VIETNAM SYNTHETIC LEATHER MARKET FORECAST 2023-2030

The industry’s enterprises were formerly concentrated in Ho Chi Minh City, Binh Duong, and Dong Nai provinces in the South and Hai Phong, Hanoi areas in the North of Vietnam. Also, efforts are being undertaken to create new production zones soon with the following production targets, which provides immense opportunities for overseas investors. 

Furthermore, Europe and the United States are the two biggest markets for Vietnam’s footwear and handbag export, followed by countries like Japan, China, Brazil, etc. Besides, many foreign parts manufacturers are also looking to shift their projects to Vietnam, adding another advantage for the leather-footwear industry. The United States and Europe footwear and handbag firms are willing to relocate their production bases from China to Vietnam to enjoy TPP treatments.

The Vietnam synthetic leather market analysis entails segmentation by product and application. Market by application covers furnishing, automotive, bags & wallets, clothing, footwear, and other applications.

The linings, uppers, and soles of boots, dress shoes, sports shoes, soccer shoes, flip-flops, slippers, and sandals are frequently made of synthetic leather. These sneakers are durable, reasonably priced, and eco-friendly. Synthetic leather shoes have superior water resistance compared to animal-based leather shoes, which soil from exposure to specific factors. Shoes made of synthetic leather can handle extended running and walking.

The greatest market for synthetic leather is footwear. Due to increased consumer disposable income and economic expansion, the segment is anticipated to grow significantly over the forecast period. The growing acceptance of athleisure, a fashion movement that emphasizes wearing sports shoes with casual clothing, is also anticipated to boost demand for synthetic leather in footwear applications.  

Further favorable elements increase the market for footwear with synthetic leather. Synthetic leather shoes cost three times less than real leather shoes, making them more affordable for big-volume purchases, especially among middle-class consumers. Compared to real leather footwear, synthetic leather footwear may be found in a broader variety of designs, making it a popular option for urban customers who prioritize stylish and trendy footwear.

In recent years, the footwear business has expanded significantly in Asian nations. The market’s overall demand has been supported by more affordable options, rising consumer disposable income, the availability of varied styles, and the broad presence of climatic conditions that require the use of various types of footwear. Non-athletic footwear manufactured from PU leather is also witnessing a rise in demand in the global market.

Key players in the Vietnam synthetic leather market entail Toray Industries Inc, Nan Ya Plastics Corporation Inc, etc.

Nan Ya Plastics Corporation markets as well as manufactures chemical fiber and plastic products. The company includes plastic leather, rigid film products, polyester filament yarn, and flexible PVC film. It also manufactures printed circuit boards. The plastic products department is mainly engaged in manufacturing and selling flexible PVC sheets and other plastics processing products. The plastic materials department is mainly engaged in manufacturing and selling ethylene glycol and other plastic petrochemical raw materials. The company has its distribution channel in Vietnam, Taiwan, China, the United States, and various European countries. The company is headquartered in Taipei City, Taiwan.

PU Synthetic Leather from Nan Ya Plastics is water resistant, has good flexing properties, is more lightweight than real leather, and can be used for car interiors, bike seats, sports equipment, yoga mats, and furniture.