Eco-Friendly Synthetic Leather Sales to see Maximum Light of the Day; amid a rising shift towards naturally-sourced Products Synthetic Leather Market by Material Type, Application &Region-Forecast 2022-2032
Synthetic Leather Market Snapshot (2022-2023)
The global synthetic leather market is expected to have garnered a market value of US$ 27.92 Billion in 2022 and is expected to accumulate a market value of US$ 50 Billion by registering a CAGR of 6% in the forecast period 2022-2032.
Growth of the synthetic leather market can be attributed to increasing development of plant-based leathers along with rapid adoption of synthetic leathers in end user industries. The market for synthetic leather registered a CAGR of 1% in the historical period 2017-2021.
2017-2021 Synthetic Leather Demand Analysis Vs. Forecast 2022-2032
Growing demand for high-end luxury interior in automobile and luxury goods at affordable pricing is driving the synthetic leather market growth since past few years. Future Market Insight in its analysis states that synthetic leather market grew at 1% CAGR between 2017 and 2021.
Increasing demand of eco-friendly products and stringent regulations regarding animal cruelty and slaughtering will fuel the adoption of synthetic in the upcoming years. Rising popularity of veganism and consequent campaigns aimed at encouraging vegan leather products sales on social media will play a critical role in driving the market over the assessment period.
Prevailing fashion trends in emerging economies of Asia and entry of leading footwear and apparel companies as a part of their global expansion strategy will boost the sales of synthetic leather market in these countries. Automotive buyers are looking for luxurious interior design and elevated comfort at an affordable pricing.
Future Market Insights (FMl) estimates that synthetic leather sales will increase by 4.5% year-on-year in 2022, backed by rising demand for lightweight material for automotive interior and rising popularity of polyurethane leather across various industries.
Key Segments Profiled in the Synthetic Leather Market Industry Survey
Synthetic Leather by Material Type:
Synthetic Leather by Application:
Synthetic Leather for Clothing