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Synthetic Leather Market Future Growth Strategies 2031

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5/16/2022

Synthetic Leather Market Future Growth Strategies 2031

Synthetic Leather Market Outlook 2031

The global synthetic leather market was valued over US$ 84.1 Bn in 2020
It is estimated to expand at a CAGR of 7.23% from 2021 to 2031
The global synthetic leather market is expected to surpass the value of US$ 174.7 Bn by the end of 2031

Affordable and Glossy Synthetic Leather Grabbing Attention of Buyers

The increase in the 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 through wet coagulation or dry coagulation and the transfer coating process. However, 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 (ultraviolet)-resistant as well. Main important difference is that it is not made from animal hide and skin. Such trends are contributing to the expansion of the synthetic leather market.

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Reopening of Country Borders Fueling Trade During COVID-19 Crisis

Import and export of synthetic leather is projected to rise, owing to increase in shipment and demand for products amid the ongoing COVID-19 pandemic. Manufacturers in the synthetic leather market are capitalizing on this opportunity, since the reopening of country borders is helping resolve transportation and logistic issues, owing to stringent regulations being followed during transport of raw materials. Since spending capacity of customers has decreased due to the slowdown in the global economy, manufacturers are leveraging sales channels through eCommerce and online shopping apps to increase product uptake. They are adopting contingency planning to avoid disruption across customer demand, supply of materials, and availability of logistics services.

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High Level of Care & Maintenance for Synthetic Leather Affects Product Sales

Synthetic leather has relatively shorter lifespan as compared to traditional leather, as prolonged exposure to heat and moisture tends to degrade synthetic leather at a more rapid pace.

Synthetic leather is chemically-treated to make it resistant to sunlight, scratches, and fire; however, it becomes weak and susceptible to degradation, due to wear and tear. Synthetic leather is available at an affordable price; however, it requires high level of care & maintenance and needs to be protected from direct sunrays to extend its lifespan. Thus, customers and end users in commercial industries are weighing the pros, which are higher as compared to cons in order to arrive at purchase decisions.

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Synthetic Leather Holds Promising Potentials to Reduce Environmental Footprint

Synthetic leather is eco-friendly than traditional or genuine leather. It can be made more eco-friendly and acceptable by changing certain aspects of synthetic leather. Some companies are now shifting their focus to recycled products to manufacture synthetic leather in order to promote sustainable development.

Companies are switching to the use of recycled polyester ultra-fine microfibers as raw materials for their products. This not only helps to prevent microfibers from causing pollution, but also reduces the demand for crude oil and petroleum-based products to a large extent. It also helps to minimize the level of carbon dioxide (CO2) emitted from the processing and manufacture of virgin polyester fibers. Such findings are contributing to the expansion of the synthetic leather market.

Synthetic Leather Manufacturers Unlock Incremental Opportunities in Automotive Sector

Rapid rise in population and disposable income has been propelling the demand for passenger and commercial vehicles, especially in developing countries such as China and India. The total number of new cars and light commercial vehicles (LCVs) sold across the globe were 86.01 million units in 2018, up from 79.77 million units in 2015.

Thus, increase in automotive sales and constant changes in consumer preferences in the automotive industry, especially in terms of automotive interior settings and looks, has been driving the demand for high-grade synthetic leather in the past few years.

Traditional leather is heavy, expensive, and difficult to handle; consequently, it is being replaced by synthetic leather in automotive interior settings ranging from seat covers to dashboards. These factors are encouraging participants in the synthetic leather market to tap revenue opportunities in the automotive sector.

Synthetic Leather Market: Overview

Synthetic material holds the appearance of leather, but is not made from animal skin. It consists of natural or synthetic fibers coated with plastic polymer. Synthetic leather is usually made from polyurethane (PU) and polyvinylchloride (PVC). Synthetic leather is also known as faux leather, artificial leather, rexine, vinyl or leatherette in market, which is manmade fabric using polyurethane and polyvinylchloride. Synthetic leather is a cheaper, a more versatile and ethically friendly alternatives to real leather which is made by tanned and animal hides.
Polyvinylchloride leather is commonly known as PVC leather. It is a unique kind of suede leather created by replacing the hydrogen group in vinyl group with a chloride group. It is less expensive and a good alternative. Vinyl is a flexible plastic resin. It is usually altered with variety of fillers to alter texture, color, form, and effects to fit various leather goods. PVC is a synthetic polymer and needs toxic chemicals during the manufacturing process.
Products made from polyvinylchloride range from pipes, flooring, and window frames to rain gutters, garden furniture, and automotive parts. When softened with plasticizer, polyvinylchloride can be used to make medical devices, cling films, credit cards, plastic bags, and synthetic leather.
Polyurethane leather or PU leather is an artificial leather that is made of thermoplastic polymer. It is used for making furniture, shoes, etc. 100% polyurethane leather is completely artificial and considered “Vegan”. It is completely manmade and gives the look and feel of genuine leather. It is glossier and less thick than genuine leather. It is easy to clean and wash. It is waterproof. Chemical and petroleum are used in the manufacturing process of polyurethane leather. The whole process is broken down into four simple steps, starting with the base fabric, application of polyurethane coating, coloring it by adding an extra layer of color, and final texture for finish.
Synthetic leather is widely replacing genuine leather in the footwear industry due to its better durability. It can be used in shoe uppers, shoe lining and insoles, and sandals. Synthetic leather is also widely used in the furnishings industry. For instance, it is used in sofas and couches, chairs, and headboard upholstery. Application of synthetic leather in interior includes the wall tiles, ceiling, flooring, table surface and bed covering etc.

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