Inkwood Research anticipates the Global Synthetic Leather Market to surge a 7.11% CAGR in revenue and a 6.89% CAGR in volume by the end of the assessment years 2023-2032.
“Browse 77 market data Tables and 68 Figures spread over 221 Pages, along with an in-depth TOC on the Global Synthetic Leather Market Forecast 2023-2032.”
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Genuine leather has steadily been replaced by synthetic leather. Due to an increase in the use of artificial leather grades in boots, sneakers, sandals, and formal shoes, the industry is anticipated to obtain a sizeable market share in the footwear sector in the upcoming years. Additionally, automakers use synthetic leather in the automotive industry because of its excellent wear resistance, affordable production, and resilience. The largest end market for imitation leather in the automobile industry is passenger vehicles, predominantly marketed to middle-class customers. Compared to real leather, synthetic leather is cheaper and simpler to maintain, which helps draw in many customers. Artificial leather is used in vehicles to lower total costs, enabling producers to obtain steady economies of scale.
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Affordability and Sustainability of Synthetic Leather Drive Market Growth
Natural leather is obtained from animals, which has resulted in animal killings. Various countries have established various guidelines and laws to protect animal rights. Animal rights laws have become a major hurdle for natural leather manufacturers in several countries. Growing consumer awareness regarding animal exploitation also plays a major role in increasing the demand for leather alternatives.
Furthermore, the growing supply-demand gap in the natural leather industry is a major factor for manufacturers opting for synthetic leather. Moreover, the production cost of synthetic leather is comparatively lesser than that of natural leather. Also, synthetic leather has an easier manufacturing process, leading to increased investments in synthetic leather and improving the overall market penetration.
Footwear Application Set to Lead the Market in Terms of Volume
In the footwear industry, synthetic leather is being utilized more and more in place of conventional leather. It is used in sandal uppers, shoe linings, insoles, and shoes. Since synthetic leather is coupled with a few chemicals that give it waterproof properties, synthetic leather shoes demonstrate excellent waterproof capabilities. The production of synthetic leather is a simple, mechanized procedure that lowers the price of shoes made from this material. As a result, the footwear sector has a significant demand for synthetic leather, driving its market during the forecasted years.
Leading Region – North America
The North America market for synthetic leather is anticipated to witness a significant rise in the next few years, owing to the increase in demand for automotive synthetic leather upholstery. Further, to strengthen the supply chain, government initiatives are expected to positively impact market growth. Besides, there is also a paradigm shift in global demand due to the rising number of applications in industries such as bags, automotive, clothing, furnishing, etc. Manufacturers are also heavily investing in their sourcing, especially to Vietnam, China, and other Asian suppliers, owing to low freight & labor costs and abundant raw materials.
Furthermore, various global players are anticipated to stimulate market rivalry over the forecast period. The established players own imported technologies, equipment, and advanced research and development facilities, strengthening their market position. Imported equipment is expensive, which poses a barrier for new entrants with less capital. Fixed installation costs are higher in the market, which keeps the competitive rivalry comparatively higher.
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