Synthetic leather market worth USD 208.81 billion by 2026
According to a new study from Markets and Markets, the global synthetic leather market was valued at USD 51.81 billion in 2015 and is projected to reach USD 208.81 billion by 2026, at a CAGR of 13.4 % from 2016 to 2026.
The growing demand from the footwear and automotive industry, coupled with cost effectiveness is expected to drive the global synthetic leather market. Polyurethane-based leather lead the market in 2015. PU-based synthetic leather is also expected to witness the highest CAGR from 2016 to 2026 owing to the high demand from North America and Europe.
Currently, the Asia-Pacific region is the largest synthetic leather market, in terms of value, closely followed by Europe. The Asia-Pacific region is also expected to be the fastest-growing synthetic leather market, while North America is forecast to witness a moderate growth rate.
The market study is titled: “Synthetic Leather Market by Type (Polyurethane, Polyvinyl Chloride, Bio-based), End-Use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets) – Global Forecast to 2026”.