ID: MRFR/CnM/1793-CR | February 2020 | Region: Global | 193 pages
The artificial leather is made-up of polyurethane (PU) or polyvinyl chloride (PVC). The global market has different names like synthetic leather, faux leather, rexine, vinyl, or leatherette. In the footwear industry, the demand for synthetic leather is increasing more day by day. According to the artificial leather market's growth, the global application is also increasing in the automotive industry because of its breathability, heat resistant properties, and elasticity. The artificial leather market trends in various manufacturing sectors like door trims, sun visors, roof lining, and other cars, buses, trucks, bikes, steering wheel covers, knob covers, and gear boot. The global market has adopted bio-based material in their products, attracting many market players to grow their businesses for the forecast period.
Furthermore, the artificial leather market has achieved USD 27,059.5 Million of market value in 2019 and expects to achieve a CAGR of 7% by the forecast period. The global market also uses PU-based and PVC-based artificial leather to boost its growth for the forecast period.
The report has focused on the market revenue generation in the global market. The artificial leather market has highlighted the market segmentation, regional analysis, and competitive analysis focusing on various regions and their productivity.
COVID-19 market analysis
The ongoing COVID-19 has brought a massive change in the global market. The pandemic has an excess effect on the artificial leather market as the whole world was in lockdown. But in the later period, when some relaxation came in COVID-19 guides and regulations, the global market quickly reached their customer's demand. The lockdown had more affected the countries like China, South Korea, and Taiwan who experienced major delays in manufacturing the artificial leather.
In 2020, the global artificial leather market faced massive loss in their productive material and sale. The current situation of the artificial leather market is stable and gaining its status rapidly. Moreover, the key players have adopted the artificial leather market's many responsibilities to develop its product and sale.
Dynamics of the market
The artificial leather market analysis explains that the growing demand from the footwear industry drives the growth of the global market. The artificial leather market concerns about animals and promotes no animal killing in their advertisement. This step makes the artificial leather market grow as they use an alternative of pure leather. The report says that it is an advantage for the global market over pure leather.
The artificial leather market has various growth opportunities in the global market. Customer demands are rising for Bio-based products, so the global market has given more focus on bio-based leather development. The key drivers have provided support to reach these demands.
However, the artificial leather market trends as very popular in serving bio-based products. To meet the global demands, the global market has employed more key drivers. Overall, the report mentions that the artificial leather market's growth opportunities are high worldwide.
The global artificial leather market uses various techniques and methods to compete with all its competitors worldwide. In the artificial leather market, the use of PU and PVC's harmful effects can be market restraints.
The restraints the artificial leather market recently faced were COVID-19, which slowed down their work process and made a massive drop in their sales target. In the present scenario, the global market speeds up its level to meet up the artificial leather market forecast.
The artificial leather market has faced many challenges because of the COVID-19 situation. The global market is slowly overcome from the pandemic situation and improving its marketing strategies.
Another challenge for the market can be the more production demand. As the customers have more demand for these global products and services, the global market cannot produce more in this scene. The leather industry requires more raw materials like PU and PVC that are more dependent on fossil fuels, and it has terrible impact on the environment. The experts are making few alternatives of these materials to reach the demand of the customers.
In 2019, the artificial leather market share was USD 27,059.5 Million, which was an excellent market value. Moreover, the global market is expecting to achieve a CAGR of 7% by the forecast period.
The report says that the market growth analysis depends on the performance of the key drivers and support.
Value Chain Analysis
The overall growth of the artificial leather market trends depends on the global market's global market value. The global market is highly classified into various types, application, production, and sales. The value of these segments depends on their quality, and the artificial leather market is expecting to grow with modifying several things in their manufacturing process for the forecast period.
The artificial leather market analysis explains the high demands of the products, increasing its sales. Therefore, the key players are keeping in mind the demand of the products and processing them likewise.
The artificial leather market's segmental classification is based on three types, i.e., PU, PVC, and bio-based. These products have more demand in the global market, and the key drivers are selling their products in massive amounts.
As a result, the report says that the market types have different functions and material quality. According to the preference, the key drivers deliver their products in the market.
According to the application segment, the artificial leather market shares diversely in various applications like furnishing, clothing, footwear, automotive, bags and wallets, and many more.
The enormous demands of the artificial leather product in various applications have more opportunities for the key players to increase their business globally.
According to the regional classification, the market has dived into various regional segments such as:
In 2018, the Asia-Pacific country had dominated the synthetic leather market and had generated more market share. The regional market has a target to achieve a market value CAGR of 8% by the artificial leather market forecast period.
In the artificial leather market trends, many competitors develop the growth of the global market. These competitors play an essential role in advertising the products and reaching the demands of the customers. The primary key players are:
The report says that all the above companies have dominated the market revenue for the 2019 year. These companies are focused on their product innovation and business expansion. Artificial leather products are more valuable for these companies to produce much suitable fashion creation.
The growing artificial leather market has given a report overview on the following points:
The report has focused on the industry's significance of growth potential and takes care of the supply and demand chain, which the key players manage.
Frequently Asked Questions (FAQ) :
The artificial leather market is ruled by key players such as Kuraray Co. Ltd., H.R. Polycoats Pvt. Ltd.., Alfatex Italia, Yantai Wanhua Group Co. Ltd., Nan Ya Plastis Corp., Tejinin Ltd.
The Asia-Pacific has generated more market value in the artificial leather market in 2018 and expects to continue the same in the upcoming years.
The COVID-19 has affected the artificial leather market for some months, but it has caught up the speed and growing very frequently in a very span of period.
The growth rate of the artificial leather market is 7% CAGR for the forecast period, which is highly admirable.