The global synthetic leather market is anticipated to grow at a CAGR of around 8.0% during the forecast period (2021-2027). Synthetic leather is a versatile and affordable alternative to genuine leather. Due to the increasing fashion industry, the demand for synthetic leather is growing at a rapid pace. To meet the growing demand for leather products, a synthetic alternative comes to an exitance. Synthetic leather is also known as faux leather, PU leather, or imitation leather, and it does not require using a real animal hide to create. The global synthetic leather market is driven by the increasing demand for synthetic leather in various end-user industries such as apparel, footwear, furnishing, automotive, sports goods, and others. The rising demand for a different type of footwear among the population due to the growing fashion sense is also the reason due to which the market is growing. As per INVEST India, in 2018, the total number of shoes produced globally was 24.2 billion pairs. Asia-Pacific is the largest producer and consumer of footwear globally with a share of 53.8% followed by Europe, and North America with 15.2% and 14.5% share. In 2018, out of the total production, 86.2% of the shoes were being produced in Asia. In Asia-Pacific, China India, Vietnam, and Indonesia are the leaders in the region. Availability of raw material and low-cost labor is the prime factors driving the market growth in the region.

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The global Synthetic Leather market is segmented based on type, and end-user industry. Based on type, the market is trifurcated into PU-based, PVC-based, Bio-based. Among these, the PU-based segment is expected to show promising growth during the forecast period. The segment also accounted for the largest market share in 2020. The PU-based synthetic leathers are waterproof, lightweight, easily dry out, and eco-friendly as compared to PVC-based synthetic leather, this is the major factor PU-based leathers are highly demandable in the fashion industry. Whereas bio-based synthetic leathers are expected to gain popularity during the forecast period. Based on the end-user industry, the market is segregated into footwear, furnishing, automotive, clothing, and others. Among these, the footwear industry holds the leading position in the global synthetic leather market due to increasing demand for footwear from major economies.

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Geographically, the global Synthetic Leather market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Among these, the North American region is expected to show lucrative growth in the global synthetic leather market during the forecast period. The US contributes a leading market share of the regional market and is expected to register a higher CAGR during the forecast period. The high disposable income, changing standard of leaving, stringent government regulations regarding animal abuse, and growing demand for footwear are the major factors driving the growth of the market in the country. Europe is expected to be the second-largest region in the synthetic leather market owing to the presence of major fashion brands. Germany and Italy are the two major economies in the region projected to show promising demand for synthetic leather during the forecast period.
 
Global Synthetic Leather Market – Segmentation
By Type
Polyurethane (PU) Based
Polyvinyl Chloride (PVC) Based
Bio-Based
By End-User Industry
Footwear
Furnishing
Automotive
Clothing
Others (Accessories)

Global Synthetic Leather Market – Segmentation by Region 
North America 
United States
Canada
Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe
Asia-Pacific 
China
Japan
India
Rest of Asia-Pacific
Rest of the World

Company Profiles
Achilles USA, Inc.
ALFATEX ITALIA SRL
Asahi Kasei Corp.
Filwel Co. Ltd.
Fujian Polytech Technology Corp., Ltd.
H.R.Polycoats Pvt. Ltd.
Hanwa Chemical Corp.
Kuraray Co., Ltd.
Mayur Uniquoters Ltd.
Mitsubishi Chemical Corp.
NAN YA Plastics Corp.
San Fang Chemical Industry Co. Ltd.
Teijin Aramid B.V
Toray Industries, Inc.
Wanhua Chemical Group Co.,Ltd.
Zhejiang Hexin Science And Technology Co.,Ltd.

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