As per a recent report, global synthetic leather market is projected to see exponential growth in the next decade, with forecasters expecting the market to leap from a value of US $ 51.81 billion in 2015 to US $ 208.81 billion by 2026. As a result of the increase in demand, various trends will come up in the market, including a huge surge in PU-based synthetic leather growth and an increased visibility in the Asia-Pacific market due to the presence of the automotive and construction industries therein.
As mentioned above, PU-based synthetic leather will experience the highest growth in the next decade as these leathers use less plasticizers and a softer polymer than other synthetic leathers. Moreover, PU-based products are less likely to fade and crack when exposed to sunlight; hence such leathers tend to be higher-quality than competing products, stirring demand in both the automotive and clothing industry despite being costly.
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According to the report, South America is another market expected to grow as its automotive, footwear, and furnishing industries are developing consistently, while North America is experiencing growth for synthetic leather only because of the work of PETA and similar animal rights organizations that condemn the practice of killing animals for leather products.
