Synthetic Lether Market Share Perspective, COVID-19 Impact Analysis and Forecast 2030

[Ram Vasekar]

According to the Market Research Future (MRFR) report, the global demand for artificial leather was estimated at USD 29.15 billion in 2021 and is expected to register a CAGR of 6.53% from 2023 to 2030 (forecast period).

Increased demand for artificial leather in the footwear industry is a key driver of global market growth. Similarly, due to its elasticity, breathability, and heat-resistant properties, market growth is also driven by the growing application of artificial leather in the automotive industry. This is used in the manufacture of steering wheel covers, door trims, knob covers, and gear boot, sun visors, roof lining, and other cars, bus, truck, and bicycle parts. In addition, the growing use of bio-based materials to manufacture artificial leather during the forecast period is likely to generate growth opportunities for market players. However, the environmental impact of PU-based and PVC-based artificial leather is expected to be a major factor that will impede global market growth during the forecast period.

Segmentation

The global Synthetic Lether Market Share has been segmented by type, application, and region.

Based on the type, the global market was divided into PU-based, PVC-based, and bio-based. The PVC-based artificial leather segment is projected to rise at the highest CAGR of around 8% during the forecast period due to its low cost. Based on application, the global market for artificial leather has been divided into furniture, car, boots, bags & wallets, clothing, and others. The footwear segment led the global market for artificial leather with a market share of more than 35% by value in 2018 due to its increasing global demand, especially in Asia-Pacific.

Market Dynamics

Owing to its wear-resistant properties and soft texture artificial leather is commonly used in the footwear industry. Artificial leather gives a lighter look than natural leather, is resistant to folding, cheaper than natural leather, waterproof, and resistant to alkali and acid. This can be used in footwear production, such as boots for use in the chemicals and other industries because of its chemical resistant quality. Also, artificial leather is cost-effective and easier to make in comparison with natural leather. In the footwear industry, the major factor responsible for the rising adoption of artificial leather is the obsoletion of natural leather made from skin or animal hide. Several countries have come up with laws to regulate the slaughtering of animals for the manufacture of natural leather, such as Directive 94/11/EC of the European Parliament and of the Council (EU), Regulation (EU) No 1007/2011 of the European Union (EU), 40 CFR 425 of document 61 FR 35680 of the United States Environmental Protection Agency (EPA), Legge 1112 and Legge 8 of Italy for the regulation of the usage of the words "leather" and "fur" and the word derived from them, Decree 3289/1974 in Spain, Consumer Protection Act 2008 (68/2008) in South Africa, among several others. Italy for the regulation of the usage of the words "leather" and "fur" and the word derived from them, Decree 3289/1974 in Spain, Consumer Protection Act 2008 (68/2008) in South Africa, among several others. Throughout the years, these regulations have resulted in an increase in the production of artificial leather in order to satisfy the increasing demand in a variety of application areas.

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Regional Analysis

The global artificial leather market has been divided into the Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The Asia Pacific dominated the overall demand for artificial leather in 2018. Countries such as China, India, and Japan are experiencing a strong demand for footwear and bags and wallets, which is increasing the market for artificial leather. The regional market is expected to register a CAGR of more than 8% during the forecast period. North America retained the second largest market share in the global demand for artificial leather. In 2018, the regional market was estimated at USD 6.299.5 million. The US kept a greater market share in the regional market due to the healthy growth of the automotive industry.

Key Players 

Key Players in the global Artificial Leather Market Vendor Share Research are Kuraray Co. Ltd, H.R. Polycoats Pvt. Ltd, Alfatex Italia SRL, Filwel Co. Ltd, Yantai Wanhua Artificial leather Group Co. Ltd, San Fang Chemical Industry Co. Ltd, Mayur Uniquoters Limited, Teijin Limited, Nan Ya Plastics Corporation, Zhejiang Hexin Industry Group Co. Ltd, DuPont Tate & Lyle Bio Products Company, LLC, Gruppo Mastrotto SPA, Asahi Kasei Corporation, and Toray Group.