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.

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.