Artificial Leather Market to Grow at CAGR of 7.9% to Cross USD 38.2 Billion by 2022

Synopsis of Artificial Leather Market:

Market Overview and Forecast:

Artificial leather is also known as synthetic leather made from tanned animal hides. Artificial leather is durable, stain resistance and cheaper compared to real leather. Strict government regulations in killing animal for producing genuine leather, high cost and insufficient supplies has brought the demand of artificial leather.

Hence, Global Artificial Leather Market is expected to reach USD 38.2 billion with CAGR of 7.9% from 2016 to 2022.

Artificial Leather Market Players:

The major key players of this market are:
• Filwel Co. Ltd (Japan)
• H.R.Polycoats Pvt. Ltd (India)
• Alfatex ITALIA (Italy)
• Mayur Uniquoters Ltd. (India)
• San Fang Chemical industry Co. Ltd (Taiwan)
• Kuraray Co. Ltd. (Japan)
• Teijin Limited (Japan)
• Asahi Kasei Corporation (Japan)
• Huafon Group (Japan)
• Toray Industries (Japan)

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Regional Analysis:

The APAC region Artificial Leather market is expected to grow owing to rise in per captia income, changing lifestyle and growth expansion of middle class people in emerging economies. China being largest producer and consumer of artificial leather dominates the region in artificial leather market. China, India, Brazil and Indonesia are expected to drive the market demand owing robust industry growth. Major players are also targeting developing regions in order to maximize the profit and meet the growing demand in those regions. Driving demand of strong stress tolerance products especially in boots, shoes bags, luggage, gloves and other consumer goods is anticipated to drive the artificial leather market in these regions.

Europe witnessed a significant growth owing to being prominent player of automobile sector and consumer appliances. After economic downturn, the government is focusing more on bio-based products and low cost products with high durable quality. Hence, the artificial leather market is expected to grow in this region.

North America witnessed a slow growth owing to saturation of larger internal fashion brands. Due to this key player has reluctant to invest in these regions. This has led slow growth of product in North America market.

Market Segmentation:

The Global Artificial Leather Market is majorly segmented on the basis of types and end user industry. Based on types, artificial leather market is segmented into polyurethane (PU), polyvinyl chloride (PVC), bio based. Based on end user industry of artificial leather, the market is segmented into automotive, furnishing, footwear, clothing, others.

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Based on types, artificial leather is segmented into polyurethane (PU), polyvinyl chloride (PVC), bio based. Polyurethane leather is faster growing segment over the forecasted period 2016-2022. Both PU based and PVC based artificial leather comes under pleather. PU based artificial leather is easier to clean and environment friendly compared to PVC based artificial coating, as it does not create dioxins. PU based artificial leather is made up of coating cotton or soft polymer which makes it ideal for garment and car interiors manufacturing. PVC is second leading segment owing to low cost compared to PU based artificial leather. These leather is made up of adding plasticizers and dyed to PVC so that fabric are made softer. It is extensively used to make items with low stress tolerance. Thus, it is widely used in electronic and furnishing manufacturing.

Based on end user industry, artificial leather is segmented into automotive, furnishing, footwear, clothing, others. Footwear segment is largest end user industry of artificial leather due to growing need of footwear according to changing climatic conditions. Technological advancement in automotive and furniture has shifted the need for artificial leather owing to its superior properties. Moreover, changing preferences of consumer is driving the demand for artificial leather market. Growing concern of lightweight leather in automotive sector is anticipated drive the artificial leather over the forecasted horizon. Growing infrastructure activities coupled with interior designing is also anticipated to drive the artificial leather market.

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This release was published on openPR.