With increased demand from the footwear industry, fewer animals slaughtered, advantages over pure leather, and increased demand from the OEM industry, the Synthetic Leather Market is Forecasted to Reach ~US$ 45 Bn by 2028 says Ken Research Study.
Artificial leather, often known as synthetic leather, is a material designed to replace real leather in applications such as upholstery, clothing, footwear, and others where a leather-like finish is desired. Natural leather alternatives are required in part due to the expensive cost of natural leather. Another significant type of synthetic leather that has gained popularity is PVC leather, which is used for a wide range of products such as shopping bags, cosmetic bags, wallets, suitcases, purses, and travel bags.
According to Ken Research estimates, the Global Synthetic Leather Market – which grew from around US$ 20 billion in 2017 to nearly US$ 30 billion in 2022 – is expected to grow further into a ~US$ 45 billion opportunity by 2028.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
Strict Regulations on Animal Slaughtering are Boosting the Demand for Synthetic Leather
Over a billion animals are killed each year for their skin, claims People for the Ethical Treatment of Animals (PETA). Genuine leather is primarily produced in developing nations like China and India, where regulations protecting animals are not sufficiently implemented. However, strict rules are probably going to be implemented in Asia Pacific and the rest of the world, which will boost demand for genuine leather replacements. As a result, businesses are concentrating on synthetic leather, also known as an alternative to genuine leather. The production of synthetic leather uses substances made of synthetic materials rather than actual animal skins.
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The footwear industry has experienced a tremendous expansion in recent years as a result of rising demand from emerging markets. However, because of the global recession, consumer spending has slightly decreased in the United States and other European nations. South Asian nations like Vietnam, Thailand, South Korea, China, and India have all expressed a strong interest. Asia’s demand for synthetic leather is likely to be greatly impacted by this.
More foreign investment will speed up industrial penetration in emerging economies throughout the course of the projection period. One of the first industries to adjust to the global shift in consumer spending habits was the luxury industry.
The environment, as well as the health of people and animals, are negatively impacted by the raw ingredients used to make synthetic leather, such as polyurethane (PU) and polyvinyl chloride (PVC). As an isocyanate, PU has the potential to harm the lungs since it aggravates the airways and triggers asthma symptoms. In addition to irritating the skin, it makes breathing difficult owing to lung infection. Polyurethane fumes, to which employees at PU production factories are frequently exposed, can cause several health problems, including nausea, upset stomachs, and dizziness.
Dioxin, phthalates, and vinyl chloride monomer (VCM) are only a few of the hazardous carcinogens found in PVC. Dioxin is a highly hazardous and destructive substance that is typically released after the burning of chlorine-containing polymers. As a result, the production of PVC and PU is hazardous, which significantly restricts the market for synthetic leather.
- Snapshot of the Global Synthetic Leather Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Synthetic Leather Market
- Historic Growth of the Overall Global Synthetic Leather Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Synthetic Leather Industry
- Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Global Synthetic Leather Market
- Future Market Forecast and Growth Rates of the Total Global Synthetic Leather Market and by Segments
- Market Size of Application Segments with Historical CAGR and Future Forecasts
- Analysis of Global Synthetic Leather in Major Regions
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
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Major Players Mentioned in the Report
- R. Polycoats Private Limited.
- Kuraray Co., Ltd.
- Teijin Limited
- Nan Ya Plastics Corporation
- Mayur Uniquoters Limited
- San Fang Chemical Industry Co., Ltd.
- Filwel Co., Ltd.
- Zhejiang Hexin Science and Technology Co., Ltd.
- Asahi Kasei Corporation.
- Toray Industries, Inc.
Notable Emerging Companies Mentioned in the Report
- Fujian Polytech Technology Corp., Ltd.
- Daewon Chemical Co Ltd.
- Kolon Industries Inc.
- Achilles Corp
- Gruppo Mastrotto spa
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Synthetic Leather Manufacturers
- Leather Goods Manufacturers
- Leather Research & Development Institutes
- Environmental Protection Regulators
- Industrial Processing Machinery Suppliers
- Synthetic Leather Suppliers
- Synthetic Leather Raw Material Provider
- Investment Banks Targeting Consumer Goods Market
- Plastic and Rubber Manufacturers
- Adhesive Manufacturers
- Government Regulators of Chemicals and Plastics Industry
- Chemical and Plastics Industry Associations
- Potential Entrants of Synthetic Leather Industry
For more information on the research report, refer to the below link: