No it is not! Piñatex is not a skin, whereas leather is made from an animal skin. Piñatex is a non-woven natural fibre-based textile which, after a finishing treatment, becomes aesthetically similar to leather, while retaining similar characteristics. We like to say Piñatex is a natural, vegan alternative to leather.
It is a type of textile produced by forming a net of fibres united by mechanical, thermal and chemical processes, but without being woven (using a warp and weft), for which it is necessary that the fibres be previously converted into thread.