Expanding Footwear Industry is the Major Contributor to the Growth of the Global Artificial Leather Market :

Pune, India, February 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Artificial Leather Market.

Market Highlights

Global Artificial Leather Market was valued at USD 27,059.5 Million in 2018 and is projected to register a CAGR of 7.37% during the forecast period. Artificial leather is a man-made fabric, made by using polyvinyl chloride (PVC) or polyurethane (PU). It exhibits high durability, heat resistance, and exceptional versatility as compared to natural leather. Besides this, artificial leather is a cost-effective and morally ethical alternative to natural leather, which is manufactured from tanned animal hides.

Segmental Analysis

According to MRFR analysis, the Global Artificial Leather Market has been segmented based on Type, Application, and Region.

By Type, the global market has been divided into PU-based, PVC-based, and bio-based. The PVC-based artificial leather segment is expected to exhibit the highest CAGR of around 8% during the forecast period due to the superior properties such as toughness, durability, stain resistance properties, and extreme wear and weather resistance.

By Application, the global artificial leather market has been classified into furnishing, automotive, footwear, bags & wallets, clothing, and others. The footwear segment dominated the market with a share of over 35% in 2018 due to its growing demand across the globe, especially in Asia-Pacific.

Regional Analysis

Geographically, the global artificial leather market has been divided into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. As per the analysis of MRFR, Asia-Pacific was the dominant regional market, accounting for a leading market share of over 8% in 2018. Moreover, the healthy growth of the automotive industry and high per-capita income in the US are driving the demand for artificial leather in North America. The North American market held the second-largest share in the year 2018.

Access Report Details @ https://www.marketresearchfuture.com/reports/artificial-leather-market-2426

Key Findings of the Study

  • The Global Artificial Leather Market reached USD 27,059.5 million in 2018 and is projected to reach USD 44,228.6 million by the end of 2025, at a CAGR of 7.37% during the forecast period.
  • Based on type, the PVC artificial leather segment is likely to register a CAGR of around 8% during the forecast period.
  • On the basis of application, the footwear segment was valued at USD 10,464.2 million in 2018 and is expected to grow at a significant rate during the forecast period.
  • Asia-Pacific accounted for the largest market share in 2018 and was valued at USD 13,794.6 million in 2018.

Key Players

Market Research Future (MRFR) identifies the following companies as the Key Players in the global artificial leather market: 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.