Synthetic Leather Market Growth & Trends
According to a new report by Grand View Research, Inc., the global synthetic leather market is expected to reach a valuation of USD 66.24 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.87% from 2024 to 2030. This significant growth trajectory is driven by a range of socio-environmental and economic factors, including heightened consumer awareness regarding animal welfare and increased regulatory restrictions on the production of natural leather.
One of the primary factors propelling the demand for synthetic leather is the growing consciousness among consumers about animal exploitation. Organizations such as People for the Ethical Treatment of Animals (PETA) and other animal rights groups have been actively advocating against the use of animal-derived products, thereby encouraging consumers and manufacturers to adopt ethical alternatives like synthetic leather. This shift in perception has created a favorable environment for the growth of the synthetic leather industry.
In addition, the growing imbalance in supply and demand in the natural leather industry has further contributed to the shift. As natural leather is derived from animal hides, its production is limited by the availability of animals and is also subject to various legal and ethical constraints, which can disrupt the supply chain. This makes synthetic leather a more accessible and scalable alternative for manufacturers across a wide range of industries, including fashion, automotive, footwear, and upholstery.
The environmental impact associated with natural leather production—especially the tanning process, which involves hazardous chemicals—has raised further concerns. Tanning often leads to severe pollution of nearby water bodies and ecosystems, posing health risks to both humans and wildlife. In response, many governments have introduced strict environmental regulations, including pollution control laws and emissions standards, which are making it increasingly difficult and costly for natural leather producers to operate. As a result, industries are pivoting toward more eco-friendly alternatives, with synthetic leather being at the forefront.
India, recognized as one of the top five global producers of leather, presents a unique case. Despite its strong legacy in leather production, the Indian government’s nationwide ban on cow slaughter for meat and leather has significantly affected the availability of raw materials for the natural leather industry. Since a large portion of India's leather and meat sectors consists of unorganized and informal enterprises, it is difficult to quantify the exact decline in production output. Nonetheless, the growing supply constraints and regulatory pressures are expected to significantly benefit the polyurethane (PU)-based synthetic leather market in India over the forecast period.
In summary, the synthetic leather market is poised for sustained growth, underpinned by ethical consumerism, environmental regulations, and raw material supply issues in the natural leather industry. Manufacturers are increasingly investing in research and development to improve the quality, sustainability, and cost-effectiveness of synthetic leather, ensuring long-term market viability.
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Synthetic Leather Market Segmentation
Grand View Research has segmented the global synthetic leather market based on type, application, and region:
Synthetic Leather Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- PU Synthetic Leather
- PVC Synthetic Leather
- Bio-based Leather
List of Key Players in the Synthetic Leather Market
- Kuraray Co., Ltd.
- R. Polycoats Pvt. Ltd.
- Alfatex Italia SRL
- Filwel Co., Ltd.
- Yantai Wanhua Synthetic Leather Group Co., Ltd.
- San Fang Chemical Industry Co., Ltd.
- Mayur Uniquoters Limited
- Teijin Limited
- Nan Ya Plastics Corporation
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