Synthetic Leather Market 2018: Analysis, Size, Share, Growth and Trends by Forecast to 2023

Synthetic Leather Market – Overview

Synthetic Leather are predominantly used in place of natural leather in many applications. Synthetic Leather Market is estimated to witness moderate growth due to its tremendous usage in automotive as well as construction industry. It find wide application scope in the manufacturing of footwear and carpets or covers which are utilized in cars. Polyurethane based Synthetic Leather product is estimated to grow with the healthy CAGR among the application segment due to its eco-friendly nature as compared to PVC. Among end use industries footwear segment is expected to grow with the highest CAGR due to rising per capita disposable income along with improved standard of living. Furthermore, automotive segment is predicted to grow with the significant CAGR over the forecast period due to the increasing automotive production and sales across the globe along with rising consumption in the manufacturing of seat cover, door cover, and other accessories.

Geographically, Asia Pacific emerged as the largest market for Synthetic Leather followed by Europe and North America in 2016. The Asia Pacific region accounted for largest market share in 2016 and is predicted to dominate in future on account of continuous growth of automotive, footwear, and building & construction industries specifically in China, India, Japan, Vietnam, Thailand, Malaysia, and South Korea. Furthermore, the growth of Synthetic Leather is largely driven by their utilization in passenger cars and other transportation vehicle. Constant increase in the commercial, institutional, and residential construction activities along with rising importance of Synthetic Leather in building & construction industry is estimated to drive the market growth over the estimated period. Furthermore, growing investment by major operating companies and shifting of synthetic leather manufacturing facilities as well as rapidly growing end use industries in this region is predicted to propel the Synthetic Leather regional market growth. North American market is expected to witness moderate growth due to increasing usage in automotive, aerospace, and sports industry. In Synthetic Leather Market, U.S. is followed by Canada in terms of value and volume due to high adoption rate in end use industries. Europe is expected to witness steady growth on account of rising demand from footwear and automotive sector. Middle East & African Market is expected to register strong growth on account of rising construction activities specifically in Qatar, Turkey, the United Arab Emirates, and Saudi Arabia. Latin American countries such as Brazil and Mexico is estimated to register steady growth due to strong automotive manufacturing base.

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Industry/ Innovation/ Related News:

July 2017- Anli Group announced to construct a polyurethane leather plant in Binh Duong province, Vietnam. The plant will have a production capacity of 12 million meter/year polyurethane with two dry and two wet production lines. With this expansion the company will be able to strengthen its position among global polyurethane manufacturers.

March 2017- Toray Industries announced to spend USD 276.87 Million for the expansion of its synthetic leather output in Italy. This expansion will help Toray Industries to meet the growing demand for synthetic leather.

April 2016- Teijin Cordley limited a subsidiary of Teijin’s Group announced to launch a new high grade synthetic leather named as Maestley. The company expanded its series of Maestley products by adoption of natural leather processing procedures. With this product launch the company extend its product portfolio and strengthen its position among major operating players in this market.

July 2015- Flokser Group, one of the leading manufacturer of leather and fabric developed artificial leather fabric using bio based materials delivered by BioAmber Inc. and DuPont Tate & Lyle Bio Products. Flosker launched its synthetic leather fabric under its SERTEX brand. This product launch will help company to meet the increasing need of synthetic leather in the market.

Competitive Landscape

The Synthetic Leather Market Report analyses the degree of competition among the major players as well as industry growth and market scenario. The global synthetic leather market comprises of numerous players operating in the market which include large scale and medium size manufacturers. The prominent market players operating in the global synthetic leather industry is focusing towards growth association specifically by Asia Pacific as medium scale and small scale producers are from this region specifically from China, South Korea, India, Taiwan, Malaysia, and Japan. Furthermore, the company is focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their production capacity of synthetic leather to meet the growing demand for synthetic leather.

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Synthetic Leather Market is segmented on the basis of Type, End Use and Region

Market Overview:
Synthetic Leather, also known as bicast leather is a fabric made out of polyurethane (PU) or polyvinylchloride (PVC) type of synthetic materials and bio-based products, which is intended to replace the real leather material. The applications of Synthetic Leather can be seen in diverse end uses such as clothing, accessories, footwear, and furnishing among others. Generally, the product is marketed under "leatherette", "faux leather", "vegan leather", "PU leather" and "pleather. Synthetic leather materials are durable, moisture resistance, and most importantly, they are cost-effective as compared to the real product. The global manufacturers of Synthetic Leather are looking towards increasing their production capacity owing the declining cost of production. Global footwear market is growing at highest CAGR on accounts of an increasing standard of living of people and growing urban population around the world. The Global Leather Goods Market is estimated to grow at 4% CAGR to reach ~USD 110 billion, wherein Synthetic Leather segments holds significant share. This, in turn, is projected to fuel the demand of Synthetic Leather during the forecast period.

Competitive Analysis:
Key players in the Global Synthetic Leather Market are DuPont Tate & Lyle Bio Products (U.S.), Mayur Uniquoters Limited (India), NAN YA PLASTICS CORPORATION (Taiwan), KURARAY CO., LTD. (Japan), SAN FANG CHEMICAL INDUSTRY CO., LTD. (Taiwan), TEIJIN LIMITED (Japan), H.R. Polycoats Pvt. Ltd. (India), FILWEL CO., LTD. (Japan), Yantai Wanhua Synthetic Leather Group Co., Ltd. (China), and TORAY INDUSTRIES, INC. (Japan), among others.

Market Segmentation:
The Global Synthetic Leather Market has been segmented on the basis of type, end use and region. On the basis of type, the market is divided into, polyurethane (PU), polyvinylchloride (PVC) and vegetable-based, and bio-based. Among these types, the polyurethane (PU) based synthetic is a leading segment and is estimated to grow at highest CAGR among the other types. The PU-based Synthetic Leather material is anticipated to acquire the maximum share of the overall market. In coming years, it is expected to witness the highest CAGR. This is attributed to the harmless nature of PU as compared to PVC, which may boost the demand of poromeric imitation leather during the forecast period. The major use of this type of leather can be found in manufacturing imitation leather which is comparatively stiff and durable. This makes it usable in production of footwear, and accessories, which are the major end uses of Synthetic Leather. Polyvinylchloride (PVC) based artificial leather also holds significant share of the market. The major advantage of PVC based leather is its glossy surface which is moisture resistant and can be easily wipe-cleaned. Its uses can be found in shiny professional shoe. The vegetable based Synthetic Leather products primarily consists of cork leather that is a natural alternative made from the bark of cork oak trees, ocean leather made from kelp and piñatex, made from pineapple leaves. The growing environmental concerns over persistent waste which is non-biodegradable may help growth in demand of bio-based synthetic leather during the forecast period.

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Based on end use, the Global Synthetic Leather Market is segmented into footwear, furniture & upholstery, automotive, clothing, accessories, and sports, among others. Among them, the footwear segment is expected to grow at highest CAGR owing to increased demand of high end footwear products. This growth of footwear making industry is attributed to increasing disposable income of people, along with growing urban population around the world. Furniture & upholstery is also an emerging use of synthetic leather. The high quality artificial leather has emerged as an affordable alternative to the real leather material. Increasing standard of living of people is pushing them to spend on styling their homes by furnishing the interior with attractive and affordable materials, which may boost growth of the Global Synthetic Leather Market. Global automotive industry is steadily heading north with the rising demand from both developed and developing countries, wherein synthetic leather is majority used in seats and dashboard coverings Apart from this, the accessories, made of artificial leather such as, wallets, purse, belts, handbags and backpacks are gaining popularity. This is anticipated to boost the demand of the product.in coming years.

Regional Analysis:
The Global Synthetic Leather Market is geographically divided into five key regions namely, Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Asia Pacific is the leading region among them owing to the increasing demand from footwear and automotive u-industries in this region. Countries namely India, China, and Japan are the leading markets in this region due to the presence of many key players and growing demand from major end use industries such as automotive, and building & construction along with the footwear making industry in these countries. Europe is the second most important region in the Global Synthetic Leather Market. The major markets in this region are Germany, U.K., France and Italy, where there is a growing demand of Synthetic Leathers by automobile industry. North America is another significant region in the global synthetic leather market. U.S. is the largest market in this region due to the presence of well-established and leading end use industries such as aerospace, automotive and sports industry. Industrialization in Latin America is on the rise with pacifying political and economic scenario in Brazil and Colombia. During the forecast period the region anticipated to hold considerable share of the Global Synthetic Leather Market. The Middle East & Africa is holding relatively lesser shares in the Global Synthetic Leather Market. It is anticipated to witness growth in coming years on account of hitherto untapped growth opportunities in construction and sports industry.

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Key Points from Table of Contents:

11.    Company Profiles   

11.1       DuPont Tate & Lyle Bio Types
11.1.1    Company Overview
11.1.2    Type/Business Segment Overview
11.1.3    Financial Updates
11.1.4    Key Developments

11.2       Mayur Uniquoters Limited
11.2.1    Company Overview
11.2.2    Type/Business Segment Overview
11.2.3    Financial Updates
11.2.4    Key Developments

11.3       NAN YA PLASTICS CORPORATION
11.3.1    Company Overview
11.3.2    Type/Business Segment Overview
11.3.3    Financial Updates
11.3.4    Key Developments

11.4       KURARAY CO., LTD.
11.4.1    Company Overview
11.4.2    Type/Business Segment Overview
11.4.3    Financial Updates
11.4.4    Key Developments

11.5       SAN FANG CHEMICAL INDUSTRY CO., LTD.
11.5.1    Company Overview
11.5.2    Type/Business Segment Overview
11.5.3    Financial Updates
11.5.4    Key Developments

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