The report “Synthetic Leather (Artificial Leather) Market by Type (Polyurethane, Polyvinyl Chloride, Bio-based), End-Use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Sports, Electronics) – Global Forecast to 2021″, The global synthetic leather market was valued at USD 22.13 Billion in 2015 and is projected to reach USD 33.54 Billion by 2021, at a CAGR of 7.20% from 2016 to 2021.
• 105 market data Tables
• 56 Figures
• 142 Pages and in-depth TOC on “Synthetic Leather (Artificial Leather) Market – Global Forecast to 2021”
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Some of the prominent key players are:
- 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)
- Zhejiang Hexin Industry Group Co., Ltd. (China)
- Alfatex (Italy)
- R. Polycoats Pvt. Ltd. (India)
- Yantai Wanhua Synthetic Leather Group Co. Ltd. (China)
Teijin Limited (Japan) is another major player in the synthetic leather market. The company is also focusing on supply contracts as a part of its strategic development activities. In April 2016, Teijin announced the development of “Maestley”, a new substitute for natural leather. This new product has a richness and texture similar to real leather, and its demand is growing in the footwear and bag industries.
This report provides a detailed analysis of the synthetic leather market and segments the same on the basis of type, end-use industry, and region. Based on type, the market has been segmented into PU-based, PVC-based, and bio-based. Based on end-use industry, the market has been segmented into footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. Based on region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
PU synthetic leather accounts for the largest share in the synthetic leather market
The global synthetic leather market is segmented based on type, into PU-based, PVC-based, and bio-based. In 2015, PU-based synthetic leather captured the maximum share of the overall market; it is also expected to witness the highest CAGR during the forecast period. PU leather is considered more environment friendly as compared to vinyl based leather, as it does not create dioxins. PU-based based leather is more expensive than PVC-based leather, due to the extensive manufacturing process that is required. Companies are also manufacturing microfiber PU leather, which is a high quality leather, and has properties that are better than pure leather.
Growing demand from the footwear industry to boost the synthetic leather market
The major end-use industries of synthetic leather are footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. Footwear is the largest end-use industry of synthetic leather. The demand for synthetic leather in the footwear industry is also projected to register the second highest CAGR during the forecast period. The growth in this industry is driven by the growing incomes, and economic growth. Another major driver for the growth in demand for synthetic leather in various countries is the variation in climatic conditions, which requires different kinds of footwear.
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Asia-Pacific: The largest market in synthetic leather
The global synthetic leather market is segmented into five regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The Asia-Pacific region is the largest synthetic leather market, closely followed by Europe, in terms of value. The growing end-use industries such as, automotive, footwear, and furnishing, coupled with regulations regarding animal welfare is driving the demand for synthetic leather in the Asia-Pacific region. The presence of many international fashion brands in Europe is driving the demand for synthetic leather in the region.