Microfiber Synthetic Leather Market

Microfiber Synthetic Leather Market Outlook from 2023 to 2033

The global microfiber synthetic leather market size reached US$ 2,737.3 million in 2018. It is estimated to reach US$ 3,203.2 million in 2023.

Over the assessment period from 2023 to 2033, the global microfiber synthetic leather market is projected to exhibit a 6.1% CAGR. The microfiber synthetic leather market is likely to reach a market size of US$ 5,787.8 million by the end of 2033.

Key Microfiber Synthetic Leather Market Highlights

Demand for Sustainable Synthetic Leather Alternatives to Spur Sales in Europe

In recent years, there has been a significant and constantly expanding demand for animal-friendly replacements across a wide range of applications in Europe. This movement is driven by many factors, including growing environmental awareness, ethical issues, and altering consumer preferences.

The increased awareness of environmental issues and animal welfare concerns has substantially impacted the microfiber synthetic leather market. Genuine leather substitutes are becoming less popular as consumers seek more environmentally acceptable alternatives that do not require animal hides.

Microfiber synthetic leather might be an appealing eco-friendly solution, especially from bio-based ingredients. As sustainability becomes a key customer goal, industries such as fashion, automotive, and furniture are set to turn to microfiber synthetic leather to meet these demands. This trend is expected to continue as consumer preferences become more heavily influenced by European environmental concerns.

Fashion Industry in Asia Pacific to Look for Faux Microfiber Leather

Microfiber synthetic leather is set to gain popularity in the fashion industry across Asia Pacific as a carefree, versatile material. Fashion companies might use it to manufacture various products such as footwear, purses, clothes, and accessories.

Microfiber synthetic leather is likely a highly adaptable material that can be utilized in a range of fashion products. Shoes, bags, wallets, jackets, belts, and even jewelry fall into this category. Due to its versatility in several designs and styles, it is considered a valuable material for fashion brands in Asia Pacific.

Customized microfiber synthetic leather also comes in various textures, colors, and finishes. This versatility is projected to help fashion designers create unique and cutting-edge products that meet the needs of their target customers.

The ability to customize microfiber synthetic leather to obtain certain textures, colors, and finishes is a crucial driver in the fashion sector. It might enable designers to produce unique and trendy products. As fashion trends change, the need for new materials, such as microfiber synthetic leather, will likely rise, making it a key market driver in Asia Pacific.

Environmental Concerns Associated with Production Might Surge in North America

While microfiber synthetic leather is often praised for its durability and low cost, it might face several constraints in North America due to growing environmental concerns and the desire for sustainability. Using chemicals and energy-intensive methods to produce synthetic leather might raise worries about its ecological impact.

Polyurethane and polyvinyl chloride (PVC) are two of the leading chemicals used in manufacturing microfiber synthetic leather to generate the ideal texture and look. However, using these compounds might raise concerns regarding releasing hazardous substances into the environment.

Disposing items manufactured of microfiber synthetic leather might be challenging for the environment. In contrast to natural leather, which degrades naturally over time, synthetic leather is frequently not biodegradable.

Accumulating synthetic leather trash in landfills might cause long-term environmental difficulties. The issue of biodegradability must be addressed to reduce the long-term environmental impact of the microfiber synthetic leather market.

2018 to 2022 Microfiber Synthetic Leather Market Insights vs. 2023 to 2033

The microfiber synthetic leather market witnessed a CAGR of 2.6% over the historical period from 2018 to 2022. The microfiber synthetic leather market has proliferated in the last two years. This expansion can be attributed to increased demand for environmentally friendly and cruelty-free materials.

Technological advancements are expected to drive demand as these can improve the quality and texture of microfiber synthetic leather. The product’s ability to cater to various applications, from fashion and footwear to automotive and furniture, might further bolster demand.

The COVID-19 pandemic, the other pandemic caused substantial disruptions in the microfiber synthetic leather market from 2018 to 2022. The outbreak had far-reaching consequences on the global supply chain, manufacturing, demand patterns, and consumer behavior, all impacting this market.

From 2023 to 2033, the market is expected to rise at a significant CAGR of 6.1%. It is anticipated to expand significantly, driven by several factors.

The rising demand for eco-friendly products is expected to fuel market growth. The fashion and footwear industries are expected to continue driving significant demand for microfiber synthetic leather.

Its versatility in replicating several textures and styles might make it an attractive choice for designers. As fashion trends evolve, microfiber synthetic leather's adaptability would help to ensure its continued relevance.

Apart from its ethical considerations, microfiber synthetic leather is anticipated to offer a range of practical benefits. Being highly resistant to wear and tear, it is an ideal choice for shoes, bags, furniture, and other products.

Microfiber synthetic leather might also be made to resemble the appearance and texture of genuine leather. This is projected to enable consumers to get the aesthetic appeal they require without compromising their benefits. Its eco-friendly properties and high versatility propel microfiber synthetic leather sales as it can be a sustainable material.

Nikhil Kaitwade

Principal Consultant

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Microfiber Synthetic Leather Market Trends, Opportunities, and Challenges

The table below provides the latest microfiber leather market trends, growth obstacles, and upcoming opportunities. Global synthetic leather microfiber trends would enable stakeholders to invest in the right area and gain profit.

Country-wise Insights

The table below explains the worldwide demand for the microfiber synthetic leather market of the top 5 countries. Regional forecast for the microfiber synthetic leather market by country states that the United States is anticipated to remain at the forefront by topping a size of US$ 1,006.8 million by 2033.

China might reach US$ 972.9 million in 2033. Japan is expected to follow the United States and China to create a moderate microfiber synthetic leather market size worth US$ 499.6 million.

The table below shows the growth potential of the microfiber synthetic leather market, CAGRs of the top 5 countries are also provided. Out of the 5, the United States and China will likely remain in the leading positions in the microfiber synthetic leather market by exhibiting the same CAGR of 6.6%, respectively, from 2023 to 2033. Followed by these, South Korea and the United Kingdom are expected to witness microfiber synthetic leather sales at CAGRs of 6.4% and 5.3%, respectively.

Clothing Companies in the United States to Use Eco-friendly Leather

The microfiber synthetic leather market in the United States is anticipated to witness a remarkable increase in sales, owing mainly to strong demand from a variety of end-use sectors. The need for sustainable alternatives is set to drive this trend. The country is projected to create a total financial potential worth US$ 474.1 million by 2033.

As environmental awareness grows, companies are increasingly turning to microfiber synthetic leather. It will likely provide an ethical, cruelty-free alternative to traditional animal-derived leather.

As technology advances, microfiber synthetic leather closely resembles genuine leather's feel, appearance, and performance. This is expected to make it an appealing alternative for fashion, footwear, automobile interiors, and furniture.

Designers and customers alike might admire the adaptability of microfiber synthetic leather in the fashion industry. Ability to be fashioned into a range of colors, textures, and finishes could allow for the fabrication of attractive and stylish clothing & accessories. Hence, surging demand from several end-use industries is expected to grow the microfiber synthetic leather market in the United States.

China to Export Man-made Leather Globally to Make Affordable Clothing

China is expected to be positioned as a prominent participant in the global microfiber synthetic leather market. This is attributed to its production capabilities, technological developments, and strategic initiatives. These are expected to help in bringing China to the forefront of the sustainable synthetic leather alternatives market.

China has a strong and broad manufacturing infrastructure, allowing it to be a manufacturing powerhouse in a range of industries, including synthetic leather production. The country's substantial production capability might enable cost-effective and large-scale production. These are expected to address both domestic and worldwide demand for vegan leather microfiber.

China has also emerged as a significant exporter of microfiber synthetic leather, serving markets globally. Its affordable pricing and the capacity to make customized variations of the material might make it a favored choice for businesses in several industries.

Through partnerships and cooperation with international brands and enterprises, companies in China are set to expand their global reach. As a result, its microfiber synthetic leather products might reach a large customer base. Hence, the market in China is expected to expand at a CAGR of 5.2% during the forecast period.

Athleisure Brands South Korea Might Utilize Synthetic Nubuck Leather

The microfiber leather market size in South Korea is set to reach a valuation of US$ 260.7 million by 2033. The microfiber synthetic leather market is anticipated to witness a CAGR of 6.4% from 2023 to 2033.

Presence of renowned athleisure brands such as Fila across South Korea is anticipated to propel the microfiber synthetic leather market through 2033. Fila's use of microfiber leather might demonstrate its dedication to animal welfare.

Customers who value ethical fashion are expected to find microfiber leather appealing as it is cruelty-free and doesn't use animal hides. This change will likely appeal to a rising market of customers looking for animal-friendly substitutes.

Applying synthetic leather further helps Fila adhere to the changing criteria as environmental and ecologically friendly regulations become stricter. It can lessen the brand’s dependency on substances that might later be subject to levies or limitations due to their adverse environmental effects.

Japan-based Apparel Brands to Push the Synthetic Leather Microfiber Industry

Japan is estimated to exhibit a CAGR of 6.6% during the forecast period in the microfiber synthetic leather market. It is likely to top a valuation of around US$ 499.6 million by 2033 in the microfiber leather products market.

Key fashion and apparel brands in Japan, such as Uniqlo, are expected to utilize microfiber synthetic leather to gain a competitive edge. The brand is set to respond to the rising need for eco-friendly fashion choices.

They are projected to utilize microfiber synthetic leather to create a conscious effort and lower its carbon footprint. This type of leather might be considered a crucial alternative to conventional leather. Its ability to reduce the requirement for animal hides and harmful chemicals is anticipated to aid demand.

In September 2023, for instance, Uniqlo teamed up with Clare Waight Keller, a famous fashion designer based in the United Kingdom, to unveil its unique LifeWear collection. Clare is in charge of Uniqlo: C, a new womenswear line under Uniqlo LifeWear. It's packed with effortlessly contemporary products that put comfort and practicality first.

Celeb-driven Collections in the United Kingdom Spur Engineered Leather Demand

The United Kingdom is anticipated to expand at a considerable CAGR of 5.3% during the microfiber synthetic leather market assessment period. It is projected to reach a valuation of US$ 187.8 million by 2033 in the artificial leather microfiber sector.

Rapid evolution of faux leather in terms of appearance, texture, and quality is anticipated to boost the market in the United Kingdom. Several fashion brands and designers in the country might provide a wide range of stylish faux leather options such as accessories, skirts, trousers, and jackets. Their diversity might enable fashion-forward clients seeking the latest trends and versatility to create high demand.

QVC UK, a renowned television shopping channel broadcast. For instance, they collaborated with Brenda Edwards to introduce a new clothing line called Be USA he has included jewelry pieces consisting of 16 different designs, including coats and jumpsuits.

Faux Leather and Ponte Biker Jacket, Drawstring Printed Wide Leg Trouser Regular, Flutter Sleeve Wide Leg Jumpsuit Petite, and Diamonique Scatter Circle Pendant Necklace are a handful of products. Launch of such collections by celebrities in the United Kingdom is expected to bolster the rising application of synthetic rubber.

Category-wise Insights

Bio-based Microfiber Leatherette to Gain Impetus Through 2033

The table below highlights the global demand for microfiber synthetic leather by product type. Under product type, the bio-based segment, while smaller, is set to showcase a significant CAGR of 8.5% through 2033 in the microfiber synthetic leather market. It is expected to be followed by the PU-based segment in the microfiber faux leather market.

The bio-based product type segment is anticipated to surge at a considerable CAGR of 8.5% from 2023 to 2033, owing to rising awareness regarding environmental concerns. Bio-based microfiber leather can replace traditional synthetic leather in an eco-friendly manner.

It is made from abundant and sustainable resources, primarily plant-based feedstocks such as corn, soybeans, or other agricultural products. These bio-based chemicals are set to be processed into ultra-fine fibers that mimic typical microfiber leather.

They are then treated with a polyurethane finish to add texture and durability. It has comparable strengths, wear resistance, and adaptability. These properties are expected to make them highly suitable for various applications such as upholstery, fashion, and automobile interiors.

Bio-based microfiber synthetic leather is also considered more sustainable than typical synthetic leather since it minimizes dependency on petroleum-based resources. It also has a lower carbon footprint, which might make it biodegradable or compostable.

Footwear Companies to Utilize Artificial Microfiber Leather Worldwide

The table below highlights the global demand for microfiber synthetic leather by application. Under product, the footwear segment, while smaller, is set to showcase a significant CAGR of 6.6% through 2033 in the microfiber synthetic leather market. It is expected to be followed by clothing, furnishing, bags, sports equipment, automotive, and other segments.

The footwear application segment is anticipated to dominate the global microfiber synthetic leather market in 2023. It is estimated to continue this dominance during the forecast period. The segment is expected to surge at a CAGR of 6.6% during the forecast period.

Microfiber synthetic leather is set to be frequently used in the footwear industry due to its adaptability and performance qualities. Due to its durability, lightweight nature, and resistance to intense physical activity, microfiber leather will likely be used in sports and athletic shoes.

Due to its appealing appearance, supple texture, and ease of customization, microfiber leather is anticipated to be used in various casual shoes, including sneakers, loafers, and sandals. Microfiber leather also offers a stylish and refined appearance similar to genuine leather for formal loafers, oxfords, and high heels.

Rising applications of synthetic rubber are set to expand across the footwear industry to manufacture athletic and performance-oriented footwear. It can also be lighter than genuine leather, which might help sneaker companies launch lightweight footwear.

Competitive Landscape

Over the forecast period, plenty of investment opportunities in the global microfiber synthetic leather market might exist. This is a result of rising demand from the fields of apparel and footwear.

The fashion and footwear industries have increasingly adopted microfiber synthetic leather to produce shoes, bags, and clothing items. The material offers a wide range of design possibilities and can mimic the look & feel of genuine leather. The automotive industry is set to witness a surging use of microfiber synthetic leather for interior components, including seats, steering wheels, and dashboards.

The microfiber synthetic leather market has also gained traction in product development as key manufacturers' focus has shifted to product launch activities. They are devoting substantial resources to enhance domestic production.

There have also been several advances in the manufacturing process of microfiber synthetic leather. These have resulted in increased production efficiencies and cost savings globally.

The eco-friendly synthetic leather market is a moderately fragmented space with a high number of active players. Key participants account for 40 to 45% of the total microfiber synthetic leather market share.

Bio-based materials are still nascent, and companies are slowly embracing these owing to their high cost. However, key companies are set to adapt to these as the prices go down in the forecast period.

For instance,

• In April 2023, the latest Compo-SiL (SL series) silicone vegan leather product was released by General Silicones (GS). It is a Taiwan-based provider of silicone products. The new series is designed for the manufacturers of consumer goods including covers, book bindings, backpacks, belts, shoes, purses, and wallets. It is ideal for those looking for PETA-approved vegan leather supplies with factory-applied fabric lining.
• In July 2022, Silicone Synthetic leather was produced in large quantities by Sage-ONF in China. It is a supplier of synthetic leather with 29 years of research, development, manufacturing, and sales experience. This new endeavor builds on Sage-ONF's legacy of sustainability by offering Silicone Synthetic leather as a cutting-edge non-carbon-based and petroleum-free solution. This innovative material avoids the use of plasticizers and DMF out of a strong commitment to ongoing innovation and sustainable business practices.
• In December 2021, Dow introduced the world’s first-ever synthetic leather material named LUXSENSE Silicone Synthetic Leather. It is a silicone-based and high-end material that can meet the needs of consumer electronics, automotive interiors & seating, fashion, furniture, and wearable devices applications. With this advancement in material technology, Dow started providing a substitute for synthetic leather that is comfortable, healthy, and opulent while also enhancing sustainability.

Scope of the Microfiber Synthetic Leather Market Report

Microfiber Synthetic Leather Market Outlook by Category

Microfiber Synthetic Leather Market By Product Type:

• Bio-based
• PU-based
• Others

Microfiber Synthetic Leather Market By Application:

• Clothing
• Furnishing
• Bags
• Sports Equipment
• Footwear
• Automotive
• Others

Microfiber Synthetic Leather Market By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and the Pacific
• Middle East and Africa