Global Artificial Leather Market -Forecast and Analysis (2020-2027)

Global Artificial Leather Market was valued at USD 28,737.19 Mn in 2019 and is expected to reach USD 50,494.27 Mn by 2027 at a CAGR of 7.3% over the forecast period 2020-2027.

Global Artificial Leather Market

The report covers an in-depth analysis of COVID 19 pandemic impact on Global Artificial Leather Market by region and on the key players’ revenue affected till April 2020 and expected short term and long-term impact on the market.

Global Artificial Leather Market Dynamics

Artificial leather is the best alternative for genuine leather, as it provides an opportunity to save our ecosystem without compromising the trendy clothing. Applications of artificial leather are enormous and include upholstery for automobile products, insulation tapes, table covers, urine bags, car matt, and PVC geomembrane, etc. Artificial leather can be hand sewing and requires leather needles and threads but for machine industrial sewing machines are suitable. Recent advances in this field produce newer materials with different useful properties for their versatile uses. Various factors such as growing demand from the footwear industry, advantages over pure leather, growing focus on the development of bio-based synthetic leather, changing consumer trends, mounting concerns over the impact of traditional leather on the environment and the growing demand for animal-free products are driving the global market over the forecast period.

However, stringent regulations set by the various governments against the usage of toxic chemicals including PU and PVC and the recent spread of COVID-19 across the globe has drastically impacted the market demand of synthetic leather owing to the several preventive measures taken by the various government to limit the spread of the pandemic.

Global Artificial Leather Market is segmented by type, by application, and by Region. By application, the Footwear application is expected to hold xx% of market share over the forecast period. Various factors such as changing consumer lifestyle and increasing fashion trends, growing demand for stylish, better fit, and comfortable shoes are driving the market growth over the forecast period. Moreover, factors such as increasing athleisure trend of incorporating athletic shoes in daily lifestyle and the less price of artificial leather footwear products as compared to animal leather are creating lucrative opportunities for the market over the forecast period. By type, Polyurethane (PU) artificial leather dominated the global market in 2019 and is expected to keep its dominance over the forecast period. PU is made with soft polymers and possesses key properties such as lightweight, waterproof, and does not crack light exposure. Various factors such as the increasing use of Polyurethane (PU) in clothing and automotive industries, increasing bio-based products are driving the market growth of this segment over the forecast period.

By geography, Asia Pacific held 43.23% of market share in 2019 and is expected to keep its dominance over the forecast period owing to the rising disposable income and increasing population. China, India, and South Korea are expected to hold a major market share in this region. Increasing technological innovations in the synthetic leather industry and presence of some of the major players such as Kuraray Co. Ltd. (Japan), San Fang Chemical Industry Co. Ltd (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Ltd. (India), Nan Ya Plastics Co. Ltd. (Taiwan), Filwel Co. Ltd. (Japan) and Zhejiang Hexin Industry Group Co., Ltd. (China) are driving the market growth in this region. APAC is followed by Europe and North America.

China is leading the market in 2019 for artificial leather in terms of production and sales. An outbreak of coronavirus in December 2019 has severely affected the country’s manufacturing output and an ongoing trade war between the U.S. and China and serious strain caused by the spread of the coronavirus pandemic, which originated in Wuhan, China, has created trust issues between the two nations, which is adversely impacting the market growth.

The report covers in-depth analysis of key development, marketing strategies, supply-side and demand-side indicators. Key players are adopting various organic and inorganic growth strategies such as merger& acquisitions, joint ventures, collaborations, expansion, new product launches, and patents to increase their regional presence and business operations.

The objective of the report is to present a comprehensive analysis of the Global Artificial Leather Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Artificial Leather Market dynamics, structure by analyzing the market segments and project Global Artificial Leather Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Artificial Leather Market make the report investor’s guide.
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Scope of Global Artificial Leather Market

Global Artificial Leather Market Segmentation by Type

• PU

• PVC

• Bio-based

Global Artificial Leather Market Segmentation by Application

• Furnishing

• Automotive

• Footwear

• Bags & Wallets

• Clothing

• Others

Global Artificial Leather Market Segmentation by Region

• Asia-Pacific

• Europe

• North America

• South America

• Middle East & Africa

Global Artificial Leather Market Major Players

• 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

• Gruppo Mastrotto SPA

• Asahi Kasei Corporation

• Toray Group.

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