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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Polyurethane Leather Market Outlook
The global polyurethane leather market is being aided by the rising synthetic leather market, which reached a value of about USD 31.26 billion in 2023. The synthetic leather market is further expected to grow at a CAGR of 4.9% in the forecast period of 2024-2032 to reach a value of USD 48.24 billion by 2032.
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The Asia Pacific to Provide Enhanced Opportunities to the Polyurethane Leather Industry for its Growth
The Asia Pacific is expected to witness a robust growth over the forecast period. The emerging markets in the region, such as China, India, Thailand, and Vietnam, are anticipated to play a major role in product demand. The growing usage of polyurethane leather in the footwear industry is significantly contributing to the industry growth. The growing population and the escalating disposable incomes are resulting in the increased demand for leather and luxury products in the region, which, in turn, is driving the demand for polyurethane leather as a raw material. Europe is another significant market for the product. However, the recent spread of COVID-19 across the globe has adversely impacted the demand for PU leather due to the stringent government restrictions put in place to curb the spread of the pandemic.
Polyurethane Leather: Market Segmentation
Polyurethane leather, also referred to as PU leather, is a type of artificial/synthetic leather obtained from thermoplastic polymer. The synthetic leather products are prepared through the process of coagulation, wherein polyurethane is combined with dimethylformamide and cellulose fibre to finally produce polyurethane leather as the end product. In comparison to other types of synthetic leather, PU leather provides benefits like better tensile strength, rigidity, compression, surface friction, and roughness. Its major applications include footwear, clothing, and bags and wallet, among others.
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Based on application, the market is divided into:
- Footwear
- Furnishing
- Automotive
- Clothing
- Bags and Wallets
- Sports
- Electronics
- Others
On the basis of sales channel, the industry can be segmented into:
- OEM (Original Equipment Manufacturer)
- Aftersales
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
The global market for polyurethane leather is being driven by the growing demand for products prepared from synthetic leather owing to their premium look and quality. PU leather is an affordable alternative to genuine leather, which is increasingly replacing its applications in handbags, car furnishings, clothing, and others. Further, it enables the production of lightweight, breathable, and waterproof materials. The growing trend of athleisure and the rising demand for athletic shoes are significantly contributing to the industry growth as footwear is one of the major applications of the product. The market is also supported by the increasing disposable incomes and rising living standards. Since PU does not emit dioxins, it is considered an eco-friendlier alternative over other synthetic leathers like polyvinyl chloride (PVC) leather. Over the forecast period, the new product innovations by the manufacturers are expected to further propel the industry growth.
Key Industry Players in the Global Polyurethane Leather Market
The report gives a detailed analysis of the following key players in the global polyurethane leather market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Stahl Holdings B.V.
- Ocean Plastic Co., Ltd.
- DOW chemical Company
- BZ Leather Company
- DAEWON Chemical
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Applications |
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| Breakup by Sales Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 31.26 billion.
The market is projected to grow at a CAGR of 4.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 48.24 billion by 2032.
The major drivers of the market are rising disposable incomes, increasing population, growing demand for synthetic leather, increasing demand for premium quality products, and growing technological advancements.
The key trends guiding the market include the growing R&D activities and new product launches by key players.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major applications of polyurethane leather are footwear, furnishing, automotive, clothing, bags and wallets, sports, and electronics, among others.
The major sales channels in the industry are OEM (original equipment manufacturer) and aftersales.
The major players in the industry are Stahl Holdings B.V., Ocean Plastic Co., Ltd., DOW chemical Company, BZ Leather Company, and DAEWON Chemical, among others.
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