Synthetic Leather Companies

The synthetic leather market exhibits high growth potential and is projected to reach a market size of USD 93.25 billion by 2029 from USD 71.93 billion in 2024, at a CAGR of 5.3%. Asia Pacific is the largest synthetic leather market that is projected to register the highest CAGR during the forecasted period. This high growth is due to the growing demand from the footwear, automotive, and clothing end-use industry.

Synthetic Leather Companies

Polyurethane-based synthetic leather takes the lead when it comes to synthetic leather as it establishes its credibility with its environment-friendliness along with economic viability and multifunctional quality. Made using a polymer technique by coating a fabric surface with polyurethane resin, PU leather has imitation of natural leather appearance and feel without any animal products and so is the common selection of environmentally conscious consumers today. PU leather is less expensive to manufacture than real leather, making it an affordable material for multiple industries such as fashion, automotive, and furniture.

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The key players following the strategies between 2019 to 2024, Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Limited (India), Nan Ya Plastics Corporation (Taiwan), Filwel Co., Ltd. (Japan), and Zhejiang Hexin Holdings Co., Ltd. (China). The companies are majorly following investment & expansion, and product launch as the strategy to grow and expand the market.

Kuraray Co., Ltd: Kuraray Co., Ltd. is a Japanese specialty chemicals company that produces various materials and products including resins, fibers, films, chemicals, and medical. The company operates in  six business segments: Vinyl Acetate, Trading, Functional Materials, Isoprene, Fibers and Textiles, Others. It sells artificial leather through its Fibers and Textiles segment under the name CLARINO. Kuraray has many operations at the world level, for example Japan, the US, Brazil, Germany, Belgium, China, Singapore, India, Thailand, among others. The synthetic leather production capacity of Kuraray is 1.5 million meters square/month. The company has 102 companies in more than 31 countries and three laboratories worldwide. It is expanding its production and sales to meet the increased demand in the global market. North America, Europe, and the Asia Pacific are well represented.

San Fang Chemical Industry Co., Ltd.: San Fang Chemical Industry Co., Ltd. has its operations in Taiwan with three main business segments: Wet Processed Synthetic Leather, Dry Processed Synthetic Leather and Other. Under the production of products, the company has manufactured synthetic leather in Full Grain and Nubuck. Long-term market changes, including investment in R&D studies, with a revolutionization of products, led to San Fang reaching the status of manufacturing the PU wet synthetic leather. The total production capacity for both types: wet and dry processed synthetic leathers is close to 45 million square meters per year. The company also ventured into expanding its operation to other parts of Asia Pacific countries such as China, Vietnam, US, and others.

Related Reports:

Synthetic Leather Market by Type (PU based, PVC based, and Bio based), End-use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses, & Wallets), and Region - Global Forecast to 2029