Synthetic Leather Market: Exploring Sustainable Prospects

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Synthetic Leather Market Exploring Sustainable
Prospects By Nishi Trivedi The history of
synthetic leather dates back to the mid-19th
century when it was produced in response to a
limited supply of natural leather.
Pyroxylin-infused cotton fabric was among the
earliest substitutes, largely used in bookbinding
and upholstery. Since then, this sector has grown
tremendously for the right reasons. With growing
consumer consciousness about animal cruelty and
technological advancements, materials like
polyurethane (PU) and polyvinyl chloride (PVC)
have gained traction to enhance the durability
and versatility of faux leather, making it ideal
for use in footwear, clothing, furniture, and
automotive interiors. Our estimates signify that
the global synthetic leather market will reap
revenue worth 57.90 billion by 2030, growing at
a CAGR of 7.48 during the forecast period
2023-2030.
For businesses, synthetic leather has opened
various opportunities owing to its durability and
water- resistant properties, required elements
for products to withstand the test of time. For
instance, BASFs synthetic leather includes
thermoplastic PU Elastollan offering wear
resistance to car seats. While the varied
material composition is one aspect, the veganism
trend has widened the overall scope of the
synthetic leather market. Rise of Faux Leather
Vegan Uprising Intersects Durable Design Vegan
fashion has emerged as a prominent topic, in
addition to sustainability and digitalization, in
the textile and fashion industry. According to
PETA, cow leather harms the environment almost 6
times more than plant-based fabric. And thus, the
growing awareness about animal cruelty, in
addition to the demand for cost-effective,
durable products, has influenced several brands to
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collaborate with famous personalities to expand
their footing in the vegan space. For instance,
Converse partnered with actor Millie Bobby Brown
to launch its line of vegan shoes, whereas singer
Justin Bieber launched a fashion line named Drew
House, with a 100 vegan range. As per PETA,
high-fashion events such as Helsinki Fashion Week
have also banned leather clothing. Even the likes
of Versus Versace and Givenchy promoted
eco-leather products to gain the attention of
millennial consumers. Tritons analysis states
that during the forecast period 2023-2030, the
clothing category is expected to witness revenue
growth at a CAGR of 6.68, which will facilitate
lucrative opportunities for manufacturers in the
faux leather market. Moreover, the market is
growing as the vegan population soars globally,
especially in the UK, Germany, Poland, Italy,
Spain, and others. As per the Vegan Society, over
the decade, the vegan population base surged from
approximately 150, 000 to around 542, 000 in the
UK. This demographic shift resulted in around a
36 increase in plant-based shoes in 2021 across
the nation. Hence, with more consumers hopping on
this trend, regions like Europe have immense
development potential during the forecast
years. Bio-Based Leather An Ecological
Opportunity A common misconception is vegan
products are biodegradable. In reality, they are
animal-free but might include components like PU
and PVC that are not sustainable. This has
prompted high demand for bio-based materials,
including flax, cactus, cotton, corn, and
soybean, to produce synthetic leather. Among
these fabrics, pineapple-based leather Pinatex
has gained immense popularity, with brands like
Hugo Boss, Nike, and Altiir, including it in the
manufacturing process. Similarly, the growing use
of bio-based leather in the automotive sector is
another key trend. In terms of end-use, the
automotive industry is likely to witness the
fastest growth at a CAGR of 8.24. This
development is backed by automakers like Bentley
that have included plant leather in its electric
vehicle interior. Besides this, the increasing
need for lightweight materials with various hues
and textures have offered lucrative opportunities
for contenders to innovate their portfolio and
gain market dominance by including bio-based
materials. Our report analysis indicates the
bio-based leather type is estimated to register
the fastest growth at a CAGR of 8.51 over the
2023-2030 forecast period. Further, analysis by
Triton portrays that despite the high cost
compared to PU and PVC leather, bio- based
materials will witness high growth across North
America and Europe markets. In the US, the
developed automotive industry, cutting-edge
processing technologies, skilled workforce, and
expanding RD are key growth enablers for the
North America synthetic leather
market. Synthetic Leather Market Growing
Applications offer Limitless Possibilities For
years, synthetic leather was used for footwear,
which was later modernized with the advent of the
automotive and digital age. Ever since,
artificial leather has gained significance in
several applications as a cost-effective
solution, a most sought-after attribute among
industrial manufacturers. Clothing, automotive,
and footwear are popular end-user sectors.
However, the application has extended to machine
belts, gloves, bags, wallets, upholstery
purposes, etc. These uses have
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ultimately influenced strategic steps like
Pradas opening of around 27 stores in the
Asia-Pacific. Such developments are set to propel
growth opportunities for the global synthetic
leather market.
FAQs Q1) What is the synthetic leather market
size? The global synthetic leather market
attained revenue worth 32.53 billion in 2022 and
is expected to reap 57.90 billion by 2030. Q2)
Which are the key end-users of synthetic
leather? Clothing, furnishing, footwear,
automotive, and bags wallets are key end-users
of synthetic leather.