Global Artificial Leather Market Industry Analysis, Size, Share and Growth Trends 2020-2026
Summary - A new market study, titled “Global Artificial Leather Market Research Report—Forecast till 2025” 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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