Artificial Leather Market Research Report - Global Forecast till 2027

Artificial Leather Market: Information by Type (PU, PVC and Bio-based), Application (Furnishing, Automotive, Footwear, Bags & Wallets, Clothing and others) and Region (Asia-Pacific, Europe, North America, Latin America and the Middle East & Africa) - Forecast till 2027

ID: MRFR/CnM/1793-CR | February 2021 | Region: Global | 193 pages

Artificial Leather Market Overview

The Artificial Leather Market has achieved USD USD 75 Billion of market value in 2027 and expects to achieve a CAGR of 5% by the forecast period. 

The artificial leather is made-up of polyurethane (PU) or polyvinyl chloride (PVC). The 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 market has adopted bio-based material in their products, attracting many market players to grow their businesses for the forecast period.

The 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 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.

Competitive Landscape

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:

  • R. Polycoats Pvt. Ltd.

  • Kuraray Co., Ltd.

  • Nan Ya Plastics Corporation

  • Yantai Wanhua Synthetic Leather Group Co., Ltd.

  • Alfatex Italia SRL

  • Teijin Limited

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.

Dynamics of the market

Essential drivers of the market

In this market, the key drivers play a significant role in achieving the global market's goal. These key drivers are artificial leather manufacturers, suppliers and traders, investors and trade experts, government associations and industrial bodies, and consulting chemical experts.

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.

Growth Opportunities for The Market

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.

Global market restraints

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.

Challenges Faced By The Market

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.

Growth Analysis Of The Market

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.

Segment Overview

By Type

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.

By application

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.

Regional Analysis

According to the regional classification, the market has dived into various regional segments such as:

  • Latin America (Mexico, Brazil, and rest others)

  • North America (Canada, US)

  • Asia-Pacific (India, South Korea, China, Japan, and rest others)

  • The Middle East and Africa (South Africa, GCC, and rest others)

  • Europe (Germany, Russia, UK, Italy, France, Spain and rest others)

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.

Recent Developments

  • In 2018, the artificial leather market was dominated by the Asia-Pacific country. North America held second place, a market value of USD 6,299.5 million in 2018.

  • Many online websites and retailed shops are designed to get easy access to the artificial leather market's more fashionable product.

Report Overview

The growing artificial leather market has given a report overview on the following points:

  • Overview of the market

  • COVID 19 analysis

  • Dynamics of the market

  • Value chain analysis

  • Market segmentation

  • Regional analysis

  • Competitive analysis

  • Recent Developments of the key players

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.

Segmentation Table

By Type

  • PU,

  • PVC,

  • bio-based

By application

  • furnishing,

  • clothing,

  • footwear,

  • automotive,

  • bags and wallets

Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 75 Billion
  CAGR   5%(2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   R. Polycoats Pvt. Ltd., Kuraray Co., Ltd., Nan Ya Plastics Corporation, Yantai Wanhua Synthetic Leather Group Co., Ltd., Alfatex Italia SRL, Teijin Limited
  Key Market Opportunities   Customer demands are rising for Bio-based products, so the global market has given more focus on bio-based leather development
  Key Market Drivers

  • The growing demand from the footwear industry.

  • 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.