Microfiber Synthetic Leather Market

Microfiber Synthetic Leather Market Outlook (2023-2033)

The global microfiber synthetic leather (MSL) market is estimated to be valued at US$ 1.2 billion in 2023 and it is anticipated to grow at a CAGR of 5.0% to reach US$ 1.9 billion by the end of 2033.

One type of synthetic leather is microfiber leather fabric, which is made of microfiber non-woven fabric that has been coated with a layer of polyurethane, high-performance resins. Microfiber synthetic fiber because of its properties such as softness and lightweight is gaining manufacturer’s attention across various end-use industries.

Report Attributes	Details
Estimated Market Value (2023E)	US$ 1.2 Billion
Forecasted Market Value (2033F)	US$ 1.9 Billion
Global Market Growth Rate (2023-2033)	5.0% CAGR
North America Market Share (2023)	22.3%
East Asia Market Growth Rate (2023-2033)	5.4% CAGR
Europe Market Growth Rate (2023-2033)	5.1% CAGR
Key Companies Profiled	Chevron Phillips Chemical Company LLC Dymatic Chemicals, Inc. Beijing Eastern Acrylic Chemical Technology Co., Ltd LG Chem, Ltd. Yeochun NCC Co. Ltd. Trecora Resources

Historic and Future Path for Microfiber Synthetic Leather Market

Microfiber synthetic leather is most widely used in the clothing industry because of its softness, and lightweight. Microfiber synthetic leather is also known for its resistance to dirt and water, which makes them a popular choice in the garment, furniture, footwear, and automotive industry.

• Short Term (2023-2026): Growing disposable income drives the clothing industry, which is likely to drive the MSL market in the near term.
• Medium Term (2026-2029): Government regulations over the use of animal leather is set to drive the MSL market during the projection period.
• Long Term (2029-2033): Market players focus on research and development for product enhancement and customization to cater to the needs of the end-users and gain high-profit margins.

Market Dynamics Overview

“Sustainable Substitute to Natural Leather Drives the MSL Market Growth”

Leathers are most widely preferred in industries such as clothing, consumer goods, automotive, and many more. Its physical properties make them suitable for use in various end-use applications. Due to limited resources of natural resources, the prices of natural leather have increased rapidly over the years and it tends to be more expensive than ever.

As a result of these, the demand for microfiber synthetic fiber has increased significantly. Since it has properties similar to leather such as softness and lightweight it finds application in many end-use industries where leathers are used primarily. Microfiber leather is an ideal substitute for natural leather and exponentially emerged over the past few years.

Ongoing research and development in microfiber synthetic leather have provided manufacturers an upper edge and improved mechanical behavior than natural leather.

“Growing Automotive & Furniture Industry to Boost the Sales”

Over the period, the automotive and furniture industry is growing at a significant pace. Rising disposable income especially in developing economies has enabled consumers to increase their spending on personal grooming and leading a luxurious lifestyle. This, in turn, enables them to opt for leather products, including clothing, furniture-related products, and more.

Leathers are considered an essential component in the automotive industry. It is widely used to enhance the aesthetics of the vehicle since it covers the infotainment center, steering, and controllers. Leather is used to sustain various types of fatigue such as wear & tear and scratches. This is expected to fuel the microfiber synthetic leather market in the coming years.

“High Manufacturing Cost to Hamper Market Growth”

The high manufacturing cost of microfiber synthetic leather is likely to have a negative impact on the growth of the microfiber synthetic leather market. Due to its high cost, it has not been widely used by many small and medium-scale manufacturers in the clothing and furniture industry.

Stringent government regulations regarding the use of faux-based products are likely to hamper the MSL market growth over the forecast period.

Country-wise Insights

Why the US is a Prominent Country for the MSL Market?

The US microfiber synthetic leather market has grown at a CAGR of 4.0% in the historical period from 2018-2022 and is anticipated to grow at a CAGR of 5.1% in the forecast period.

The US is likely to witness high demand for microfiber synthetic leather from various end-use industries such as clothing, automotive, footwear, and many more.

The growing automotive industry in the US is anticipated to create high demand for microfiber synthetic leather in the coming years, as it is considered an automotive hub. The US has the presence of some of the leading automotive manufacturing companies such as General Motors, Tesla, and Ford. Leather plays an important role in the automotive industry. Rising demand for lightweight design and optimized efficiency, simultaneously providing comfort for drivers as well as passengers.

What Role does China Play in the Expansion of the MSL Market?

China is a leather-producing country across the globe with a production of over 6,000 million Sq.ft. China holds 25% of global leather production. Hence, China is likely to dominate the microfiber synthetic leather market growth over the forecast period.

China is one of the fastest-growing economies. The rising disposable income has been a key factor in the growing consumer spending on clothing, bags, and furniture, footwear, which is likely to increase the demand for the microfiber synthetic leather market in China.

Category-wise Insights

Why is Bio-Based Leather Getting Consumer’s Attraction?

The manufacturing of bio-based leather has very less environmental impact as compared to polyurethane and PVE-based synthetic leather. This has gained high consumer as well as manufacturers attention. It has been recorded as the consumer has drastically shifted towards sustainability and biodegradable products. Furthermore, leading market players are employing soybean, flax, and palm as raw materials.

Bio-based leathers are anticipated to grow at a CAGR of 5.3% in the forecast period.

Which Application is Expected to Drive the Market Growth?

Clothing application is expected to drive market growth during the forecast period. Increasing demand for high-quality clothing in both developed as well as developing countries is likely to increase microfiber synthetic leather demand.

With rising per capita income consumer spending on clothing has increased, and people also opt for leather products due to rising disposable income which is likely to create high demand for microfiber synthetic leather manufacturers.

Clothing application in the microfiber synthetic leather has grown at a CAGR of 4.1% in the historical period between 2018-2022 and is anticipated to grow at a CAGR of 5.3% in the forecast period.

Market Titans Key Strategies

Prominent microfiber synthetic leather manufacturers are Ecolorica, Fujian Tianshou, Huafon Group, Meisheng Group, and Toray Group

Leading market players in microfiber synthetic leather are investing in research and development for the betterment of the product such as increasing softness and reducing the weight of the leather. Manufacturers are also looking for strategic collaborations. Expanding production remains a highly preferred strategy among the market’s leading players.

Fact.MR has provided detailed information about the price points of key manufacturers of microfiber synthetic leather positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Microfiber Synthetic Leather Industry Research

• By Product Type :

  • Bio-Based
  • PU-Based
  • PVC-Based

• By Application :

  • Clothing
  • Furnishing
  • Bags, Purses & Wallets
  • Footwear
  • Automotive
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA