The global synthetic leather market size is anticipated to reach USD 57.0 billion by 2028, growing at a CAGR of 7.8% from 2021 to 2028. Increasing product application scope in footwear has been a major factor driving the market growth.
In addition, growing importance and awareness about animal rights and stringent laws regarding the usage of real leather are propelling the demand for its synthetic counterpart. Synthetic leather materials offer superior properties, such as high gloss finish, durability, strength, and UV resistance, and easy maintenance. Moreover, products made from faux leather are cheaper and thus, continue to attract consumers, especially from middle- and high-income level groups.
Synthetic Leather Market Report Highlights
The global market is expected to witness significant growth over the forecast period owing to rising product demand in the footwear and automotive applications PU leather emerged as the largest product segment in 2020 and is estimated to generate revenue over USD 35.6 billion by 2028 Asia Pacific is projected to be the fastest-growing as well as the largest regional market over the estimated period.
The market growth in APAC can be credited to the rapid economic growth across countries, such as India, China, Japan, and Korea. In addition, the rapid development of the construction and automotive manufacturing industries in APAC is fueling the product demand further Countries, such as South Korea, Taiwan, China, and India, are emerging as leading producers in the global market as a result of the availability of relatively cheaper raw materials.