Global Artificial Leather Market Analysis, Trends and Opportunities 2020 - 2026
Summary -
A new market
study, titled “Global Artificial Leather Market - Global Demand, Sales,
Consumption and Forecasts to 2026 “ has been featured on WiseGuyReports.
Global Artificial Leather Market
Research Report—Forecast till 2025
Market
Snapshot
Global
Artificial Leather Market is anticipated to reach a CAGR of 7.37% during the
forecast period and was valued at USD 27,059.5 Million in 2018. The artificial
leather is a fabric made by utilizing polyvinyl chloride (PVC) or polyurethane
(PU) having properties like elasticity, breathability, and heat resistant.
Furthermore, artificial leather is the wear-resistant property and soft
texture, folding resistant, cheaper than natural leather, waterproof, as well
as alkali and acid-resistant. This type of leather is significantly adopted in
the manufacturing of steering wheel covers, door trims, knob covers and gear
boot, sun visors, roof lining, and other components of cars, buses, trucks, and
bikes.
The global
artificial leather market is anticipated to exhibit significant growth during
the forecast period. The key market driving factor of the global artificial
leather market is it’s the rising demand in the footwear sector. Additionally,
the increasing use of bio-based materials to produce artificial leather is
anticipated to constitute favorable circumstances for major market players
during the evaluation period. However, the major restraining factor of the
global market is the environmental effects of PU-based and PVC-based artificial
leather. However, because of the rules and restrictions to limit the
slaughtering of animals for the production of natural leather is propelling the
global market of artificial leather. Additionally, the artificial leather is
pocket friendly and easier to produce as compared to natural leather.
Market
Segmentation
The Global
Artificial Leather Market has been segregated based on Type, Application, and
Region.
By type
segment, the global market has been segmented into PU-based, PVC-based, and
bio-based. The PVC-based artificial leather segment is evaluated to grow at the
highest CAGR of around 8% during the review period due to its low cost.
Based on
the application segment, the global artificial leather market has been
categorized into furnishing, automotive, footwear, bags & wallets,
clothing, and others. The footwear segment led the global artificial leather
market in Asia-Pacific.
Regional
Analysis
Geographically
the Global Artificial Leather Market has been segmented into North America,
Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
In 2018,
the Asia-Pacific region held the largest contribution of the global artificial
leather market and evaluated to register a CAGR of over 8% during the forecast
period. The developing countries such as China, India, and Japan are witnessing
high demand for footwear and bags & wallets, which ultimately drives the
demand for artificial leather.
North
America gripped the second-largest market contribution of the global artificial
leather market. In 2018, the regional market was valued at USD 6,299.5 million.
The regional market is led by the US owing to the healthy growth of the
automotive industry
Major Players
Some of the
major players operating in the Global Artificial Leather Market are 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, LLC,
Gruppo Mastrotto SPA, Asahi Kasei Corporation, and Toray Group.
COVID 19
Impacts
We are
continuously tracking the impact of COVID-19 pandemic on various industries and
verticals within all domains. Our research reports include the same and help
you understand the drop and rise, owing to the impact of COVID-19 on the
industries. Also, we help you to identify the gap between the demand and supply
of your interested market. Moreover, the report helps you with the analysis,
amended government regulations and many other useful insights..
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