Industry Background:
Artificial leather resembles similar to natural one but is less expensive and finds its applications across various domain such as clothing, footwear and automotive sectors among others. Raw materials such as Polyvinyl Chloride (PVC) and Polyurethane are used in the production of artificial leather along with excessive chemical. The use of chemicals leads to an adverse effect on the environment and key manufacturers are finding ways and means to reduce the same as production and consumption of artificial leather grow rapidly.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Billion) |
Key Companies Profiled | Alfatex ITALIA (Italy), Mayur Uniquoters Limited (India), Zhejiang Hexin Industry Group (China), Yantai Wanhua Synthetic Leather Group Co. Ltd (China), NAN YA Plastics Industrial Co. Ltd (China), Teijin Limited (Japan), Kuraray (Japan) Kuraray Co. Ltd. (Japan), DuPont (United States), Uniroyal (United States), Asahi Kasei Corporation (Japan), San fang chemical industry co. ltd. (China), Toray Coatex Co. Ltd. (Japan) and H.R. Polycoats Pvt. LTD. (Japan) |
According to AMA, the market for Artificial Leather is expected to register a CAGR of 7.14% during the forecast period to 2028. This growth is primarily driven by Growing Demand for Artificial Leather in Footwear Sector and Cost Effectiveness and Advantage over Pure Leather.
Globally, a noticeable market trend is evident Rise in Demand for Low-Cost Versatile Leather Products The Textiles sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Alfatex ITALIA (Italy), Mayur Uniquoters Limited (India), Zhejiang Hexin Industry Group (China), Yantai Wanhua Synthetic Leather Group Co. Ltd (China), NAN YA Plastics Industrial Co. Ltd (China), Teijin Limited (Japan), Kuraray (Japan) Kuraray Co. Ltd. (Japan), DuPont (United States), Uniroyal (United States), Asahi Kasei Corporation (Japan), San fang chemical industry co. ltd. (China), Toray Coatex Co. Ltd. (Japan) and H.R. Polycoats Pvt. LTD. (Japan), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In October 2020, Sage Automotive Interiors acquired Adient's automotive textile business. Sage plans to create the following synergies through acquisition by combining the automotive fabric business acquired from Adient, marketing, manufacturing, and development with a focus on Europe, the largest market for automotive interior fabrics and the source of innovative automotive trends.
In April 2016, Teijin Cordley , a man made leather business announced that it has developed “Maestley”, a new substitution of natural leather.
Regulatory Insights:
The Regulation of the European Union (EU) on registration, evaluation, authorisation and restriction of chemicals used in the Leather Goods. Its proclaimed aim is to ensure a high level of protection of human health and the environment as well as the free movement of substances, on their own, in preparations and in articles, while enhancing competitiveness and innovation. This Regulation should also promote the development of alternative methods for the assessment of hazards of substances.
Influencing Trend:
Rise in Demand for Low-Cost Versatile Leather Products
Market Growth Drivers:
Growing Demand for Artificial Leather in Footwear Sector and Cost Effectiveness and Advantage over Pure Leather
Challenges:
Lack of Durability Limits its Applications and Effect on Trade Activity Owing to Slowdown in Global Economy
Restraints:
Adverse Effect on Human Health Owing to Processing of Polyurethane (PU) or Polyvinylchloride (PVC) in Synthetic Leather Manufacturing Process and Availability of Other Artificial Fibres With Similar Cost
Opportunities:
Changing Fashion Statement and Increase in Disposable Income in Emerging Countries and Rising Demand for Lightweight Leather in Automotive Industry
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Artificial Leather Market
- Analysis about New Entrants in Artificial Leather Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Artificial Leather Study Sheds Light on
The Artificial Leather Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Artificial Leather industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Artificial Leather industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.