Synthetic Leather (Artificial Leather) Market worth $78.5 billion by 2025 - Exclusive Report by MarketsandMarkets
CHICAGO, March 3, 2021 /PRNewswire/ -- According to the new market research report "Synthetic Leather (Artificial Leather) Market by Type (Polyurethane, Polyvinyl Chloride, Bio-based), End-Use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Sports, Electronics) and Region - Global Forecast to 2025", published by MarketsandMarkets, the Synthetic Leather Market is projected to reach USD 78.5 billion by 2025, at a CAGR of 4.4% from USD 63.3 billion in 2020.
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Bio-based leather is projected to be fastest growing type for synthetic leather market between 2020 and 2025
Bio-based leather is manufactured by using natural materials. It is made by using natural fibers such as cotton or flax, further mixed with corn, palm, soybean, and other plant oils. These raw materials are laminated collectively into many layers to create bio-based leather. It is sustainable and has low carbon footprint. The bio-based leather market is in a nascent phase and has not been fully commercialized. But due to increasing government regulations and rising environmental concerns, the market is expected to grow in the near future.
Footwear is projected to be the fastest growing end-use industry in synthetic leather market between 2020 and 2025.
Synthetic leather is widely used in the footwear industry due to its excellent properties and high durability. It is used in shoe linings, shoe uppers, and insoles to make different types of footwear such as sports shoes, shoes & boots, and sandals & slippers. The increasing demand for footwear in developed and emerging countries is expected to drive the demand for synthetic leather. Synthetic leather is widely used to manufacture sports shoes for various games around the world due to its cost-effectiveness. Sports shoes made from synthetic leather look similar to those of pure leather and are offer various other properties such as resistance to water, heat, and rigid climatic conditions. It is used to make formal men's and women's footwear for official purposes, boots for women and men in the fashion industry, and for those living in the cold regions around the world. Boots made out of real leather tear when exposed to snow and water, but synthetic leather offers excellent resistance to water and snow.