Meticulous Research® forecasts that the synthetic leather market will grow to $104.9 billion by 2031, at a CAGR of 6.3% between 2024 and 2031. This growth is attributed to the rising demand for sustainable alternatives, particularly in industries like automotive and footwear, and the relatively lower cost of synthetic leather compared to natural leather. However, consumer preferences for natural materials and limited availability of synthetic options are factors that could hinder this growth.
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Opportunities and Challenges
The market’s future is bolstered by the growing demand for bio-based synthetic materials and the ability of synthetic leather to offer a wide range of customization. Nevertheless, challenges such as the complexity of manufacturing and the performance limitations of synthetic leather products need to be addressed to ensure continued growth.
Material Breakdown
The market’s material segmentation includes PU-based, microfiber, PVC-based, bio-based synthetic leather, and others. In 2024, PU-based synthetic leather will account for more than 61% of the market share, driven by its cost-effectiveness and its ability to mimic genuine leather. Additionally, PU-based leather is recognized for its durability, resistance to water, and its ability to be produced in various textures and colors, making it highly adaptable across industries.
Industries Using Synthetic Leather
Key industries using synthetic leather include automotive, fashion & apparel, consumer goods, oil and gas, healthcare, industrial manufacturing, aerospace, and marine. Among these, the fashion & apparel industry will hold the largest share, with 48% in 2024, as synthetic leather is widely used in the production of footwear, clothing, bags, and other accessories. The consumer goods segment is expected to grow the fastest, thanks to synthetic leather’s resilience and diverse design options.
Regional Insights
By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe is expected to dominate the market with a 44% share, largely due to its focus on sustainable fashion and the growing use of synthetic leather in the automotive sector. Europe is also forecast to record the highest CAGR of 8% over the forecast period.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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