Artificial Leather Market Will Reach USD 41360 Million By 2028 With A CAGR of 4.5% - Valuates Reports
Major Factors Driving The Growth Of Artificial Leather Market Are
The growing demand for synthetic leather in end-use industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others is driving the Artificial Leather market.
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TRENDS INFLUENCING THE GROWTH OF ARTIFICIAL LEATHER MARKET
Because of its superior durability, synthetic leather is increasingly replacing genuine leather in the footwear industry. It can be found in uppers, linings, and insoles of shoes, as well as sandals. Faux leather shoes are three times less expensive than those made of animal hide, which helps to propel the synthetic leather market forward. These factors are expected to drive the growth of the artificial leather market.
Every year, more than a billion animals are slaughtered for their skin and hides, according to People for the Ethical Treatment of Animals (PETA). The majority of genuine leather comes from developing countries like China and India, where animal welfare laws are not strictly enforced. However, stricter laws are likely to be enacted in the Asia Pacific and the rest of the world, driving up demand for leather substitutes. This in turn is expected to increase the growth of the synthetic leather market.
Furthermore, increasing use of synthetic leather in the automotive industry is expected to propel the Artificial Leather market growth. Because it is lighter than animal hides, faux leather is also used in automobiles, trucks, motorcycles, buses, and agricultural vehicles. Because it is non-sticky and softer than other materials, polyurethane is the most widely used material in the automotive industry.
The use of synthetic leather in apparel is expected to further fuel the Artificial Leather market growth. Faux leather is a popular fabric for outerwear garments like jackets and coats because it is almost as good at insulating body heat as real leather. It's often difficult to tell the difference between real and fake leather unless you inspect it closely. Faux leather is soft to the touch and water-resistant, just like real leather. As a result, this fabric is highly stained-resistant and easy to clean. Synthetic leather is less durable than real leather, but it is resistant to abrasions and cuts, making it an excellent upholstery fabric for homes with children or pets.
Increasing focus on bio-based Artificial Leather development is expected to create lucrative growth opportunities. The production of bio-based synthetic leather has no negative effects. Given the growing government and environmental regulations in the European Union and North America regarding the use of harmful toxic chemicals, bio-based synthetic leather could be a major opportunity for Artificial Leather manufacturers.
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ARTIFICIAL LEATHER MARKET SHARE ANALYSIS
Based on region, Asia-Pacific is expected to be the most lucrative. The major drivers for this market are rising disposable incomes and rising living standards in emerging economies in APAC.
Based on type, PU synthetic leather segment is expected to be the most lucrative. Polyurethane is waterproof, softer, and lighter than real leather, and it's easier to dry clean, and tear than real hides. It is also unaffected by direct sunlight. It is also an environmentally friendly alternative to vinyl-based products because it does not emit dioxins. All of these factors are expected to boost demand even more.
Based on application, the footwear segment is expected to be the most lucrative. Rising disposable income levels and rapid economic growth, particularly in emerging economies, have fueled footwear demand.
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SIMILAR REPORTS
- The global Microfiber Synthetic Leather market was valued at USD 1449.5 million in 2020 and it is expected to reach USD 1711.2 million by the end of 2027, growing at a CAGR of 2.4% during 2021-2027.
- The global Synthetic Leather market was valued at USD 2174.4 million in 2020 and it is expected to reach USD 2800.1 million by the end of 2027, growing at a CAGR of 3.5% during 2021-2027.
- The global PU Resins for Synthetic Leather market was valued at USD 4542.8 million in 2020 and it is expected to reach USD 6073 million by the end of 2027, growing at a CAGR of 4.2% during 2021-2027.
- The global Automotive PVC Artificial Leather market was valued at USD 1188 million in 2020 and it is expected to reach USD 1338.6 million by the end of 2027, growing at a CAGR of 1.6% during 2021-2027.
- Men Leather Shoes market size is estimated to be worth USD 53300 million in 2022 and is forecast to be a readjusted size of USD 67060 million by 2028 with a CAGR of 3.9% during the review period.
- The global Leather Goods market was valued at USD 326700 million in 2020 and is expected to reach USD 629870 million by the end of 2027, growing at a CAGR of 9.0% during 2021-2027.
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