Synthetic Leather Market Share

APAC Market Forecast

By the end of 2037, Asia Pacific region is expected to account for more than 32% synthetic leather market share, due to a confluence of industrial, cultural, and economic factors. Urbanization and rapid economic expansion have changed lifestyles and increased consumer spending, which has increased demand for synthetic leather garments, purses, and shoes. India is a profitable market for the selling of synthetic leather because it is one of the world's biggest producers of shoes.

Growing population and rising per capita income would propel shoe sales, which in turn will increase demand for synthetic leather in the Indian footwear sector. With a budget of USD 390 billion, the Indian government has started "the Indian Footwear, Leather and Accessories Development Programme (IFLADP)". Through this program, the government will create plans for human resource development and offer financial support in places where modernizing industrial units is required.

North American Market Statistics

By the end of 2037, North America region in synthetic (PU) leather market is anticipated to account for more than 27% revenue share owing to the rise in electric mobility. Furthermore, it is anticipated that rising government support in the form of advantageous programs and regulations will boost market demand.

The newest technologies, such as ADAS, cater to the growing consumer preference for safety and comfort aspects in cars. Additionally, the USA Artificial Leather market was the fastest-growing in the region and had the biggest market share.