Market Research Future (MRFR) analysed the Global Artificial Leather Market 2020 through the review period till 2030. By 2030, the worldwide artificial leather market can rise at 5% CAGR. The global artificial leather market can value at USD 75 Billion by 2030. Artificial leather fabricated of polyurethane (PU) or polyvinyl chloride (PVC) offer high durability, exceptional versatility, and heat resistance over natural leather is observed to gain traction. This is expected to favor expansion of the market in the review period. Cost-effectiveness and rise in morally ethical standards can support expansion of the artificial leather market in the near future. The increase in demand for artificial leather market in automotive and footwear industry, along with cost effectiveness can drive the worldwide synthetic leather market. Synthetic leather, such as; faux leather, blended leather, and imitation leather are observed to gain traction, thus can favor market surge in the review period.
Detailed Segmental Analysis
The segment assessment of the GlobalArtificial Leather Marketis done by Type and Application.
The Type-based segments of the global artificial leather market are bio-based, PU-based, and PVC-based. The PVC-based artificial leather segment can exhibit about 8% CAGR. The growing demand for accessories with superior properties, such as; stain resistance properties, toughness, durability, and extreme wear and weather resistance, can support expansion of the market in the approaching years. PVC artificial leather segment can expand at 8% CAGR in the analysis period. Technical advancements in the textile segment can support market rise in the approaching years.
The Application-based segments of the global artificial leather market are automotive, furnishing, clothing, footwear, and bags wallets among others. The footwear segment can dominate the worldwide market that can secure about 35% share of the world market. The footwear segment was can value at USD 10,464.2 Mn and the segment can surge at significant pace in the forecast period. The bags and wallet segment can generate substantial revenue for the market through the analysis period.
Regional Analysis
North America, Latin America, Asia-Pacific, Europe, and the Middle East Africa are key areas across which the artificial leather market is analysed. As per regional study, the market in Asia Pacific can thrive at 8% CAGR through the review period. The surge of the global automotive industry and escalation of per-capita income across the US can drive the artificial leather in the region. In North America, artificial leather market can secure the second-largest share of the global market in year to come. The presence of renowned artificial leather suppliers in the region can support expansion of the regional market in the near future. India, and Japan are observed to witness decent rise in sales of footwear, and bags wallets made of artificial leather. Thus, the artificial leather market can register about 8% CAGR by 2025. In North America, the artificial leather market can value at USD 6,299.5 Mn. In the US, the market share of the regional market due to the healthy growth of the automotive industry.
Key Market Players
Yantai Wanhua Artificial leather Group Co. Ltd, Kuraray Co. Ltd, H.R. Polycoats Pvt. Ltd, Alfatex Italia SRL, Nan Ya Plastics Corporation, Teijin Limited, DuPont Tate Lyle Bio Products Company, LLC, Filwel Co. Ltd, Zhejiang Hexin Industry Group Co. Ltd, San Fang Chemical Industry Co. Ltd, Gruppo Mastrotto SPA, Asahi Kasei Corporation, Mayur Uniquoters Limited, and Toray Group are some reputed names in the worldwide artificial leather market that are profiled by MRFR.
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