Microfiber Synthetic Leather is Estimated to Witness High Growth Owing to Opportunity for Sustainable and Eco-Friendly Substitute for Leather Goods
Microfiber synthetic leather, also known as faux leather, is a man-made material that resembles real animal leather but is made from synthetic fibers. It provides the look and feel of real leather at a lower cost while being more durable and stain-resistant. The microfiber synthetic is made from polyester or polyurethane with microfibers that are thinner than a human hair, giving it a soft texture. It does not require the killing of animals and is considered a sustainable and eco-friendly alternative to genuine leather for use in various leather goods such as footwear, garments, and accessories.
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 Opportunity:
The growing consumer preference for sustainable and eco-friendly products represents a major market opportunity for microfiber synthetic leather. Many consumers are increasingly choosing faux leather over real animal leather owing to animal welfare concerns. The microfiber synthetic material does not require animal slaughter and is manufactured using less water and energy compared to real leather production. Furthermore, it is recyclable at the end of product life. The sustainable nature and authentic leather-like look and feel of microfiber synthetic leather is appealing to ethically-conscious customers. As environmental sustainability gains more importance, the demand for microfiber synthetic leather as an animal-friendly alternative to real leather is expected to increase significantly over the coming years.
Porter's Analysis
Threat of new entrants: Moderate threat as production of microfiber synthetic leather requires significant capital investment and technology. Bargaining power of buyers: Strong bargaining power as microfiber synthetic leather is not a significantly differentiated product and buyers have many alternatives. Bargaining power of suppliers: Moderate bargaining power as raw material suppliers have established relationships with leather manufacturers. Threat of new substitutes: High threat from new synthetic leather alternatives and plant-based leather made from pineapple leaves, mushrooms etc. Competitive rivalry: Intense competition between existing players to gain market share.
SWOT Analysis
Strengths: Long lifespan, easy to clean and maintain, cruelty-free. Weaknesses: Not as breathable as real leather, less durable than premium synthetic leather. Opportunities: Increasing demand for affordable and eco-friendly alternatives to real leather from automotive and footwear industries. Threats: Fluctuating raw material prices, environmental regulations around plastic waste disposal.
Key Takeaways
The Global Microfiber Synthetic Leather Market Size is expected to witness high growth. The market size is projected to reach US$ 43.12 Bn by 2030 from US$ 25.38 Bn in 2023, growing at a CAGR of 7.5% during the forecast period.
Regional analysis: The Asia Pacific region currently dominates the global market due to presence of major manufacturing hubs and consumer base in countries like China, India and Japan. Countries like China, India, Indonesia and Vietnam offer business-friendly policies and low labor & resource costs which attracts key industry players.
Key players: 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 and Kuraray Co. dominates the global market leadership position due to strong brand value, better product portfolio and widespread geographical reach.
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