Microfiber synthetic leather, also known as faux leather, is a man-made material that closely replicates the look and feel of real leather. It is produced using polyester microfibers woven into a durable fabric that mimics the texture of animal hides. Microfiber synthetic leather does not require actual animal skin and is therefore an eco-friendly and vegan-friendly alternative to real leather. It offers breathability, water resistance, and is easier to clean and maintain than genuine leather. Growing concerns over animal welfare and increasing preference for sustainable materials are fueling the demand for microfiber synthetic leather in various applications like footwear, furniture, automotive interiors, and clothing.
The global Microfiber Synthetic Leather Market is estimated to be valued at US$ 25.38 Bn 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 key trends:
The microfiber synthetic leather market is witnessing rising demand from the footwear industry. Lightweight and durable microfiber synthetic leather is increasingly being used by footwear brands to manufacture sports shoes, casual shoes, and other footwear. Its realistic leather-like appearance and performance advantages over natural leather make it a top choice for sports shoes. Growing participation in sports and fitness activities worldwide is augmenting the consumption of microfiber synthetic leather in the footwear segment. Innovations in fabric technology are also allowing manufacturers to design microfiber with properties mimicking diverse animal hides like suede and nubuck, further expanding its usage in the footwear industry.
Threat of new entrants: Low capital requirements and established suppliers provide opportunities for new companies to enter the market. However, existing players have established brand names and supply chain advantages.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several suppliers. Buyers can negotiate on price and quality.
Bargaining power of suppliers: Suppliers of raw materials like polyester and polyurethane have low to moderate bargaining power due to availability of substitute materials.
Threat of new substitutes: Substitutes like natural leather and man-made materials pose medium threat. However, microfiber synthetic leather offers advantages in terms of cost, sustainability and performance.
Competitive rivalry: The market is characterized by tough competition due to presence of global and regional players. Companies focus on differentiating through quality and innovation.
The Global Microfiber Synthetic Leather Market Size is expected to witness high growth over the forecast period supported by increasing demand from footwear, automotive and garments industries.
The Asia Pacific region currently dominates the market due to presence of major manufacturers in countries like China and India. Countries in the region have emerged as major export hubs. North America and Europe are also high growth markets driven by rising consumer inclination towards sustainable products.
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. Companies are focusing on expanding production capacities and new product launches catering to niche applications.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it