Synopsis of Artificial Leather Market:
Artificial Leather also known as Synthetic Leather is marketed under different names such as faux leather, PU leather, pleather, leatherette and vegan leather. The growing demand of artificial leather is due to its appearance and flexibility in using lightweight product. Rising environmental concern along with discontinuation of animal species which are killed to obtain leather has led to shift the production to Artificial Leather. Hence, the Global Artificial Leather Market is expected to grow at 38.2 billion with CAGR of 7.9% from 2016 to 2022.
Based on types, Artificial Leather is segmented into polyurethane, polyvinyl chloride, bio based. Polyurethane leather is faster growing segment over the forecasted period 2016-2022. Polyurethane based Artificial Leather and PVC based Artificial Leather both come under pleather. PU based Artificial Leather is made up of coating cotton or soft polymer which makes it ideal for garment manufacturing. However, it does not require additional plasticizers and offers waterproof technique which makes it look exactly like real leather. PVC is second faster growing segment. These leather is made up of adding plasticizers and dyed to PVC so that fabric are made softer. Bio based Artificial Leather is growing market owing to strict regulations of government of using eco-friendly products.
Owing to extensive manufacturing process of PU based Artificial Leather can hinder the market growth of artificial leather in coming years. Major manufacturing companies are also shifting their production towards microfiber PU based leather due to high quality and has better properties than pure leather.
Artificial leather is also known as synthetic leather made from tanned animal hides. Artificial leather is durable, stain resistance and cheaper compared to real leather. Strict government regulations in killing animal for producing genuine leather, high cost and insufficient supplies has brought the demand of artificial leather.
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Based on types, Artificial Leather is segmented into polyurethane (PU), polyvinyl chloride (PVC), bio based. Polyurethane leather is faster growing segment over the forecasted period 2016-2022. Both PU based and PVC based Artificial Leather comes under pleather. PU based artificial leather is easier to clean and environment friendly compared to PVC based Artificial Coating, as it does not create dioxins. PU based artificial leather is made up of coating cotton or soft polymer which makes it ideal for garment and car interiors manufacturing. PVC is second leading segment owing to low cost compared to PU based artificial leather. These leather is made up of adding plasticizers and dyed to PVC so that fabric are made softer. It is extensively used to make items with low stress tolerance. Thus, it is widely used in electronic and furnishing manufacturing.
Based on end user industry, Artificial Leather is segmented into automotive, furnishing, footwear, clothing, others. Footwear segment is largest end user industry of artificial leather due to growing need of footwear according to changing climatic conditions. Technological advancement in automotive and furniture has shifted the need for artificial leather owing to its superior properties. Moreover, changing preferences of consumer is driving the demand for Artificial Leather Market. Growing concern of lightweight leather in automotive sector is anticipated drive the artificial leather over the forecasted horizon. Growing infrastructure activities coupled with interior designing is also anticipated to drive the Artificial Leather Market.
The APAC region Artificial Leather Market is expected to grow owing to rise in per captia income, changing lifestyle and growth expansion of middle class people in emerging economies. China being largest producer and consumer of Artificial Leather dominates the region in artificial leather market. China, India, Brazil and Indonesia are expected to drive the market demand owing robust industry growth. Major players are also targeting developing regions in order to maximize the profit and meet the growing demand in those regions. Driving demand of strong stress tolerance products especially in boots, shoes bags, luggage, gloves and other consumer goods is anticipated to drive the Artificial Leather Market in these regions.
Europe witnessed a significant growth owing to being prominent player of automobile sector and consumer appliances. After economic downturn, the government is focusing more on bio-based products and low cost products with high durable quality. Hence, the Artificial Leather Market is expected to grow in this region.
North America witnessed a slow growth owing to saturation of larger internal fashion brands. Due to this key player has reluctant to invest in these regions. This has led slow growth of product in North America market.
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Product Segment Analysis:
Artificial leather is available mainly in two forms polyurethane (PU) and polyvinyl chloride (PVC). PU based Artificial Leather is leading segment over the forecasted period 2016-2022. Pleather is low cost artificial material made from plastic materials which are lighter in weight. Both PU based and PVC based artificial leather comes under pleather. PU based Artificial Leather is easier to clean and environment friendly compared to PVC based artificial coating, as it does not create dioxins. It offers advantages such as waterproof, lighter and softer compared to real leather and higher tensile strength. Thus, the material is widely used in automobile and clothing industries. Further PVC is made up of additional plasticizers and dyed to PVC so that fabric is made softer. It is extensively used to make items with low stress tolerance. Thus, PU based Artificial Leather is more expensive than PVC based Artificial Leather. This can restrain the market growth of Artificial Leather in coming years.
End User Industry Analysis:
According to end user industry, Artificial Leather is segmented into automotive, furnishing, footwear, clothing, others. Footwear segment is largest end user industry of Artificial Leather. This is attributed to growing need of footwear according to changing climatic conditions. As Artificial Leather is dyed in such a way that it looks similar to real leather, it has substituted genuine leather in clothing and furnishing industries. PU based artificial leather possess strong stress tolerance which makes it viable to use in boots, shoes bags, luggage, gloves and other consumer goods. Thus, drive the artificial leather market in footwear and clothing industry. Growing concern of lightweight leather in automotive sector is anticipated drive the Artificial Leather over the forecasted horizon. Changing lifestyle of people according to region has also boosted the demand for artificial leather in furnishing and automobile industry.
Key Points from Table of Contents:
10. Company Profiles
10.1 Filwel Co. Ltd (Japan)
10.1.4 Business Strategies
10.1.5 Recent Development
10.2 H.R.Polycoats Pvt. Ltd (India)
10.2.4 Business Strategies
10.2.5 Recent Development
10.3 Alfatex ITALIA (Italy)
10.3.4 Business Strategies
10.3.5 Recent Development
10.4 Mayur Uniquoters Ltd. (India)
10.4.4 Business Strategies
10.4.5 Recent Development
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