Synthetic Leather Market Size to Grow by USD 54.16 Billion 2031, with Experiences Growth Due to Growing End-Use Industries | The Insight Partners
The report runs an in-depth analysis of market trends, key players, and future opportunities. The synthetic leather market analysis focuses on an array of industrial applications that are expected to determine the market strength in the coming years.
US & Canada, May 27, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global synthetic leather market is observing significant growth owing to the growth of the footwear, clothing, furniture, and automotive industries and the advantages of synthetic leather.
The global synthetic leather market is experiencing significant growth, driven by increasing demand for sustainable and animal-free alternatives in industries such as footwear, automotive, fashion, and furniture. In 2024, the market was valued at approximately USD 32.24 billion and is projected to reach USD 54.16 billion by 2031, growing at a CAGR of 6.5% during the forecast period. Key drivers include advancements in bio-based materials, consumer preference for cruelty-free products, and technological innovations enhancing product quality and durability.
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Overview of Report Findings
1. Market Growth: The synthetic leather market is expected to reach US$ 54.16 billion by 2031 from US$ 32.24 billion in 2024; it is anticipated to record a CAGR of 6.5% during the forecast period. Synthetic leather is prepared by mixing and extruding raw materials such as polyurethane, polyvinyl chloride, color pigments, and backing materials. The growing demand from various end-use industries such as furniture, footwear, automotive, and electronics is expected to drive the market during the forecast period. In addition, the increasing investments by major players operating in the market are expected to boost the market growth.
2. Rise in Demand from Various End-Use Industries: Synthetic leather is extremely popular and used in various industries, including footwear, clothing, furniture, and automotive. The most common use of synthetic leather is in clothing, luggage, and cases. Synthetic leather is also used in jackets, coats, handbags, purses, belts, etc. Moreover, the footwear industry has a high demand for synthetic leather. In the footwear industry, synthetic leather is frequently used in shoes due to its low cost, abrasion resistance, and water resistance. Synthetic leather has become more popular for furniture items. Synthetic leather is used for upholstery, such as covering chairs and lining the tops of writing desks and tables. It is commonly used on sofas, chairs, headboards, etc. As synthetic leather is available in various colors, styles, textures, and patterns, it is being increasingly used in decorating residential or commercial interiors. This further fuels the growth of the synthetic leather market.
3. Advantages of Synthetic Leather: Synthetic leather offers several advantages. It is modified and improved to reflect a visual appearance with realistic leather quality. It is a versatile material and is available in a variety of colors, finishes, and patterns. This offers an opportunity to choose color and design for loveseats, sofas, recliners, etc. Synthetic leather also provides a uniform look since all the pieces come from the same stock. Synthetic leather costs much less than genuine leather and is typically more affordable. Moreover, synthetic leather is a waterproof material. It can resist water penetration since it usually comprises a plastic base layer with a plastic coating. As a result, synthetic leather is the finest choice for applications with continuous exposure to moisture and humidity. Another benefit is that synthetic leather is cruelty-free since animals do not go through any brutality during synthetic leather production. Thus, all these advantages associated with synthetic leather are driving the market.
4. Geographical Insights: Asia Pacific led the market with a substantial revenue share in 2024, followed by Europe and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on type, the synthetic leather market is segmented into polyurethane, polyvinyl chloride, silicone, and others. The polyurethane segment held the largest share of the market in 2024.
- In terms of application, the synthetic leather market is categorized into footwear, furniture, automotive, clothing, stationery goods, and others. The footwear segment accounted for the largest share of the market in 2024.
- The synthetic leather market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Competitive Strategy and Development
- Key Players: Major companies operating in the synthetic leather market include Kuraray Co., Ltd.; SAN FANG CHEMICAL INDUSTRY CO., LTD.; TEIJIN LIMITED; NAN YA PLASTICS CORPORATION; FILWEL Co., Ltd.; Alfatex Italia; Mayur Uniquoters Limited; H.R. POLYCOATS PVT. LTD.; FUJIAN POLYTECH TECHNOLOGY CORP.,LTD.; and BASF SE.
- Trending Topics: Silicone leather, bio-based leather, plant-based leather
Global Headlines on Synthetic Leather
- Wanhua Chemical and Henkel Group sign letter of intent on strategic cooperation
- San Fang Chemical Industry Co., Ltd. announced it will develop new synthetic leather for footwear
- GUARDIAN GLASS LLC. had planned to add jumbo synthetic leather production line at Ryazan, Russia
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Conclusion
The growth in the global automotive industry propels the demand for automotive interior materials. Synthetic leather is used in the automotive industry, especially in making automotive interiors. It is also used for car seating as it helps with cost reduction. Thus, the growing demand for automotive interior materials from economies such as India, China, Mexico, the US, and Germany is boosting the growth of the synthetic leather market.
The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, manufacturers, distributors, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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