The figures reinforce the findings of a recent report by the manufacturing organisation EEF "Financing for Assets" showing 86% of its members who used external finance had invested in equipment through asset finance in the last three years.
A similar percentage of manufacturers expected to use it in the next three years.
The Government's National Loans Guarantee Scheme included asset finance and the FLA hopes it will also be a key feature of the Government's Business Finance Partnership.
The FLA's latest figures also show that asset finance for cars, commercial vehicles and IT equipment grew in the first quarter of 2012 compared with the same period last year.
Geraldine Kilkelly, chief economist and head of research at the Finance & Leasing Association, said: "The recent sustained growth in asset finance meant that the percentage of fixed capital investment financed by the industry rose from 24% in 2010 to 27% in 2011.
"The recent EEF Report shows the importance of asset finance in supporting manufacturing investment. There is clear evidence that asset finance can make a significant contribution to the UK's economic recovery."
