Mar 18, 2021   SOURCE: BusinessWire

Synthetic Leather (Artificial Leather) Market by Type, End-use Industry and Region - Global Forecast to 2025 - ResearchAndMarkets.com

The "Synthetic Leather (Artificial Leather) Market by Type (Polyurethane, Polyvinyl Chloride, Bio-based), End-Use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Sports, Electronics) and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The synthetic leather market size is estimated to be USD 63.3 billion in 2020 and is projected to reach USD 78.5 billion by 2025, at a CAGR of 4.4% between 2020 and 2025.

Factors such as growing demand from footwear industry, no animal killing involved, advantages over pure leather, and increasing demand for luxury cars and electric vehicles will drive the synthetic leather market. The major restraint for the market will be harmful effects of PU and PVC on humans and substitute for synthetic leather in the automotive industry. However, focus on development of bio-based synthetic leather will act as an opportunity for the market.

PU-based leather is the largest type for synthetic leather market in 2019

PU-based leather is generally made using PU and different fabrics. It is made by coating a fabric such as polyester or cotton with a flexible polymer. It is further treated by various processes to look like animal hide-based leather. PU-based synthetic leather is made by using soft polymers, hence does not require additional plasticizers. It offers various advantages such as waterproof, lightweight, and softness. In some cases, PU-based leather may tear easily, but does not fade or crack in sunlight. It is widely preferred in the automotive and clothing industries. PU-based leather is considered more environment-friendly than vinyl-based leather, as it does not create dioxins. PU-based leather is more expensive than PVC-based leather due to its extensive manufacturing process.

Footwear is estimated to be the largest end-use industry in synthetic leather market between 2020 and 2025.

Synthetic leather is widely used in the footwear industry due to its excellent properties and high durability. It is used in shoe linings, shoe uppers, and insoles to make different types of footwear such as sports shoes, shoes & boots, and sandals & slippers. The increasing demand for footwear in developed and emerging countries is expected to drive the demand for synthetic leather. Synthetic leather is widely used to manufacture sports shoes for various games around the world due to its cost-effectiveness. Sports shoes made from synthetic leather look similar to those of pure leather and are offer various other properties such as resistance to water, heat, and rigid climatic conditions. It is used to make formal men's and women's footwear for official purposes, boots for women and men in the fashion industry, and for those living in the cold regions around the world. Boots made out of real leather tear when exposed to snow and water, but synthetic leather offers excellent resistance to water and snow.

APAC is expected to be the largest synthetic leather market during the forecast period, in terms of value and volume.

The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The synthetic leather industry is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world's population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest synthetic leather market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.

The increasing population in the region accompanied with development of new technologies and products are projected to make this region an ideal destination for the growth of the synthetic leather industry. However, establishing new plants, implementing new technologies, and creating a value supply chain between raw material providers and manufacturing industries in the emerging regions of the APAC are expected to be a challenge for industry players as there is low urbanization and industrialization. Booming footwear and automotive sectors and advances in process manufacturing are some of the key drivers for the market in the APAC.

Market Dynamics

Drivers

  • Growing Demand from the Footwear Industry
  • No Involvement of Animal Killing, Which Makes It a Major Alternative of Pure Leather
  • Advantages Over Pure Leather

Restraints

  • Harmful Effects of Pu and Pvc

Opportunities

  • Focus on Development of Bio-Based Synthetic Leather

Companies Mentioned

  • Alfatex
  • Amway
  • Anhui Material Technology Co., Ltd.
  • Arora Vinyl Pvt. Ltd.
  • Filwel Co. Ltd
  • H.R. Polycoats Pvt. Ltd.
  • Kolon Industries Inc.
  • Kuraray Co., Ltd.
  • Marvel Vinyls
  • Mayur Uniquoters Limited
  • Nan Ya Plastics Industrial Co., Ltd.
  • San Fang Chemical Industry Co., Ltd.
  • Shandong Jinfeng Artificial Leather Co., Ltd.
  • Teijin Limited
  • Toray Industries Inc.
  • Yantai Wanhua Synthetic Leather Group Co., Ltd.
  • Zhejiang Hexin Industry Group Co., Ltd.
  • Zhejiang Yongfa Synthetic Leather Co., Ltd,

For more information about this report visit https://www.researchandmarkets.com/r/r6tj4r