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Global Artificial Leather Market Research Report—Forecast till 2025
Market
Global Artificial Leather Market is anticipated to reach a CAGR of 7.37% during the forecast period and was valued at USD 27,059.5 Million in 2018. The artificial leather is a fabric made by utilizing polyvinyl chloride (PVC) or polyurethane (PU) having properties like elasticity, breathability, and heat resistant. Furthermore, artificial leather is the wear-resistant property and soft texture, folding resistant, cheaper than natural leather, waterproof, as well as alkali and acid-resistant. This type of leather is significantly adopted in the manufacturing of steering wheel covers, door trims, knob covers and gear boot, sun visors, roof lining, and other components of cars, buses, trucks, and bikes.
The global artificial leather market is anticipated to exhibit significant growth during the forecast period. The key market driving factor of the global artificial leather market is it’s the rising demand in the footwear sector. Additionally, the increasing use of bio-based materials to produce artificial leather is anticipated to constitute favorable circumstances for major market players during the evaluation period. However, the major restraining factor of the global market is the environmental effects of PU-based and PVC-based artificial leather. However, because of the rules and restrictions to limit the slaughtering of animals for the production of natural leather is propelling the global market of artificial leather. Additionally, the artificial leather is pocket friendly and easier to produce as compared to natural leather.
Market Segmentation
The Global Artificial Leather Market has been segregated based on Type, Application, and Region.
By type segment, the global market has been segmented into PU-based, PVC-based, and bio-based. The PVC-based artificial leather segment is evaluated to grow at the highest CAGR of around 8% during the review period due to its low cost.
Based on the application segment, the global artificial leather market has been categorized into furnishing, automotive, footwear, bags & wallets, clothing, and others. The footwear segment led the global artificial leather market in Asia-Pacific.
Regional Analysis
Geographically the Global Artificial Leather Market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
In 2018, the Asia-Pacific region held the largest contribution of the global artificial leather market and evaluated to register a CAGR of over 8% during the forecast period. The developing countries such as China, India, and Japan are witnessing high demand for footwear and bags & wallets, which ultimately drives the demand for artificial leather.
North America gripped the second-largest market contribution of the global artificial leather market. In 2018, the regional market was valued at USD 6,299.5 million. The regional market is led by the US owing to the healthy growth of the automotive industry
Major Players
Some of the major players operating in the Global Artificial Leather Market 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, Nan Ya Plastics Corporation, Zhejiang Hexin Industry Group Co. Ltd, Teijin Limited, DuPont Tate & Lyle Bio Products Company, LLC, Gruppo Mastrotto SPA, Asahi Kasei Corporation, and Toray Group.
COVID 19 Impacts
We are continuously tracking the impact of COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations and many other useful insights.
Market
Snapshot
Global Artificial Leather Market is anticipated to reach a CAGR of 7.37% during the forecast period and was valued at USD 27,059.5 Million in 2018. The artificial leather is a fabric made by utilizing polyvinyl chloride (PVC) or polyurethane (PU) having properties like elasticity, breathability, and heat resistant. Furthermore, artificial leather is the wear-resistant property and soft texture, folding resistant, cheaper than natural leather, waterproof, as well as alkali and acid-resistant. This type of leather is significantly adopted in the manufacturing of steering wheel covers, door trims, knob covers and gear boot, sun visors, roof lining, and other components of cars, buses, trucks, and bikes.
The global artificial leather market is anticipated to exhibit significant growth during the forecast period. The key market driving factor of the global artificial leather market is it’s the rising demand in the footwear sector. Additionally, the increasing use of bio-based materials to produce artificial leather is anticipated to constitute favorable circumstances for major market players during the evaluation period. However, the major restraining factor of the global market is the environmental effects of PU-based and PVC-based artificial leather. However, because of the rules and restrictions to limit the slaughtering of animals for the production of natural leather is propelling the global market of artificial leather. Additionally, the artificial leather is pocket friendly and easier to produce as compared to natural leather.
Market Segmentation
The Global Artificial Leather Market has been segregated based on Type, Application, and Region.
By type segment, the global market has been segmented into PU-based, PVC-based, and bio-based. The PVC-based artificial leather segment is evaluated to grow at the highest CAGR of around 8% during the review period due to its low cost.
Based on the application segment, the global artificial leather market has been categorized into furnishing, automotive, footwear, bags & wallets, clothing, and others. The footwear segment led the global artificial leather market in Asia-Pacific.
Regional Analysis
Geographically the Global Artificial Leather Market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
In 2018, the Asia-Pacific region held the largest contribution of the global artificial leather market and evaluated to register a CAGR of over 8% during the forecast period. The developing countries such as China, India, and Japan are witnessing high demand for footwear and bags & wallets, which ultimately drives the demand for artificial leather.
North America gripped the second-largest market contribution of the global artificial leather market. In 2018, the regional market was valued at USD 6,299.5 million. The regional market is led by the US owing to the healthy growth of the automotive industry
Major Players
Some of the major players operating in the Global Artificial Leather Market 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, Nan Ya Plastics Corporation, Zhejiang Hexin Industry Group Co. Ltd, Teijin Limited, DuPont Tate & Lyle Bio Products Company, LLC, Gruppo Mastrotto SPA, Asahi Kasei Corporation, and Toray Group.
COVID 19 Impacts
We are continuously tracking the impact of COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations and many other useful insights.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
