Early Impacts of COVID 19 on Synthetic Leather ProductsMarket 2020
Over the past decade, the global demand for synthetic leather has witnessed significant growth. The soaring demand for synthetic or faux leather is driven by a range of factors, including evolving consumer trends, mounting concerns over the impact of traditional leather on the environment, ascending demand for animal-free products, and growing awareness regarding the attributes of synthetic leather, among others. At present, synthetic leather is increasingly being used in a range of applications, which include footwear, interior designing, furnishing, automotive interiors, garments, and luxury goods.
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Adoption of Polyurethane Synthetic Leather Gains Momentum
In the past few years, the adoption of ethically manufactured materials, such as synthetic leather in various end-use industries has grown at a rapid pace. Increasing number of consumers are leaning toward purchasing greener and sustainable products, which, in turn, has increased the demand for polyurethane leather. The polyurethane product type segment is projected to account for ~ 67% share of the synthetic leather market, in terms of value, and is expected to reach a value of ~US$ 12.2 Bn in 2019.
The demand for polyurethane leather is gaining significant momentum, as this type of synthetic leather is highly durable and flexible. Since polyurethane leather is developed using a range of artificial chemicals and without using animal products, it is gradually gaining popularity as ‘vegan leather’. Since no animals are harmed during the manufacturing of polyurethane, consumer affinity toward using products made from this leather is growing, which, in turn, is accelerating the growth of the synthetic leather market. As polyurethane leather does not fade when exposed to sunlight, it is increasingly being used in interiors of automobiles.
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Rise in R&D Investments to Develop Sustainable Synthetic Products
Within the synthetic leather market, research and development activities have played a pivotal role in differentiating the overall attributes of synthetic leather from traditional leather. Stakeholders in the synthetic leather market landscape are investing in research and development activities to develop synthetic leather with superior properties. Upcoming and established players in the current market landscape are engaged in the development of synthetic leather with various textures, colors, patterns, and functionalities. Several companies are entering into strategic partnerships to develop innovative and sustainable synthetic leather in tune with evolving industry trends. For instance, BASF and Greentech entered into an agreement wherein the companies announced the launch of a joint laboratory for the development of synthetic leather. The new research and development center will be predominantly focused on the manufacturing of sustainable and efficient synthetic leather by leveraging the innovative technologies of BASF. Furthermore, the companies announced that the collaboration will also facilitate the production of new prototypes that they aim to commercialize for different applications.
Participants in the current synthetic leather market are also aiming to streamline their quality control processes. At present, owing to the ascending demand for synthetic leather across various industrial verticals such as footwear, automotive, furnishing, garments, etc., companies are expected to align their product development activities with the requirements of each of these industries. Despite being at the forefront of technology and innovation, North America and Europe are likely to fall behind Asia Pacific, in terms of value and market share. The Asia Pacific region is expected to account for ~50% share of the synthetic leather market in 2019 and the trend is expected to continue during the forecast period. Lucrative opportunities offered by India and China coupled with multiple initiatives by governments of these countries promoting the manufacturing of synthetic leather are expected to fuel the market growth across the Asia Pacific region.
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