Report Description Table of Contents The synthetic leather market was worth USD 33 billion in 2023 and will be worth USD 55.02 billion by 2030, growing at a CAGR of 6.6% during the forecast period. A rising need for animal-friendly materials in automotive applications, footwear, and fashion propels the Synthetic Leather Market. The growth of the Global Vegan Footwear Market is anticipated to be over 7% every year; more companies are turning to synthetic leather as a more sustainable substitute while still providing the same appearance and strength as animal leather. For instance, car makers like Tesla have embraced the act of using synthetic leather in their car interiors because the majority of consumers today prefer cruelty-free products. The latest advancement includes BASF's launching of Haptex, a synthetic leather created from renewable resources and has better durability, making more industries embrace bio-based materials. The Synthetic Leather Market offers substantial opportunities as industries like automotive, fashion, and furniture increasingly shift towards sustainable and cruelty-free materials. The fashion sector alone, which is worth more than 1.5 trillion USD worldwide, is now experiencing growing trends in vegan and eco-products, such as synthetic leather. For instance, the footwear segment, primarily using leather products, is increasingly substituting synthetic materials; Adidas released collections of natural plant-based and recycled synthetic leather shoes. One of these new advancements is extending the material and using pineapple leaves to make a synthetic leather named Piñatex that has been adopted by prominent luxury and popular appeal brands. The consumer and industry shift towards ethical and sustainable products is becoming an increasingly promising trend for the synthetic leather market. Synthetic Leather Market Segmentation By Product Type: Polyurethane (PU) Leather Polyvinyl Chloride (PVC) Leather Bio-based Leather By Application: Footwear Automotive Furnishing Clothing Bags & Wallets Sports Goods Electronics By End-Use Industry: Automotive Fashion & Apparel Furniture Sports & Leisure Electronics & Accessories By Distribution Channel: Online Retail Offline Retail (Department Stores, Specialty Stores) By Region North America US Mexico Canada Rest of North America Europe Switzerland Russia France Germany U.K Finland Turkey Netherlands Belgium Spain Italy Rest of Europe Asia Pacific India China South Korea Japan Singapore Thailand Indonesia Malaysia Philippines Australia Rest of Asia-Pacific LAMEA Brazil Argentina Uruguay Saudi Arabia Rest of LAMEA Segment Analysis of the Synthetic Leather Market By Product Type: Leading Segment: Polyurethane (PU) Leather Polyurethane (PU) leather is the leading segment in the synthetic leather market, holding a significant market share. PU leather is highly favored for its superior quality, durability & eco-friendly properties, making it the material of choice for various applications, particularly in fashion, automotive & furniture. The market share of PU leather is substantial due to its versatility, resemblance to real leather & growing demand for sustainable alternatives to traditional leather. As of recent data, the PU leather segment contributes to approximately 55-60% of the total synthetic leather market. Fastest-Growing Segment: Bio-based Leather (CAGR: 10-12%) Bio-based leather is the fastest-growing segment in the synthetic leather market, with a projected Compound Annual Growth Rate (CAGR) of 10-12%. This growth is driven by the rising demand for sustainable, eco-friendly alternatives to regular synthetic & natural leather. Bio-based leather, made from plant materials like pineapple leaves, mushrooms, or apple peels, is becoming very popular, especially among environmentally conscious consumers. The fashion & automotive industries are expected to continue using more sustainable materials, which will help this segment grow. By Application: Leading Segment: Footwear Footwear is the largest application segment for synthetic leather, primarily driven by the demand for cost-effective, durable & aesthetically appealing alternatives to traditional leather. Synthetic leather is widely used in the production of shoes, boots, and sandals, especially in the mass-market and fast-fashion segments. It is estimated that the footwear segment accounts for around 40% of the total synthetic leather market share. Major brands & companies like Nike & Adidas are increasingly adopting synthetic leather for their eco-conscious product lines, which continues to bolster this segment's dominance. Fastest-Growing Segment: Automotive The automotive application is the fastest-growing segment in the synthetic leather market, with an anticipated CAGR of 8-10%. The use of synthetic leather in automotive interiors, such as seat covers, dashboards & door panels, has surged due to its cost-effectiveness, variety of textures, and lower environmental impact compared to natural leather. Growing consumer preference for sustainable & high-performance materials in vehicles, along with the rise of electric vehicles (EVs), is driving the rapid expansion of this segment. Companies like Tesla & BMW are incorporating synthetic leather in their vehicle interiors, fueling growth in this sector. By End-Use Industry: Leading Segment: Automotive The automotive industry remains the leading end-user of synthetic leather, contributing a large portion to the overall market. Synthetic leather is widely used in automotive applications due to its versatility, durability & ease of maintenance. It is found in car interiors, including seats, headliners & upholstery, providing an attractive & cost-effective alternative to genuine leather. The automotive sector is expected to continue driving the synthetic leather market as manufacturers focus on eco-friendly, sustainable materials for vehicle production. Fastest-Growing Segment: Fashion & Apparel The fashion and apparel industry is the fastest-growing end-use industry for synthetic leather, with an expected CAGR of 7-9%. The demand for high-quality, fashionable & affordable leather alternatives is expanding, especially as consumers become more environmentally conscious. Synthetic leather is increasingly used in jackets, skirts, bags, belts, and other accessories. Luxury brands & fast-fashion retailers are actively adopting synthetic leather in their collections, driven by the rising preference for cruelty-free & sustainable fashion. By Distribution Channel: Leading Segment: Offline Retail (Department Stores, Specialty Stores) Offline retail remains the leading distribution channel for synthetic leather, with department stores and specialty stores accounting for a substantial share of the market. Consumers still prefer to touch and feel the material before making a purchase, especially for fashion and footwear items. Offline retail continues to hold around 60-65% of the total market share, particularly in regions where traditional shopping habits are prevalent. Fastest-Growing Segment: Online Retail (CAGR: 12-15%) Online retail is the fastest-growing distribution channel for synthetic leather, with a projected CAGR of 12-15%. The increasing adoption of e-commerce platforms is fueling the growth of this segment. Consumers are increasingly purchasing synthetic leather goods like footwear, clothing, & accessories from online stores due to the convenience, variety & competitive pricing. Big e-commerce companies like Amazon & Alibaba, along with specialized sites, are increasing the variety of synthetic leather products they sell to meet the rising demand from online shoppers. By Region: Leading Region: Asia-Pacific APAC is the largest market for synthetic leather, driven by the booming manufacturing industry, particularly in China & India. The region accounts for a significant share of the global market due to the high demand for synthetic leather in various applications, including footwear, automotive, and fashion. The availability of low-cost labor, well-established manufacturing infrastructure & growing industrialization contribute to the dominance of the Asia-Pacific region, which is expected to maintain its leading position in the coming years. Fastest-Growing Region: Latin America Latin America is the fastest-growing region for the synthetic leather market, with a projected CAGR of 9-11%. This growth is driven by the increasing demand for affordable & sustainable materials in the fashion and automotive industries, particularly in countries like Brazil & Mexico. As disposable incomes rise & consumer awareness about sustainability increases, Latin American countries are seeing an uptick in demand for synthetic leather products, further fueling market growth in the region. Synthetic Leather Market Key Players Teijin Limited Kuraray Co., Ltd. Toray Industries, Inc. Asahi Kasei Corporation Huafon Group Yantai Wanhua Synthetic Leather Group Co., Ltd. San Fang Chemical Industry Co., Ltd. Mayur Uniquoters Ltd. Alfatex Italia Nan Ya Plastics Corporation Synthetic Leather Market Report Coverage Report Attribute Details Forecast Period 2023 – 2030 Market Size Value in 2023 USD 33 billion Revenue Forecast in 2030 USD 55.02 billion Overall Growth Rate CAGR of 6.6% Base Year for Estimation 2022 Historical Data 2017 – 2021 Unit USD Billion, CAGR (2023 - 2030) Segmentation By Product Type, By Application, By End-Use Industry, By Distribution Channel, By Region By Product Type Polyurethane (PU) Leather, Polyvinyl Chloride (PVC) Leather, Bio-based Leather By Application Footwear, Automotive, Furnishing, Clothing, Bags & Wallets, Sports Goods, Electronics By End-Use Industry Automotive, Fashion & Apparel, Furniture, Sports & Leisure, Electronics & Accessories By Distribution Channel Online Retail, Offline Retail (Department Stores, Specialty Stores) By Region North America, Europe, Asia Pacific, LAMEA Country Scope US, Mexico, Canada, Germany, UK, France, China, Japan, India, etc. Pricing and Purchase Options Avail customized purchase options to meet your exact research needs. Frequently Asked Question About This Report How big is the Synthetic Leather Market? The synthetic leather market was valued at USD 33 billion in 2023 and is projected to reach USD 55.02 billion by 2030, growing at a CAGR of 6.6% during the forecast period. What are the key factors driving the growth of the Synthetic Leather Market? The rising demand for animal-friendly materials in automotive applications, footwear, and fashion, along with advancements in bio-based leather alternatives, are key drivers of market growth. Who are the major players in the Synthetic Leather Market? Prominent companies include BASF SE, Kuraray Co., Ltd., Toray Industries, Inc., Teijin Limited, and Asahi Kasei Corporation. Which region held the largest Synthetic Leather Market share? The Asia-Pacific region holds the highest market share, accounting for more than 40% of the global market in 2022, due to enhanced manufacturing capacity, lower production costs, and high demand from automotive and fashion industries. Which application had the largest Synthetic Leather Market share? The footwear segment leads the synthetic leather market, fueled by the fashion industry shift towards sustainable and cruelty-free materials. . Table of Contents 1. SYNTHETIC LEATHER MARKET – PRODUCTION VOLUME BY REGION, (2024 – 2030) 1.1. North America 1.2. Europe 1.3. Asia Pacific 1.4. Latin America 1.5. Middle East & Africa 2. SYNTHETIC LEATHER MARKET – REVENUE ($MILLION), BY REGION, (2024 – 2030) 2.1. North America 2.2. Europe 2.3. Asia Pacific 2.4. Latin America 2.5. Middle East & Africa 3. MARKET SHARE ANALYSIS – SYNTHETIC LEATHER MARKET 3.1. Top 20 Players with Product Mix, Revenue, and Sales Volume 3.2. Market Share, 2023 3.3. Market By Product Type of SYNTHETIC LEATHER and End-Use Outlook Analysis 4. HISTORIC TRENDS IN SYNTHETIC LEATHER MARKET 5. EMERGING MARKET TRENDS 6. NORTH AMERICA SYNTHETIC LEATHER MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 6.1. North America SYNTHETIC LEATHER Historical Market ($MILLION), (2017 – 2023) 6.2. North America SYNTHETIC LEATHER Market ($MILLION) and Forecasts (2024 – 2030) 6.3. North America SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Product Type 6.3.1. Polyurethane (PU) Leather 6.3.2. Polyvinyl Chloride (PVC) Leather 6.3.3. Bio-based Leather 6.4. North America SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Distribution Channel 6.4.1. Online Retail 6.4.2. Offline Retail (Department Stores, Specialty Stores) 6.5. North America SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 6.5.1. Footwear 6.5.2. Automotive 6.5.3. Furnishing 6.5.4. Clothing 6.5.5. Bags & Wallets 6.5.6. Sports Goods 6.5.7. Electronics 6.6. North America SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By End-Use Industry 6.6.1. Automotive 6.6.2. Fashion & Apparel 6.6.3. Furniture 6.6.4. Sports & Leisure 6.6.5. Electronics & Accessories 6.7. North America SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 6.7.1. USA 6.7.2. Canada 6.7.3. Rest of North America 7. USA SYNTHETIC LEATHER MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8. EUROPE SYNTHETIC LEATHER MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8.1. Europe SYNTHETIC LEATHER Historical Market ($MILLION), (2017 – 2023) 8.2. Europe SYNTHETIC LEATHER Market ($MILLION) and Forecasts (2024 – 2030) 8.3. Europe SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Product Type 8.4. Europe SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Distribution Channel 8.5. Europe SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 8.6. Europe SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By End-Use Industry 8.7. Europe SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 8.7.1. Germany 8.7.2. France 8.7.3. UK 8.7.4. Italy 8.7.5. Spain 8.7.6. Rest of Europe 9. APAC SYNTHETIC LEATHER MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 9.1. APAC SYNTHETIC LEATHER Historical Market ($MILLION), (2017 – 2023) 9.2. APAC SYNTHETIC LEATHER Market ($MILLION) and Forecasts (2024 – 2030) 9.3. APAC SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Product Type 9.4. APAC SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Distribution Channel 9.5. APAC SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 9.6. APAC SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By End-Use Industry 9.7. APAC SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 9.7.1. China 9.7.2. Japan 9.7.3. South Korea 9.7.4. India 9.7.5. Australia 9.7.6. Rest of APAC 10. LATIN AMERICA SYNTHETIC LEATHER MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 10.1. Latin America SYNTHETIC LEATHER Historical Market ($MILLION), (2017 – 2023) 10.2. Latin America SYNTHETIC LEATHER Market ($MILLION) and Forecasts (2024 – 2030) 10.3. Latin America SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Product Type 10.4. Latin America SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Distribution Channel 10.5. Latin America SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 10.6. Latin America SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By End-Use Industry 10.7. Latin America SYNTHETIC LEATHER Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 10.7.1. Brazil 10.7.2. Argentina 10.7.3. Rest of Latin America 11. COMPANY PROFILES: 11.1. TEIJIN LIMITED 11.1.1. Company Overview 11.1.2. Company Snapshot 11.1.3. Operating business segments 11.1.4. Product offered and Revenue 11.1.5. Production & Sales 11.2. Kuraray Co., Ltd. 11.3. Toray Industries, Inc. 11.4. Asahi Kasei Corporation 11.5. Huafon Group 11.6. Yantai Wanhua Synthetic Leather Group Co., Ltd. 11.7. San Fang Chemical Industry Co., Ltd. 11.8. Mayur Uniquoters Ltd. 11.9. OTHER MARKET PLAYERS