Artificial Leather Market - Major Industry Insights and Forecast 2022 by Filwel Co. Ltd, H.R.Polycoats Pvt. Ltd, Alfatex ITALIA, Mayur Uniquoters Ltd., San Fang Chemical industry, Teijin Limited, Asahi Kasei Corporation, Huafon Group, Toray Industries

Artificial Leather Market- Competitive Landscape

The Global Artificial Leather Market represented huge growth over the last decade and it has expected to show same trend in the coming years as well. This market consist of large numbers of Tier 1 companies along with significant presence of Tier 2 companies. The key market players operating across the globe are DuPont Tate & Lyle Bio Products, TORAY INDUSTRIES, INC., TEIJIN LIMITED, KURARAY CO., LTD, and H.R. Polycoats Pvt. Ltd. The key trend observed in the global market by industry experts is expansion of production facility and launch of innovative bio-based products.

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Industry/ Innovation/ Related News:

April 20, 2017- DuPont Tate & Lyle Bio Products introduced its latest “plant-based innovative product” called Susterra® for the automotive industry. DuPont Tate & Lyle’s Susterra propanediol is manufactured through a patented fermentation process using glucose derived from plants. Bio-based materials are bringing new performance and alternative sourcing for the automotive and upholstery industry. At the same time these products are meeting the global environmental safety standards, due to which it will be one of the key focus areas of the key manufacturers of synthetic leather, in coming years.

April 8, 2016- Teijin Cordley Limited, the man-made leather business of Teijin Group has announced its new grade natural material based leather substitute called Maestley. Maestley has equivalent texture and richness to natural leather and other superior attributes, which makes it suitable in numerous applications such as accessories, automotive seat covers and upholstery. The company has developed innovative solutions by considering few factors such as fiber selection, non-woven structures, based material density and lamination methods. This is anticipated to provide boost to the global synthetic leather market as the product will meet the global standards of green products with minimum health and environmental impact.

Mar 17, 2017 – Tokyo, Japan based Toray Industries has invested around USD 264 million in expansion of its synthetic leather capacity. The expansion has taken place in Italy. This is projected to help Toray in meeting the growing for synthetic leather in well-established automotive industry.

April 9, 2015 – Formosa Petrochemical considers new Synthetic Leather plant in Louisiana, U.S. with by making the investment. The pant will be built by starting polyethylene production and related products and also cresting more than 9000 hundred jobs.

July, 28 2013- The Dow Chemical Company has made $1Billion-Plus Investment in Plaquemine Site to build Synthetic Leather plant. The Dow Chemical Company will invest $1.06 billion in a pair of new Synthetic Leathers plants – one for producing next-generation synthetic rubber and another for high-performance polyethylene. The investment will be helpful and may create over 500 job once the production plant will be done.

Market Overview

Synthetic or Artificial Leather, also known as "leatherette", "faux leather", "vegan leather", "PU leather" and "pleather" leather is a fabric made of artificial materials such as polyurethane (PU), polyvinylchloride (PVC) and other bio-based materials, which are processed, dried and heated to resemble real leather. This leather is basically cloth base which is coated with a synthetic resin so that it resembles animal hide on the surface. It is majorly used in applications where a leather-like finish and appearance is required but the real leather is cost intensive, unsuitable and prohibitive due to ethical reasons. Major applications of this product can be found in footwear, upholstery, furniture and fabric, among others.

The global footwear market is growing at highest CAGR and projected to retain the dominance in the market due to increasing standard of living and growing urban population around the world. In addition to this, increasing disposable income incentivizing people around the world to add value into their house, such as furnishing the house with an upholstery, which may fuel the demand of artificial leather. The cost-effective nature of product has offered it a greater opportunity to substitute real leather in major end uses such as footwear, accessories, and sports. The polyurethane based synthetic leather is expected to witness substantial growth due its eco-friendly properties as compared to PVC-based leather. However, the major bottleneck in the growth trajectory of the Global Synthetic Leather Market includes, the harmful effects of processing of PU and PVC on the ecosystem and human health. The developed economies in Europe and North America have put in place stringent regulations limiting the use of toxic synthetic materials such as PVC and PU.

Regionally, Asia Pacific was the most impactful market across the globe, which has acquired highest global shares. This is attributed to the growth of footwear, automotive and construction industry. India, Japan and China are the leading markets in this region on account of an increasing investment in major end uses of Synthetic Leather.

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