Synthetic Leather Market Growing Demands and Upcoming Trends by 2030

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In the U.S., consumption of synthetic leather has significantly increased in recent years, and this upward trend is expected to continue.

The global synthetic leather market was valued at approximately USD 38.98 billion in 2023, and it is forecasted to expand at a compound annual growth rate (CAGR) of 7.87% from 2024 to 2030. One of the primary drivers of this growth is the rising global demand for synthetic leather within the footwear industry. The high cost of natural leather has led many manufacturers to seek alternative materials, with synthetic leather emerging as a popular substitute. PVC leather, a notable type of synthetic leather, has gained popularity for its versatility, being widely used in products such as shopping bags, cosmetic bags, wallets, suitcases, purses, and travel bags.

 

In the U.S., consumption of synthetic leather has significantly increased in recent years, and this upward trend is expected to continue. A substantial rise in the demand for automotive synthetic leather upholstery is a key factor driving the market’s growth in the U.S. Efforts to strengthen supply chains within the industry are also anticipated to have a positive impact on the U.S. market during the forecast period.

 

Several companies such as Uniroyal Engineered Products LLCCoaters Inc. Leather, and Textileather Corporation are prominent manufacturers of synthetic leather in the U.S. The automotive industry, particularly major manufacturers like General MotorsFiat Chrysler, and Ford, represents a significant portion of the demand for synthetic leather, especially for use in car interiors.

 

Gather more insights about the market drivers, restrains and growth of the Synthetic Leather Market

 

Type Segmentation Insights

 

In 2023, the polyurethane (PU) synthetic leather segment dominated the market, holding over 60.0% of the revenue share. PU synthetic leather has seen significant improvements in terms of product quality, variety, and production efficiency. It is widely favored due to its many advantageous properties—it is waterproof, softer, and lighter than genuine leather, and can also be dry-cleaned more easily. Additionally, PU is more eco-friendly compared to vinyl-based alternatives, as it does not emit harmful dioxins. It also remains unaffected by exposure to sunlight. These qualities are expected to further increase its demand in the future.

 

The PVC synthetic leather segment, which was the first type of synthetic leather developed in 1920, is expected to grow at a slower pace during the forecast period. Although PVC leather initially found success in household items and furnishings, it has since faced competition from PU leather. One of the drawbacks of PVC is its sticky texture and inability to retain body heat, which led to a decline in its use for clothing and bags.

 

bio-based synthetic leather has also emerged as a new alternative, made primarily from polyester polyol, with 70-75% renewable content. This bio-based option is softer and more scratch-resistant than both PU and PVC. Leading companies in the global synthetic leather market are increasingly focusing on product development through partnerships with polyol producers. Rapid industrialization, combined with ongoing research and development efforts, will continue to drive growth in this segment over the coming years.

 

Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.

 

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