#synthetic leather market

[tritonmarketresearchamey]

Synthetic Leather Market: Exploring Sustainable Prospects

The history of synthetic leather dates back to the mid-19th century when it was produced in response to a limited supply of natural leather. Pyroxylin-infused cotton fabric was among the earliest substitutes, largely used in bookbinding and upholstery. Since then, this sector has grown tremendously for the right reasons. With growing consumer consciousness about animal cruelty and technological advancements, materials like polyurethane (PU) and polyvinyl chloride (PVC) have gained traction to enhance the durability and versatility of faux leather, making it ideal for use in footwear, clothing, furniture, and automotive interiors. Our estimates signify that the global synthetic leather market will reap revenue worth $57.90 billion by 2030, growing at a CAGR of 7.48% during the forecast period 2023-2030.

For businesses, synthetic leather has opened various opportunities owing to its durability and water-resistant properties, required elements for products to withstand the test of time. For instance, BASF’s synthetic leather includes thermoplastic PU Elastollan offering wear resistance to car seats.

While the varied material composition is one aspect, the veganism trend has widened the overall scope of the synthetic leather market.

Rise of Faux Leather: Vegan Uprising Intersects Durable Design

Vegan fashion has emerged as a prominent topic, in addition to sustainability and digitalization, in the textile and fashion industry. According to PETA, cow leather harms the environment almost 6 times more than plant-based fabric. And thus, the growing awareness about animal cruelty, in addition to the demand for cost-effective, durable products, has influenced several brands to collaborate with famous personalities to expand their footing in the vegan space. For instance, Converse partnered with actor Millie Bobby Brown to launch its line of vegan shoes, whereas singer Justin Bieber launched a fashion line named Drew House, with a 100% vegan range.

As per PETA, high-fashion events such as Helsinki Fashion Week have also banned leather clothing. Even the likes of Versus Versace and Givenchy promoted eco-leather products to gain the attention of millennial consumers. Triton’s analysis states that during the forecast period 2023-2030, the clothing category is expected to witness revenue growth at a CAGR of 6.68%, which will facilitate lucrative opportunities for manufacturers in the faux leather market.

Moreover, the market is growing as the vegan population soars globally, especially in the UK, Germany, Poland, Italy, Spain, and others. As per the Vegan Society, over the decade, the vegan population base surged from approximately 150, 000 to around 542, 000 in the UK. This demographic shift resulted in around a 36% increase in plant-based shoes in 2021 across the nation. Hence, with more consumers hopping on this trend, regions like Europe have immense development potential during the forecast years.

Bio-Based Leather: An Ecological Opportunity

A common misconception is vegan products are biodegradable. In reality, they are animal-free but might include components like PU and PVC that are not sustainable. This has prompted high demand for bio-based materials, including flax, cactus, cotton, corn, and soybean, to produce synthetic leather. Among these fabrics, pineapple-based leather – Pinatex has gained immense popularity, with brands like Hugo Boss, Nike, and Altiir, including it in the manufacturing process.

Similarly, the growing use of bio-based leather in the automotive sector is another key trend. In terms of end-use, the automotive industry is likely to witness the fastest growth at a CAGR of 8.24%. This development is backed by automakers like Bentley that have included plant leather in its electric vehicle interior. Besides this, the increasing need for lightweight materials with various hues and textures have offered lucrative opportunities for contenders to innovate their portfolio and gain market dominance by including bio-based materials.

Our report analysis indicates the bio-based leather type is estimated to register the fastest growth at a CAGR of 8.51% over the 2023-2030 forecast period.

Further, analysis by Triton portrays that despite the high cost compared to PU and PVC leather, bio-based materials will witness high growth across North America and Europe markets. In the US, the developed automotive industry, cutting-edge processing technologies, skilled workforce, and expanding R&D are key growth enablers for the North America synthetic leather market.

Synthetic Leather Market: Growing Applications offer Limitless Possibilities

For years, synthetic leather was used for footwear, which was later modernized with the advent of the automotive and digital age. Ever since, artificial leather has gained significance in several applications as a cost-effective solution, a most sought-after attribute among industrial manufacturers.

Clothing, automotive, and footwear are popular end-user sectors. However, the application has extended to machine belts, gloves, bags, wallets, upholstery purposes, etc. These uses have ultimately influenced strategic steps like Prada’s opening of around 27 stores in the Asia-Pacific. Such developments are set to propel growth opportunities for the global synthetic leather market.

FAQs:

Q1) What is the synthetic leather market size?

The global synthetic leather market attained revenue worth $32.53 billion in 2022 and is expected to reap $57.90 billion by 2030.

Q2) Which are the key end-users of synthetic leather?

Clothing, furnishing, footwear, automotive, and bags & wallets are key end-users of synthetic leather.

[rohanisblog]

Global synthetic leather market was valued at $31.85 billion in 2022 and is projected to attain a value of $56.68 billion by 2031 at a CAGR of 6.88% during the forecast period 2023–2031. 

Astute Analytica recently published a highly anticipated market report, providing invaluable insights into the Global Synthetic Leather Market. This comprehensive report offers a detailed analysis of key drivers, restraints, regional trends, segmentation, and valuation, enabling businesses to make informed decisions for sustainable growth.

[marketinsight1234]

The global market for Synthetic Leather estimated to reach a revised size of USD 51210 Million by 2030

The global market for Synthetic Leather estimated at USD 38978.9 Million in 2023 is projected to reach a revised size of USD 51210 Million by 2030, growing at a CAGR of 5.61% over the period 2023-2030.

Synthetic leather, also known as faux leather or artificial leather, is a man-made material designed to look and feel like real leather. It is a type of fabric that is made by applying a coating of plastic or polymer to a base material such as fabric or paper. The base material is then treated with various chemicals to make it more durable, flexible, and resistant to wear and tear.

The most common types of synthetic leather are polyurethane (PU) leather and polyvinyl chloride (PVC) leather. PU leather is made by coating a fabric or paper base material with a layer of polyurethane, while PVC leather is made by coating a fabric or paper base material with a layer of PVC. Other types of synthetic leather include bio-based leather, which is made from natural materials such as pineapple leaves or mushrooms, and other innovative materials such as silicone leather.

This Synthetic Leather Market Report includes information on the manufacturer, such as shipping, pricing, revenue, interview records, gross profit, and company distribution, among other things. These details assist consumers to learn more about their rivals. Likewise, the report outlines the significant difficulties that would have an influence market growth. They also give extensive facts about the industry's potential to key stakeholders, allowing them to expand their industries and increase sales in certain industries. The research will assist companies who are already in or want to enter this market in analysing the many facets of this domain before investing in or growing their industry in the Synthetic Leather markets.

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The Report Will Include A Major Chapter

Patent Analysis

Regulatory Framework

Technology Roadmap

BCG Matrix

Heat Map Analysis

Price Trend Analysis

Investment Analysis

Company Profiling and Competitive Positioning

Industry Value Chain Analysis

Market Dynamics and Factors

Porter’s Five Forces Analysis

Pestle Analysis

SWOT Analysis

Leading players involved in the Synthetic Leather Market include:

"Kuraray Co. Ltd. (Japan), San Fang Chemical Industry Co. Ltd. (Taiwan), Mayur Uniquoters Ltd. (India), NAN YA PLASTICS CORPORATION (Taiwan), Teijin Limited (Japan), Filwel Co. Ltd. (Japan), Alfatex (Italy), Zhejiang Hexin Industry Group Co. Ltd. (China), DuPont de Nemours Inc. (USA), Yantai Wanhua Synthetic Leather Group Co.Ltd. (China), Toray Industries Inc. (Japan), H.R. Polycoats Pvt. Ltd. (India), Archilles Corporation (Japan), Favini S.r.l. (Italy), AICA Kogyo Co.Ltd. (Japan), and Other key players."

Knowing market share in the base year provides you an idea of the competition and size of the suppliers. It reflects the market's fragmentation, accumulation, dominance, and amalgamation features. The Competitive Scenario provides an outlook study of the suppliers' various industry growth plans. This section's news provides vital insights at various stages while keeping up with the industry and engaging players in the economic discussion. Merger & Acquisition, Collaboration, Partnership, Agreement, Investment & Funding, New Product Launch & Enhancement, Recognition, Rewards & Expansion are the categories that the competitive scenario represents. All of the research data collected helps the vendor identify market gaps as well as competitor weaknesses and strengths, helping them to better their service and product.

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Segmentation of Synthetic Leather Market:

By Type

Polyurethane (PU)

Polyvinylchloride (PVC)

Bio-Based

By Application

Footwear

Furniture

Automotive

Textile

Sports

Electronics

Others

An in-depth study of the Synthetic Leather industry for the years 2023–2030 is provided in the latest research. North America, Europe, Asia-Pacific, South America, the Middle East, and Africa are only some of the regions included in the report's segmented and regional analyses. The research also includes key insights including market trends and potential opportunities based on these major insights. All these quantitative data, such as market size and revenue forecasts, and qualitative data, such as customers' values, needs, and buying inclinations, are integral parts of any thorough market analysis.

Market Segment by Regions: -

North America (U.S., Canada, Mexico)

Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)

Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)

Effective Points Covered in Synthetic Leather Market Report: -

Details Competitor analysis with accurate, up-to-date demand-side dynamics information.

Standard performance against major competitors.

Identify the growth segment of your investment.

Understanding most recent innovative development and supply chain pattern.

Establish regional / national strategy based on statistics.

Develop strategies based on future development possibilities. 

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[esglatestmarketnews]

Why Companies Need to Consider ESG Factors in Synthetic Leather Production

Environmentally friendly textiles have received an uptick globally with designers, entrepreneurs, venture capitalists and other stakeholders gearing up to boost their synthetic leather industry profiles. As consumers become more conscious about sustainability, manufacturers are likely to take a giant stride in making ethical choices. Synthetic leather tends to have less impact pertaining to GHG, depletion of fossil fuels, water used for production and animal abuse. Moreover, the application of solvent-free polyurethane and polyolefin heat shrinkable elastomer resins has played a pivotal role in minimizing volatile organic compounds.

The synthetic material has gained ground to be refurbished, repaired, repurposed and recycled. Lately, artificial leather has come on the horizon to play a pivotal role in reducing plastic, using organic waste and reducing environmental impact. Besides, the use of vegan leather has amassed popularity, partly due to the soaring awareness on sustainability. Prominently, environmental concerns pertaining to leather production have encouraged stakeholders to partake in ESG strategies. Stakeholders, including manufacturers, brands, suppliers and investors are expected to bank on sustainable solutions, including the use of high-grade artificial leathers stemming from non-toxic dyes and recycled polyester. 

Environmental Perspective

The need to create sustainable leather has added a fillip to the prospect of synthetic materials. Stakeholders have prioritized the significance of zero discharge of hazardous chemicals amidst a global push to contain pollution. Companies of all sizes and sectors have realized the need to foster their sustainability portfolio and live up to ESG responsibilities. To illustrate, Smit & Zoon aims to create an environmentally and socially sustainable leather supply chain by 2025. The company is gearing to develop innovative leather-making processes and chemistry to boost circularity by 2025. It has also used Gold Standard Verified Emission Reductions certification program to further its environmental profile. The Netherlands-based company has updated its Product Passport and adopted wastewater guidelines, Life Cycle Assessments, compostability, biodegradability and circularity. 

Forward-looking companies have shown an increased inclination for bio-based polyurethane that provides a notable bio-based carbon content and minimizes CO2 emissions. Besides, vegan leather has become a beacon of growth and innovation. In essence, a soaring number of vegan materials could be a vital cog in saving products and reducing waste from landfill. The expanding applications of vegan leather products from repurposed and reused materials are expected to help reduce landfill waste.  Moreover, artificial leathers in cars have witnessed profound growth as companies strive to adopt natural ingredients. Synthetic materials could be an invaluable addition to upgrading vehicles with automakers emphasizing the use of sustainable materials. Prominently, Tesla uses vegan leather as its supplier Ultrafabrics asserts it can replace animal leather. At a time when the auto sector has become one of the largest consumers of artificial material, synthetic leather could be a game changer in cabin upholstery and car seats. 

Is your business one of participants to the Global Synthetic Leather Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices.

Social Perspective

The year 2023 and beyond could observe an unprecedented rise to strengthen healthy and safe workplaces and minimize employee turnover. Organizations are gearing up to boost people’s well-being and mental health through the adoption of bullish policies, training and certification to ensure the safety of employees. For instance, Stahl introduced the Road to Zero (R20) program to emphasize the integration of safety into the company’s culture and zero-tolerance policy on unsafe behavior. The company is also committed to do away with the restricted substances in the value chain. It has made a significant stride in chemical safety in Bangladesh. Solidaridad alluded to a collaboration with Stahl in Bangladesh in its 2021 Annual Report. The partnership saw them initiate sustainable practices in the industry in India and Bangladesh. The Dutch NGO kicked off a new project and claims to have covered around 80% of the leather clusters in India. 

Stakeholders have also vouched for the training and development of leather technicians and designers and the hiring of young and talented workforce. The onslaught of the COVID-19 pandemic compelled in-person training to take a backseat. During 2021, Stahl provided access to online training through an e-learning catalog and upped investments in cybersecurity, compliance and growth of soft skills. In 2021, it finalized the Automotive Leather Finishing Post Graduate Certificate course for some of the students and postponed it to 2022 for those who could not attend owing to travel restrictions. During the year, the company claims over 2,000 people from around 150 organizations attended Stahl Campus training courses. 

Governance Perspective

The tailwinds for a sound corporate governance system have encouraged investors and other stakeholders to count on fair management and improved corporate value. For instance, Kuraray has formed corporate governance functions under the aegis of its BoD and Board of Corporate Auditors to boost the monitoring functions and effectiveness of supervisory. The board of corporate auditors comprises 5 auditors, with at least three of them being independent outside corporate auditors and one female corporate auditor. The company has also formed the Corporate Advisory Committee consisting of outside experts and officers to bolster its governance portfolio. 

Leading players are reinforcing the need to focus on labor and human rights, sustainable procurement and ethics. Smit & Zoon addressed the UNG SDG goals 6,8,12,13,17 and materiality matrix facets, such as water & effluents, occupational health & safety, anti-corruption, environmental compliance, water & effluents, customer health & safety and energy. Additionally, Responsive Industries took a giant leap to foster workplace safety for women. The company noted in its Annual Report 2022 that it laid down Internal Complaints Committee for redressal of sexual harassment of female employees at workplace. It has also introduced a system that will help employees and directors to report issues regarding suspected or actual fraud, unethical behavior and violations of the company’s code of conduct and ethics. 

With synthetic leather-related products garnering notable demand, there are challenges and opportunities for stakeholders to embrace ESG goals. To illustrate, Stahl inferred that around 90.23% of its employees had a permanent contract in 2021. Meanwhile, in July 2022, Sage-ONF rolled out silicone synthetic leather in China. It will help to keep up with the demand for mobility interior, thereby boosting sustainability commitments through the petroleum-free and non-carbon-based solution. These trends complement the valuation of the global synthetic leather market at USD 36.24 billion in 2022. Well-established players will strive to underpin their core competencies and offer products that will propel ESG performance.  

 About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. – a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research

[mrudula01]

Rising Health Concerns to Drive Global Water Quality MonitoringMarket

Triton Market Research presents the ‘Global Water Quality Monitoring Market’ report sectioned by Component (pH Sensors, DO Sensors, Temperature Sensors, Turbidity Sensors, Other Components), by Application (Utilities, Industrial, Commercial, Residential, Other Applications), and by Regional Outlook (Middle East and Africa, Latin America, Europe, Asia-Pacific, North America).

The report further discusses the Market Summary, Industry Outlook (Technology Snapshot, Parent Market Analysis, Porter’s Five Forces Analysis, Market Maturity Analysis, Key Buying Impact Analysis, Regulatory Framework, Key Market Strategies, Drivers, Challenges, Opportunities, Analyst Perspective), Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

Triton’s research report suggests that the global water quality monitoring market would advance with a CAGR of 5.51% in the forecast years from 2023 to 2030.

Two major sources of water-borne diseases include pollutants (such as nitrates, chemicals, and heavy metals that flow into the water due to industrial pollution) and contaminants (such as bacteria, viruses, and parasitic organisms). Health effects caused by consuming polluted or contaminated water range from intoxication to life-threatening diseases or sudden death. With the growing concerns regarding water safety, the demand for water quality monitoring (WQM) systems has grown.

The sales of WQM devices are mainly centered around small-scale specialist retail outlets; whereas, their R&D is focused on large-scale applications like carbon sequestration and soil amendment. This presents a state of uncertainty, which creates challenges in the path of market growth.

North America is the leading regional market globally, which accounted for the highest revenue share in 2022. The contamination of water resources with pathogens (such as fecal coliform bacteria) is a grave concern in many areas across the region. The source of this pathogenic contamination is mainly untreated or poorly treated sewage. Thus, the high adoption of water quality monitoring systems is witnessed across North America.

Leading names engaged in the water quality monitoring market include Xylem Inc, Pentair Plc, Shimadzu Corporation, Agilent Technologies Inc, Thermo Fisher Scientific Inc, Emerson Electric Co, Evoqua Water Technologies Corp, Horiba Instruments Inc, Teledyne Technologies Inc, and Danaher Corporation.

The large capital investment required for R&D, manufacturing, and distribution acts as a hindrance for aspiring market players. The construction of a complete manufacturing unit accounts for the largest share in terms of capital investment. Moreover, the low number of buyers owing to the lack of awareness across several geographical locations hampers the growth prospects for companies. The price wars and ease of substitution are also anticipated to influence the market dynamics in the forthcoming years.

[tritonmarketresearch]

Demand for Bio-based Products Drive Synthetic Leather Market

Triton Market Research presents the Global Synthetic Leather Market report segmented by Type (Polyurethane [PU], Polyvinyl Chloride [PVC], Bio-based), End-use (Footwear, Automotive, Clothing, Furnishing, Bags & Wallets, Other End-uses), and Regional Outlook (Middle East and Africa, North America, Asia-Pacific, Europe, Latin America).

The report further includes the Market Summary, Industry Outlook, Parent Market Overview, Manufacturing Process Overview, Impact Analysis, Key Insights, Porter’s Five Forces Analysis, Market Maturity Analysis, Industry Components, Key Buying Impact Analysis, Regulatory Framework, Key Market Strategies, Drivers, Challenges, Opportunities, Analyst Perspective, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

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Based on Triton’s research report, the global synthetic leather market is deemed to witness revenue and volume growth at a CAGR of 7.48% and 7.26%, respectively, during the forecast period 2023-2030.

Synthetic leather is also known as faux or vegan leather resembling an animal’s skin. This material is formed by encasing natural or synthetic fibers in a plastic polymer or similar substance.

Several bio-based materials are employed for the production of synthetic leather, including flax, cotton, soybean, corn, etc. In recent years, pineapple leaves have been used to develop ‘Pinatex’ – a new synthetic leather product. They are primarily employed since they have flexible fiber, making them beneficial in manufacturing. Additionally, this process aids in reducing environmental harm. Hence, the growing use and demand for bio-based products create opportunities for the synthetic leather market.

However, different characteristics of synthetic to real leather and processing concerns pertaining to PU and PVC impedes the overall growth of the synthetic leather market.

The North America is estimated to witness the fastest growth over the forecast period. The growing innovations related to bio-based leather and rising concerns about animal rights support the market’s growth to a large extent. Further, there is a rising demand for formal footwear, along with vegan fashion, which has also elevated the adoption of synthetic leather to meet the demand. These trends have influenced players to increase R&D of artificial leather, thereby propelling the studied market on a growth path.

The major companies listed in the synthetic leather market include Mayur Uniquoters Limited, San Fang Chemical Industry Co Ltd, Achilles USA Inc, BASF SE, Nan Ya Plastics Corporation Inc, Teijin Limited, Alfatex Italia SRL, Kuraray Co Ltd, HR Polycoats Pvt Ltd, and Toray Industries Inc.

Large players have a wide geographic presence with strong pricing strategies. Moreover, the initial fixed costs are higher in the market. These factors have thus intensified the competition among existing players. Also, the established players own imported technologies and advanced R&D facilities, which significantly lowers the entry of players with less capital. Thus, the entry of new players is expected to be low or moderate, while the competition among players is likely to be high over the forecast period.

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[blueweave8]

GCC Synthetic Leather Market Scope, Growth, Report 2023-2030

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the GCC Synthetic Leather Market size at USD 4.78 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the GCC Synthetic Leather Market size to expand at a CAGR of 7.56% reaching a value of USD 6.86 billion by 2030. By volume, BlueWeave estimated the GCC Synthetic Leather Market size at 0.25 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the GCC Synthetic Leather Market size to expand at a CAGR of 6.98% reaching the volume of 0.42 million tons by 2030. The major growth drivers for the GCC Synthetic Leather Market include a spurring demand for leather goods and high cost of real leather.

Opportunity: Surging Demand for Synthetic Leather across Various Industries

Synthetic leather is gaining significant traction across various industries, including footwear, clothing, sports, and furnishings, owing to its favorable characteristics, including high durability and affordability. Synthetic leather is frequently used to cover couches, automobile seats, chairs, and coffee tables. It is also utilized in certain wall-hanging designs. Faux leather is frequently used in the garment and accessory industry in purses, shoes, boots, gloves, and hats. The GCC Synthetic Leather Market is expanding, as faux leather is low maintenance and less sensitive to stains and moisture than real leather.

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GCC Synthetic Leather Market

Segmental Coverage

GCC Synthetic Leather Market – By Type

Based on type, the GCC Synthetic Leather Market is segmented into PU synthetic leather, PVC synthetic leather, microfiber leather, and bio-based leather. The PU synthetic leather segment holds the largest share of the GCC Synthetic Leather Market. In terms of performance, PU leather is well known for its sturdiness, resilience to wear and tear, and increased resistance to color fading and scratches. Generally speaking, synthetic leather is more economical than real leather. This can increase its appeal in the production of low-cost products, which greatly fuels its market expansion.

GCC Synthetic Leather Market – By Country

The in-depth research report on the GCC Synthetic Leather Market covers the market in Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, and Oman. Saudi Arabia has the largest GDP and the highest purchasing power of customers in the GCC, which helps it dominate the synthetic leather business. Bahrain's high GDP per capita, when compared to other GCC nations, accounts for a significant portion of its market share. The high purchasing power of consumers in these regions directly boosts the demand for synthetic leather-based goods, such as footwear, bags, and purses, as well as automotive seat upholstery.

Competitive Landscape

Major players operating in the GCC Synthetic Leather Market include Dow, BASF SE, Covestro AG, Nour El Doha, Adim Leather Company, Teijin Cordley Limited, and Wacker Chemie.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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[market-insider]

Synthetic Leather Market | A Comprehensive Analysis of the Global Landscape

The global synthetic leather market is anticipated to reach USD 66.24 billion by 2030 and is projected to grow at a CAGR of 7.87% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing awareness among consumers regarding animal exploitation, aided by programs run by organizations such as PETA, has played a major role in increasing the demand for leather alternatives. The growing supply-demand gap in the natural leather industry is also a major factor responsible for manufacturers opting for synthetic or artificial leather. Furthermore, natural leather is obtained from animals, which has resulted in animal killings. There have been various guidelines and laws established by various countries to protect animal rights. Animal rights laws have become a major hurdle for natural leather manufacturers in several countries.

Synthetic Leather Market Report Highlights

The automotive application segment is anticipated to grow at a CAGR of 8.9% over the forecast period.  Synthetic leather is used in several automotive applications such as upholstery, dashboards, headliners, seat belts, airbags, and floor & trunk carpets. It is employed in passenger vehicles, light & commercial vehicles, heavy trucks, and buses & coaches as it is lighter than real leather. Its high elasticity enables passenger comfort in addition to providing resistance against hot & cold temperatures and spillage. The product also increases the durability of automotive interiors and reduces maintenance requirements

The PU synthetic leather segment held the largest market share of 60.8% in 2023. PU leather has good elasticity, resistance to solvents, high tensile strength, and skin abrasion resistance. These properties have been a major help in increasing its market penetration in the automotive, footwear, and furnishing sectors

Asia Pacific dominated the synthetic leather market. China is the largest market for synthetic leather in Asia Pacific. It is also among the major consumers of leather in primary application segments such as automotive, furnishing, and clothing. Automotive and footwear industry, which are vital application segments for synthetic leather, are witnessing a rapid growth in the country. China mainly imports synthetic leather from India, Korea, and Italy

In December 2021, Dow, a U.S.-based company, announced the launch of LUXSENSE, a silicone synthetic leather. It is the world's first high-end silicone synthetic leather material designed to meet specifications in furniture, wearable devices, fashion, transportation seating and interiors, and consumer electronics, offering unique features

For More Details or Sample Copy please visit link @: Synthetic Leather Market Report

Manufacturing activities of natural leather, especially tanning, lead to pollution of the nearby surroundings. This is another major reason leading to the shift in preference toward synthetic leather. Stringent environmental laws and government regulations have been influential in promoting the demand for synthetic leather.

India is among the world’s top five producers of leather. However, the Central government of India has banned the slaughter of cows for meat and leather, which has adversely affected the leather industry in the country. Most of India’s leather and meat industry comprises unorganized players, owing to which a reduction in the annual production from these industries is not feasible to estimate. The market situation has widened the demand-supply gap of genuine leather, which is expected to supplement the India PU market’s growth over the forecast period.

[futuretonext]

The GCC Synthetic Leather Market is projected to grow at a CAGR of around 4% during the forecast period, i.e., 2023-28. The growth of the market owes primarily to the burgeoning demand for synthetic leather across various end-use industries, such as footwear, automotive, furnishing, etc., due to high costs of natural leather. Besides, stringent government regulations and rising consumer awareness regarding 'no animal killing' are further augmenting the demand for synthetic leather, i.e., more advantageous than pure leather owing to its high durability and resistance to stain & weather conditions.

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Microfiber Synthetic Leather Market is estimated to be valued at US$ 23.6 billion in 2022 and is expected to exhibit a CAGR of 7.55% over the forecast period 2022-2030

Market Overview:Microfiber synthetic leather refers to a type of synthetic leather made from microfiber materials, which are ultra-fine fibers that mimic the texture and appearance of genuine leather. This type of synthetic leather offers several advantages over traditional leather, including better strength, greater water resistance, and enhanced breathability. Moreover, microfiber synthetic leather is an eco-friendly alternative to genuine leather, as it does not require the use of animal hides. The growing demand for eco-friendly and sustainable materials in various industries is expected to fuel the growth of the microfiber synthetic leather market. Additionally, the increasing adoption of microfiber synthetic leather in the automotive, footwear, and furniture industries further contributes to market expansion. Market Key Trends: One key trend driving the growth of the microfiber synthetic leather market is the rising demand for sustainable materials. With increasing environmental concerns and a shift towards eco-friendly alternatives, many industries are turning to microfiber synthetic leather as a sustainable substitute for genuine leather. For instance, in the automotive industry, microfiber synthetic leather is being used as a replacement for traditional leather upholstery. This not only reduces the reliance on animal hides but also minimizes environmental impact. PEST Analysis: Political: The political landscape can impact the microfiber synthetic leather market through policies and regulations related to environmental sustainability, animal welfare, and import/export restrictions. Economic: Economic factors such as GDP growth, disposable income, and consumer spending patterns influence the demand for microfiber synthetic leather products. A growing economy and increasing purchasing power drive market growth. Social: Changing consumer preferences towards sustainable and cruelty-free products are social factors that contribute to the demand for microfiber synthetic leather. Moreover, factors like fashion trends and evolving consumer lifestyles also influence market growth. Technological: Technological advancements in the production processes of microfiber synthetic leather, such as advanced surface treatments and finishes, improve the quality and performance of the material. Additionally, developments in textile manufacturing technology contribute to market growth. Key Takeaways: - The Global Microfiber Synthetic Leather Market Demand is expected to witness high growth, exhibiting a CAGR of 7.55% over the forecast period. - Increasing environmental concerns and a shift towards sustainability are driving the demand for microfiber synthetic leather as a substitute for genuine leather. - The automotive industry is a key market segment for microfiber synthetic leather due to its durable and sustainable properties. - Asia Pacific is expected to be the fastest-growing and dominating region in the microfiber synthetic leather market, fueled by rapid industrialization, growing population, and increasing disposable income. - Key players operating in the global microfiber synthetic leather market include Toray Industries, Inc., Kuraray Co. Ltd., E-Leather Ltd., Mayur Uniquoters Ltd., Zhejiang Hexin Industry Group Co., Ltd., Yantai Wanhua Synthetic Leather Group Co., Ltd., Clarino (Asahi Kasei Corporation), San Fang Chemical Industry Co. Ltd., Anhui Anli Material Technology Co. Ltd., and Nan Ya Plastics Corporation. In conclusion, the global microfiber synthetic leather market is witnessing significant growth due to the increasing demand for sustainable and eco-friendly materials. The market is driven by factors such as the adoption of microfiber synthetic leather in various industries and changing consumer preferences towards cruelty-free products. With advancements in technology and rising awareness about environmental sustainability, the microfiber synthetic leather market is projected to continue growing at a steady rate over the forecast period.

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Why has ESG made its mark in Synthetic Leather Industry?

Environmentally friendly textiles have received an uptick globally with designers, entrepreneurs, venture capitalists and other stakeholders gearing up to boost their synthetic leather industry profiles. As consumers become more conscious about sustainability, manufacturers are likely to take a giant stride in making ethical choices. Synthetic leather tends to have less impact pertaining to GHG, depletion of fossil fuels, water used for production and animal abuse. Moreover, the application of solvent-free polyurethane and polyolefin heat shrinkable elastomer resins has played a pivotal role in minimizing volatile organic compounds.

The synthetic material has gained ground to be refurbished, repaired, repurposed and recycled. Lately, artificial leather has come on the horizon to play a pivotal role in reducing plastic, using organic waste and reducing environmental impact. Besides, the use of vegan leather has amassed popularity, partly due to the soaring awareness on sustainability. Prominently, environmental concerns pertaining to leather production have encouraged stakeholders to partake in ESG strategies. Stakeholders, including manufacturers, brands, suppliers and investors are expected to bank on sustainable solutions, including the use of high-grade artificial leathers stemming from non-toxic dyes and recycled polyester. 

Discover more regarding the practices and strategies being implemented by industry participants form the Synthetic Leather Industry ESG Thematic Report, 2023, published by Astra ESG Solutions

Environmental Perspective

The need to create sustainable leather has added a fillip to the prospect of synthetic materials. Stakeholders have prioritized the significance of zero discharge of hazardous chemicals amidst a global push to contain pollution. Companies of all sizes and sectors have realized the need to foster their sustainability portfolio and live up to ESG responsibilities. To illustrate, Smit & Zoon aims to create an environmentally and socially sustainable leather supply chain by 2025. The company is gearing to develop innovative leather-making processes and chemistry to boost circularity by 2025. It has also used Gold Standard Verified Emission Reductions certification program to further its environmental profile. The Netherlands-based company has updated its Product Passport and adopted wastewater guidelines, Life Cycle Assessments, compostability, biodegradability and circularity. 

Forward-looking companies have shown an increased inclination for bio-based polyurethane that provides a notable bio-based carbon content and minimizes CO2 emissions. Besides, vegan leather has become a beacon of growth and innovation. In essence, a soaring number of vegan materials could be a vital cog in saving products and reducing waste from landfill. The expanding applications of vegan leather products from repurposed and reused materials are expected to help reduce landfill waste.  Moreover, artificial leathers in cars have witnessed profound growth as companies strive to adopt natural ingredients. Synthetic materials could be an invaluable addition to upgrading vehicles with automakers emphasizing the use of sustainable materials. Prominently, Tesla uses vegan leather as its supplier Ultrafabrics asserts it can replace animal leather. At a time when the auto sector has become one of the largest consumers of artificial material, synthetic leather could be a game changer in cabin upholstery and car seats. 

Social Perspective

The year 2023 and beyond could observe an unprecedented rise to strengthen healthy and safe workplaces and minimize employee turnover. Organizations are gearing up to boost people’s well-being and mental health through the adoption of bullish policies, training and certification to ensure the safety of employees. For instance, Stahl introduced the Road to Zero (R20) program to emphasize the integration of safety into the company’s culture and zero-tolerance policy on unsafe behavior. The company is also committed to do away with the restricted substances in the value chain. It has made a significant stride in chemical safety in Bangladesh. Solidaridad alluded to a collaboration with Stahl in Bangladesh in its 2021 Annual Report. The partnership saw them initiate sustainable practices in the industry in India and Bangladesh. The Dutch NGO kicked off a new project and claims to have covered around 80% of the leather clusters in India. 

Stakeholders have also vouched for the training and development of leather technicians and designers and the hiring of young and talented workforce. The onslaught of the COVID-19 pandemic compelled in-person training to take a backseat. During 2021, Stahl provided access to online training through an e-learning catalog and upped investments in cybersecurity, compliance and growth of soft skills. In 2021, it finalized the Automotive Leather Finishing Post Graduate Certificate course for some of the students and postponed it to 2022 for those who could not attend owing to travel restrictions. During the year, the company claims over 2,000 people from around 150 organizations attended Stahl Campus training courses. 

Is your business one of participants to the Global Synthetic Leather Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices.

Governance Perspective

The tailwinds for a sound corporate governance system have encouraged investors and other stakeholders to count on fair management and improved corporate value. For instance, Kuraray has formed corporate governance functions under the aegis of its BoD and Board of Corporate Auditors to boost the monitoring functions and effectiveness of supervisory. The board of corporate auditors comprises 5 auditors, with at least three of them being independent outside corporate auditors and one female corporate auditor. The company has also formed the Corporate Advisory Committee consisting of outside experts and officers to bolster its governance portfolio. 

Leading players are reinforcing the need to focus on labor and human rights, sustainable procurement and ethics. Smit & Zoon addressed the UNG SDG goals 6,8,12,13,17 and materiality matrix facets, such as water & effluents, occupational health & safety, anti-corruption, environmental compliance, water & effluents, customer health & safety and energy. Additionally, Responsive Industries took a giant leap to foster workplace safety for women. The company noted in its Annual Report 2022 that it laid down Internal Complaints Committee for redressal of sexual harassment of female employees at workplace. It has also introduced a system that will help employees and directors to report issues regarding suspected or actual fraud, unethical behavior and violations of the company’s code of conduct and ethics. 

With synthetic leather-related products garnering notable demand, there are challenges and opportunities for stakeholders to embrace ESG goals. To illustrate, Stahl inferred that around 90.23% of its employees had a permanent contract in 2021. Meanwhile, in July 2022, Sage-ONF rolled out silicone synthetic leather in China. It will help to keep up with the demand for mobility interior, thereby boosting sustainability commitments through the petroleum-free and non-carbon-based solution. These trends complement the valuation of the global synthetic leather market at USD 36.24 billion in 2022. Well-established players will strive to underpin their core competencies and offer products that will propel ESG performance.  

 About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. – a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

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