July 14, 2024
Microfiber Synthetic Leather Market

Microfiber Synthetic Leather Market is Expected to be Flourished by Increased Usage in Automotive Industry

Microfiber synthetic leather, also known as faux leather or vegan leather, is a synthetic polymer material that resembles real animal leather but does not contain animal products. It is made from polyester microfibers pressed or coated with polyurethane (PU) and offer cost-effective alternatives to leather. Microfiber synthetic leather provides enhanced durability and softness similar to real leather and are easy to clean and maintain. They are widely used in making automobile, footwear and bags. In the automotive industry, microfiber synthetic leather is increasingly used to make interior upholstery and trim components of vehicles owing to its water and abrasion resistance properties.

The global microfiber synthetic leather market is estimated to be valued at US$ 25.38 billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increased Usage in Automotive Industry: One of the primary drivers of the microfiber synthetic leather market is the growing automotive industry globally. Microfiber synthetic leather has better durability and soft hand feel along with stain and abrasion resistance which make them a preferred material for automobile interior upholstery and trim parts. Manufacturers are extensively using it to make car seats, door panels, dashboards and other interior components.

Enhanced Durability and Appearance: Microfiber synthetic leather closely mimics the look and touch of real leather but does not have limitations like real leather in terms of durability. It is resistant to scratches, fading and tearing which increases its lifespan. Its versatility and minimal maintenance requirements are boosting its popularity as an affordable alternative to leather across various end use industries.

Segment Analysis
The microfiber synthetic leather market is dominated by the apparel and footwear sub segment which holds around 60% market share. Microfiber synthetic leather is widely used in apparel and footwear manufacturing owing to its properties like light weight, water resistant and durable nature which makes it suitable for clothing and footwear applications. The automotive sub segment is the fastest growing segment and is expected to witness high growth over the forecast period owing to increasing use of synthetic leather in automobile interiors, seats, door panels etc.

PEST Analysis
Political: No major political factors are expected to impact the microfiber synthetic leather market.
Economic: Rising disposable incomes in developing countries are driving demand for apparel, footwear and automotive products which is positively impacting the microfiber synthetic leather market.
Social: Changing fashion trends and consumer preference for light weight, water resistant and durable materials are fueling market growth. Also increasing adoption of vegan and eco-friendly alternatives to leather is propelling demand.
Technological: Advances in material science and manufacturing technologies have enabled development of microfiber synthetic leathers with superior quality, texture and finish resembling real leather. This is increasing its acceptance across different end use industries.

Key Takeaways
The Global Microfiber Synthetic Leather Market Size is expected to witness high growth over the forecast period. The Asia Pacific region currently dominates the market and is expected to retain its dominant position owing to large scale manufacturing and consumption of microfiber synthetic leather in countries like China, India and Japan.

Key players operating in the microfiber synthetic leather market are Toray Industries, Inc., Kuraray Co. Ltd., E-Leather Ltd., Mayur Uniquoters Ltd., Zhejiang Hexin Industry Group Co., Ltd., Yantai Wanhua Synthetic Leather Group Co., Ltd., Clarino (Asahi Kasei Corporation), San Fang Chemical Industry Co. Ltd., Anhui Anli Material Technology Co. Ltd., Nan Ya Plastics Corporation.

Toray Industries Inc. and Kuraray Co. Ltd. are the market leaders owing to their vast product portfolio and strong global presence. E-Leather Ltd. specializes in vegan and eco-friendly microfiber synthetic leather and is expanding its business in Europe and North America. Mayur Uniquoters Ltd. is a leading manufacturer of synthetic leather in India and is focusing on capacity expansions to cater to growing domestic demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it