As per a new study by the Polaris Market Research report, the global synthetic leather market is expected to reach $50.34 billion by 2028.
The adoption of synthetic leather is expected to increase during the forecast period owing to wide applications in industries such as automotive, apparel, and furnishing. Rising disposable income of consumers and improving lifestyles have increased the demand for footwear, clothing, and accessories.
Increasing urbanization and growing demand from the automotive sector have further supported the market growth. However, the COVID-19 outbreak has restricted the growth of the market due to operational challenges, disruption of the supply chain, reduced demand, and workforce impairment.
The different types of the product include bio-based, polyurethane, polyvinyl chloride, and others. The demand for the polyurethane segment is expected to be high during the forecast period. Polyurethane material offers the same texture as real leather while being lighter, cheaper, and durable. The rising ethical concerns regarding animal cruelty, growing environmental awareness, and the introduction of stringent regulations support the growth of this segment.
The automotive segment is expected to grow at a significant rate during the forecast period.