Artificial Leather Market is predicted to reach USD 54.11 billion at a CAGR of 6.53% during the forecast period

Artificial Leather Market is predicted to reach USD 54.11 billion at a CAGR of 6.53% during the forecast period

Pune, India, September 2023, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Artificial Leather Market.


Market Research Future (MRFR) has published a cooked research report on the “Artificial Leather Market” that contains information from 2018 to 2030. The Artificial Leather Market is estimated to register a CAGR of 6.53% during the forecast period of 2023 to 2030.


MRFR recognizes 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 Synthetic 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.


Market Highlights


The global Artificial Leather Market is accounted to register a CAGR of 6.53% during the forecast period and is estimated to reach USD 54.11 billion by 2030.


The artificial leather market, also known as synthetic leather or faux leather, refers to a type of material that is designed to mimic the appearance and texture of genuine leather without using animal hides. Artificial leather is manufactured using various synthetic materials, typically polymers like polyurethane (PU) or polyvinyl chloride (PVC), which are processed and treated to resemble the characteristics of natural leather.


Segment Analysis


The global Artificial Leather Market has been segmented based on Type, and Application.


The Artificial Leather market segmentation, based on type, includes PU, PVC and Bio-based. The PU segment held the majority share in 2021 contributing to around ~53-55% with respect to the Artificial Leather market revenue. This is primarily owing to the rising demand from footwear industry across the globe. PU leather, often known as polyurethane leather, is synthetic leather composed of thermoplastic polymer that is used to make furniture or shoes. 100% PU leather is entirely synthetic and deemed vegan. Bicast leather is a form of PU leather that contains true leather below but a polyurethane covering on top. This form of PU leather uses the fibrous component of cowhide that is left over after creating real leather and coats it with polyurethane.


The Artificial Leather market segmentation, based on application, includes Furnishing, Automotive, Footwear, Accessories, Clothing, Electronics and others. The Footwear segment dominated the market in 2021 and Automotive segment is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the automobile sector has been increasing at a rapid pace in recent years, which has coincided with the expansion of e-vehicles. The Asia-Pacific automotive market is expanding at a rapid pace. 


Regional Analysis


The global Artificial Leather Market, based on region, has been divided into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific Artificial Leather market accounted for USD 15.31 billion in 2021 and is expected to exhibit an 7.71% CAGR during the study period. This is attributed to the robust growth of the footwear, automotive and furnishing industries in China, India, and Indonesia is fueling the demand for Artificial Leather. Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


North America Artificial Leather market accounts for the second-largest market share due to rising electric mobility across major countries in the North American region. In addition, growing government support in the form of favorable initiatives and policies is expected to drive demand in the market. The growing consumer inclination toward safety and comfort features in vehicles is accommodated by the latest technologies like ADAS. Further, the USA Artificial Leather market held the largest market share, and was the fastest-growing market in the region


The Europe Artificial Leather Market is expected to grow at a CAGR of 8.09% from 2022 to 2030. This is due to stringent government regulations related to limiting the slaughtering of animals for the production of natural leather for application in vaious end-use applications such as in footwear and automotive industry are the key drivers of the regional market. Moreover, Germany Artificial Leather market held the largest market share, and was the fastest growing market in the European region.


Key Findings of the Study



  • The global Artificial Leather Market is expected to reach USD 54.11 billion by 2030 , at a CAGR of 6.53% during the forecast period.

  • The Europe Artificial Leather Market is expected to grow at a CAGR of 8.09% from 2022 to 2030. This is due to stringent government regulations related to limiting the slaughtering of animals for the production of natural leather for application in vaious end-use applications such as in footwear and automotive industry are the key drivers of the regional market.

  • The Artificial Leather market segmentation, based on type, includes PU, PVC and Bio-based. The PU segment held the majority share in 2021 contributing to around ~53-55% with respect to the Artificial Leather market revenue.

  • Kuraray Co. Ltd, H.R. Polycoats Pvt. Ltd, Alfatex Italia SRL, Filwel Co. Ltd, Yantai Wanhua Synthetic 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.


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