The global synthetic leather market is anticipated to grow at a CAGR of around 8.0% during the forecast period (2021-2027). The Asia-Pacific is projected to exhibit the fastest growth in the global synthetic leather market during the forecast period. In Asia-Pacific, China, India, Japan, South Korea, Indonesia, and Vietnam are the major economies where the demand for synthetic leather is high in various industries. The high population base along with the demand for leather products is the key factor driving the growth of the market. The emerging footwear industry in these economies is also accelerating the significant demand for synthetic leather for footwear manufacturing. For instance, the footwear industry in India contributes about two 2% to India’s overall GDP along with employing 2 Mn workers. According to India Brand Equity Foundation (IBEF) estimates, in 2019-2020, total leather and leather products export from India stood at $ 5.07 billion. The production of footwear in India is also the reason the demand for synthetic leather is also high. According to the IBEF, in terms of volume, India produced 1.8 billion units and is expected to produce almost 3 billion units by 2024 growing at more than 10% annually. Indian Footwear Market was valued at $ 9.70 Billion in the year 2019. The per capita consumption of footwear is expected to be 2.94 pairs in 2024-25.
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Moreover, Furthermore, growing automotive production across Asia-Pacific and manufacturers' approach towards providing a comfortable ergonomic seat to reduce fatigue of the passenger or driver is expected to further support the growth of the global synthetic leather market. However, stringent government regulations related to animal abuse to generate pure leather by killing them, and awareness regarding alternatives of leather are projected to fuel the market growth in the region.
Market Coverage
o By Type
o By End-User Industry
o North America
o Europe
o Asia-Pacific
o Rest of the World
Key questions addressed by the report
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
Global Synthetic Leather Market Report Segment
By Type
By End-User Industry
Global Synthetic Leather Market Report by Region
North America
Europe
Asia-Pacific
Rest of the World
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