What is the value of synthetic leather in the global market?
Artificial leather is known by many commercial names such as faux leather, leatherette, vegan leather, pleather, and PU leather. Synthetic leather is a man-made fabric, which is made by using polyvinyl chloride (PVC) or polyurethane (PU). Synthetic leather is used in many industries such as fabrics, footwear, clothing, upholstery, etc. in 2019, the value of synthetic leather in the global market was around USD 29.3 billion.
The global synthetic leather fiber market can be segmented on the following basis:
Based on product type: On the basis of the type of product, the global synthetic leather market is categorized as PU-based, PVC-based, and Bio-based. Among these types of synthetic leather Polyurethane (PU) synthetic leather segment accounts for the largest revenue share of over 55%.
Based on application: On the basis of application, the global synthetic leather market is segmented into Furnishing, Automotive, Footwear, Bags & Wallets, Clothing, and others. Among these sectors, footwear sectors account for the largest share of 30% in the end-use industry of synthetic leather followed by the furnishing and automotive sectors.
Based on geographical region: On the basis of geographical region, the global synthetic leather market is segmented into North America (The U.S., Canada, Mexico), Europe (Germany, UK, Russia, France, Italy, Spain), Asia Pacific (China, India, Japan, South Korea), Central and South America ( Brazil, Middle East & Africa).
Among all the regions, the Asia-Pacific region accounted for a share of 44.88% in 2019. And China dominates the global market of synthetic leather. In the Asia-Pacific region, some of the major importers of raw hide and synthetic leather are China, Taiwan, India, Thailand, and Indonesia. After the Asia-Pacific region, North America holds the second-largest market share of the global artificial leather market and was valued at USD 6,299.5 million in 2018.
Some of the leading manufacturers dominating the synthetic leather global market include Kuraray Co. Ltd., H.R. Polycoats Pvt. Ltd, Alfatex Italia, Yantai Wanhua Group Co. Ltd., Nan Ya Plastics Corp., Tejinin Ltd., etc.