The synthetic leather market was valued at US$ 27,533.71 million in 2021 and is projected to reach US$ 42,742.65 million by 2028; it is expected to register a CAGR of 6.5% from 2021 to 2028.

Synthetic leather is made using raw materials such as polyurethane, polyvinyl chloride, and other bio-based materials. Synthetic leather offers many advantages. Synthetic leather costs much less than genuine leather and is also waterproof material. Synthetic leather is used in various end-use industries, such as furniture, footwear, and automotive. In the automotive industry, synthetic leather is highly used to enhance the aesthetic appeal of automotive interiors. Synthetic leather also finds application in the furniture industry to manufacture sofa, chairs, headboards, etc.

Based on application, the global synthetic leather market is segmented into footwear, furniture, automotive, clothing, bags purses & wallets, and others. The footwear segment held the largest market share in 2020. Synthetic leather is increasingly used to replace traditional leather in the footwear industry. It is used in shoe uppers, sandals, shoe lining, and insoles. Synthetic leather shoes offer great waterproof qualities.

In 2020, Asia Pacific held the largest revenue share of the global synthetic leather market. In Asia Pacific, the footwear industry is the largest consumer of synthetic leather. The growing number of consumers spending on footwear is boosting the demand for synthetic leather. Moreover, Asia Pacific has a dominant automotive industry, wherein synthetic leather is extensively used to style interiors. All these factors are creating demand for synthetic leather in the region.

Some of the key market players in the global synthetic leather market include San Fang Chemical Industry Co., Ltd; KURARAY CO., LTD.; Teijin Limited; Nan Ya Plastics; FILWEL Co., Ltd.; Mayur Uniquoters Limited; H.R.Polycoats Pvt. Ltd.; BASF SE; Alfatex Italia; and FUJIAN POLYTECH TECHNOLOGY CORP.,LTD.

The overall global synthetic leather market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the synthetic leather market.