENT OF SYNTHETIC LEATHER VIA NATURAL MATERIALS 65
6.6.2 DURABILITY AND ABRASION RESISTANCE OF FAUX LEATHER FABRICS 65
6.6.3 DEVELOPMENT OF THERMOREGULATED PVC-BASED SYNTHETIC
LEATHER FOR CAR SEATS 66
6.7 TRADE ANALYSIS 66
6.7.1 IMPORT SCENARIO (HS CODE 590320) 66
6.7.2 EXPORT SCENARIO (HS CODE 590320) 67
6.8 REGULATORY LANDSCAPE 68
6.8.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 69
6.8.2 REGULATIONS 72
6.8.2.1 European Chemicals Agency (ECHA) 72
6.8.2.2 Leather Working Group (LWG) 72
6.8.2.3 Saudi Standards, Metrology and Quality Organization (SASO) 72
6.8.2.4 American National Standards Institute (ANSI) 73
6.8.2.5 Central Pollution Control Board (CPCB) - India 73
6.8.2.6 European Committee for Standardization (CEN TC 289) 73
6.9 KEY CONFERENCES AND EVENTS, 2025 73
6.10 INVESTMENT AND FUNDING SCENARIO 74
6.11 PATENT ANALYSIS 74
6.11.1 APPROACH 74
6.11.2 PATENT TYPES 74
6.11.3 TOP APPLICANTS 76
6.11.4 JURISDICTION ANALYSIS 78
6.12 IMPACT OF AI/GEN AI ON SYNTHETIC LEATHER MARKET 79
7 SYNTHETIC LEATHER MARKET, BY TYPE 80
7.1 INTRODUCTION 81
7.2 PU-BASED SYNTHETIC LEATHER 82
7.2.1 RISING DEMAND FROM AUTOMOTIVE AND CLOTHING INDUSTRIES
TO DRIVE MARKET 82
7.2.1.1 Microfiber leather 83
7.2.1.1.1 Smooth, soft, lightweight, good tensile strength, antibacterial, and excellent resistance to tear, scratch, and abrasion to drive market 83
 
7.3 PVC-BASED SYNTHETIC LEATHER 84
7.3.1 HIGH STRENGTH, RESISTANCE TO VARIOUS CLIMATIC CONDITIONS,
AND EASE OF MAINTENANCE TO DRIVE MARKET 84
7.4 BIO-BASED SYNTHETIC LEATHER 86
7.4.1 INCREASING GOVERNMENT REGULATIONS AND RISING ENVIRONMENTAL CONCERNS TO DRIVE MARKET 86
8 SYNTHETIC LEATHER MARKET, BY END-USE INDUSTRY 88
8.1 INTRODUCTION 89
8.2 FOOTWEAR 91
8.2.1 EXCELLENT PROPERTIES AND HIGH DURABILITY TO DRIVE DEMAND 91
8.2.1.1 Sports shoes 91
8.2.1.2 Formal shoes & boots 91
8.2.1.3 Sandals & slippers 91
8.3 FURNISHING 93
8.3.1 AFFORDABLE ALTERNATIVE TO PURE LEATHER TO DRIVE MARKET 93
8.3.1.1 Chairs 93
8.3.1.2 Sofas 93
8.3.1.3 Bean bags & others 93
8.4 AUTOMOTIVE 94
8.4.1 COMFORTABLE SEAT UPHOLSTERY AND RESISTANCE TO COLD AND HOT TEMPERATURES TO DRIVE DEMAND 94
8.4.1.1 Seats 94
8.4.1.2 Steering wheel covers 95
8.4.1.3 Door trims, knobs & gear bot covers 95
8.5 CLOTHING 96
8.5.1 GROWING GLOBAL FASHION INDUSTRY TO DRIVE MARKET 96
8.5.1.1 Jackets 96
8.5.1.2 Belts 96
8.5.1.3 Tops, trousers & others 96
8.6 BAGS, PURSES & WALLETS 98
8.6.1 GROWING FASHION INDUSTRY, RISING DISPOSABLE INCOMES, AND CHANGING LIFESTYLES TO FUEL DEMAND 98
8.6.1.1 Bags 98
8.6.1.2 Purses 98
8.6.1.3 Wallets 98
8.7 OTHER END-USE INDUSTRIES 100
9 SYNTHETIC LEATHER MARKET, BY REGION 102
9.1 INTRODUCTION 103
9.2 ASIA PACIFIC 104
9.2.1 CHINA 110
9.2.1.1 Rising domestic demand for footwear and furnishing to
fuel market growth 110
9.2.2 INDIA 112
9.2.2.1 Increased urbanization and industrialization to drive market 112
9.2.3 JAPAN 114
9.2.3.1 Increased demand for sports footwear to drive market 114
9.2.4 SOUTH KOREA 115
9.2.4.1 Rising demand from automotive and footwear industries to
drive market 115
9.2.5 TAIWAN 117
9.2.5.1 Growing industrialization and establishment of footwear
OEMs to drive market 117
9.2.6 THAILAND 119
9.2.6.1 Growing demand from footwear OEMs to drive market 119
9.2.7 MALAYSIA 121
9.2.7.1 Presence of large footwear industry to drive demand 121
9.2.8 INDONESIA 123
9.2.8.1 Strong export-oriented manufacturing entities to drive market 123
9.3 EUROPE 125
9.3.1 GERMANY 131
9.3.1.1 Growing focus on sustainability and innovative product development to drive market 131
9.3.2 ITALY 133
9.3.2.1 Rising awareness regarding animal welfare to drive market 133
9.3.3 FRANCE 135
9.3.3.1 Excellent aesthetic appeal and easy maintenance to drive demand
in footwear and furnishing industries 135
9.3.4 UK 136
9.3.4.1 Booming automotive sector to drive market 136
9.3.5 SPAIN 138
9.3.5.1 Significant car exports to drive market 138
9.3.6 RUSSIA 140
9.3.6.1 Fast-growing automotive and footwear industries to drive market 140
9.3.7 POLAND 142
9.3.7.1 Growing domestic and export markets for furniture to drive demand 142
9.3.8 SWEDEN 144
9.3.8.1 Growing clothing, footwear, and furniture industries to drive market 144
9.3.9 PORTUGAL 146
9.3.9.1 Rising demand from footwear, furnishing, and automotive industries to drive market 146
9.4 NORTH AMERICA 148
9.4.1 US 154
9.4.1.1 Technological advancements and capacity expansions
to drive market 154
9.4.2 MEXICO 155
9.4.2.1 Increased footwear export to drive market 155
9.4.3 CANADA 157
9.4.3.1 Expanding end-use industries to drive market 157
9.5 SOUTH AMERICA 159
9.5.1 BRAZIL 164
9.5.1.1 Growing footwear, automotive, and clothing industries
to drive market 164
9.5.2 ARGENTINA 165
9.5.2.1 Increasing demand from automotive, furnishing, and footwear industries to drive market 165
9.6 MIDDLE EAST & AFRICA 167
9.6.1 MIDDLE EAST 171
9.6.1.1 Booming furnishing, automotive, and clothing industries
to drive market 171
9.6.2 AFRICA 173
9.6.2.1 Thriving footwear and automotive industries to fuel market growth 173
10 COMPETITIVE LANDSCAPE 175
10.1 OVERVIEW 175
10.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 175
10.3 MARKET SHARE ANALYSIS 176
10.4 REVENUE ANALYSIS 179
10.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 180
10.5.1 STARS 180
10.5.2 EMERGING LEADERS 180
10.5.3 PERVASIVE PLAYERS 180
10.5.4 PARTICIPANTS 180
10.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 182
10.5.5.1 Company footprint 182
10.5.5.2 Type footprint 183
10.5.5.3 End-use industry footprint 184
10.5.5.4 Region footprint 185
10.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 186
10.6.1 PROGRESSIVE COMPANIES 186
10.6.2 RESPONSIVE COMPANIES 186
10.6.3 DYNAMIC COMPANIES 186
10.6.4 STARTING BLOCKS 186
10.6.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 187
10.6.5.1 Detailed list of key startups/SMEs 187
10.6.5.2 Competitive benchmarking of key startups/SMEs 188
10.7 BRAND/PRODUCT COMPARISON 188
10.8 COMPANY VALUATION AND FINANCIAL METRICS 189
 
10.9 COMPETITIVE SCENARIO 190
10.9.1 PRODUCT LAUNCHES 190
10.9.2 DEALS 191
10.9.3 EXPANSIONS 191
11 COMPANY PROFILES 192
11.1 KEY PLAYERS 192
11.1.1 KURARAY CO., LTD. 192
11.1.1.1 Business overview 192
11.1.1.2 Products/Solutions/Services offered 193
11.1.1.3 Recent developments 194
11.1.1.3.1 Deals 194
11.1.1.4 MnM view 194
11.1.1.4.1 Key strengths/Right to win 194
11.1.1.4.2 Strategic choices 195
11.1.1.4.3 Weaknesses/Competitive threats 195
11.1.2 SAN FANG CHEMICAL INDUSTRY CO., LTD. 196
11.1.2.1 Business overview 196
11.1.2.2 Products/Solutions/Services offered 197
11.1.2.3 Recent developments 198
11.1.2.3.1 Expansions 198
11.1.2.4 MnM view 199
11.1.2.4.1 Key strengths/Right to win 199
11.1.2.4.2 Strategic choices 199
11.1.2.4.3 Weaknesses/Competitive threats 199
11.1.3 TEIJIN LIMITED 200
11.1.3.1 Business overview 200
11.1.3.2 Products/Solutions/Services offered 201
11.1.3.3 Recent developments 202
11.1.3.3.1 Product launches 202
11.1.3.4 MnM view 202
11.1.3.4.1 Key strengths/Right to win 202
11.1.3.4.2 Strategic choices 202
11.1.3.4.3 Weaknesses/Competitive threats 202
11.1.4 MAYUR UNIQUOTERS LIMITED 203
11.1.4.1 Business overview 203
11.1.4.2 Products/Solutions/Services offered 204
11.1.4.3 MnM view 204
11.1.4.3.1 Key strengths/Right to win 204
11.1.4.3.2 Strategic choices 204
11.1.4.3.3 Weaknesses/Competitive threats 204
 
11.1.5 NAN YA PLASTICS CORPORATION 205
11.1.5.1 Business overview 205
11.1.5.2 Products/Solutions/Services offered 206
11.1.5.3 MnM view 207
11.1.5.3.1 Key strengths/Right to win 207
11.1.5.3.2 Strategic choices 207
11.1.5.3.3 Weaknesses/Competitive threats 207
11.1.6 FILWEL CO., LTD. 208
11.1.6.1 Business overview 208
11.1.6.2 Products/Solutions/Services offered 208
11.1.7 ZHEJIANG HEXIN HOLDINGS CO., LTD. 209
11.1.7.1 Business overview 209
11.1.7.2 Products/Solutions/Services offered 209
11.1.8 WANHUA CHEMICAL GROUP CO., LTD. 210
11.1.8.1 Business overview 210
11.1.8.2 Products/Solutions/Services offered 211
11.1.9 ALFATEX ITALIA SRL 212
11.1.9.1 Business overview 212
11.1.9.2 Products/Solutions/Services offered 212
11.1.10 H.R. POLYCOATS PRIVATE LIMITED 213
11.1.10.1 Business overview 213
11.1.10.2 Products/Solutions/Services offered 213
11.2 OTHER PLAYERS 214
11.2.1 KOLON INDUSTRIES, INC. 214
11.2.2 MARVEL VINYLS LIMITED 215
11.2.3 TORAY INDUSTRIES, INC. 215
11.2.4 ANHUI ANLI MATERIAL TECHNOLOGY CO., LTD. 216
11.2.5 SHANDONG JINFENG ARTIFICIAL LEATHER CO., LTD. 217
11.2.6 ECOLORICA MICROFIBER S.R.L. 218
11.2.7 KONUS KONEX D.O.O. 219
11.2.8 UNITED DECORATIVES PRIVATE LIMITED (JINDAL) 220
11.2.9 ARORA POLYFAB PVT. LTD. 221
11.2.10 ZHEJIANG YONGFA SYNTHETIC LEATHER CO., LTD. 222
11.2.11 POLITEKS SUNI DERI TEKSTIL SAN. LTD. 223
11.2.12 LEO VINYLS 224
11.2.13 PRIMO (PVT) LTD 225
11.2.14 NIRMAL FIBRES (P) LTD. 226
11.2.15 SHAKTI TEX COATERS PRIVATE LIMITED 227
 
12 ADJACENT AND RELATED MARKETS 228
12.1 INTRODUCTION 228
12.2 LIMITATIONS 228
12.3 AUTOMOTIVE INTERIOR MATERIALS MARKET 228
12.3.1 MARKET DEFINITION 228
12.3.2 MARKET OVERVIEW 228
12.3.3 AUTOMOTIVE INTERIOR MATERIALS MARKET, BY REGION 229
13 APPENDIX 238
13.1 DISCUSSION GUIDE 238
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 241
13.3 CUSTOMIZATION OPTIONS 243
13.4 RELATED REPORTS 243
13.5 AUTHOR DETAILS 244