Synthetic Leather Market Competitive Strategies, Advertising Trends, & Market Analysis by 2029
Market Analysis and Size
The growing vegan population is driving the trend toward synthetic leather because of its material source. Many companies are now foregoing the use of animal products in the production of leather
Market Analysis and Size
The growing vegan population is driving the trend toward synthetic leather because of its material source. Many companies are now foregoing the use of animal products in the production of leather. Genuine leather is typically more expensive and difficult to obtain than synthetic leather. Genuine leather has a glossier, matte finish. It is not easily faded and is also UV (ultraviolet) resistant. The primary difference is that it is not made of animal hide or skin. Such advancements contribute to the growth of the synthetic leather market.
Data Bridge Market Research analyses that the synthetic leather market was valued at USD 29.19 billion in 2021 and is expected to reach the value of USD 53.23 billion by 2029, at a CAGR of 7.80% during the forecast period of 2022 to 2029.
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Market Definition
Synthetic leather is a man-made material that is frequently made of polyvinyl chloride (PVC) or polyurethane (PU). It is man-made leather that resembles genuine leather. Synthetic leather is coloured and treated to look like genuine leather. This type of leather is also known as vegan leather, faux leather, leatherette, and leather.
Global Synthetic Leather Market Dynamics
Drivers
· Rising concerns about environment and animal cruelty
Pure leather is a non-biodegradable product that can linger in the environment for an extended period of time. Synthetic leather is expected to grow as a result of the shift toward sustainable practises and growing environmental concerns. Synthetic leather, also known as vegan leather, is an excellent substitute for genuine leather. People are becoming more aware of how pure leather is extracted and are shifting to the use of synthetic leather. Synthetic leather is frequently used in vegan fashion and shoes, which cater to people who care about animal welfare and oppose animal cruelty.
· The increased demand from automobile industry and rising research activities
Buyers of automobiles want luxurious interior design and enhanced comfort at a reasonable price. Natural leather is used to make luxurious cockpit interiors, but it is quite expensive and requires a lot of maintenance, so manufacturers are switching to artificial leather for car upholsteries due to its low cost, ease of cleaning, and aesthetically pleasing attributes. Research and development is the primary focus of market participants, who are heavily investing in the development of plant-based synthetic leathers with properties superior to natural leather. The emergence of new market players developing multifunctional artificial leather will bode well for future market growth.
Opportunity
The import and export of synthetic leather are expected to increase due to increased shipment and demand for products in the midst of the ongoing COVID-19 pandemic. Manufacturers in the synthetic leather market are taking advantage of this opportunity, as the reopening of country borders is assisting in resolving transportation and logistical issues due to stringent regulations being followed during raw material transport. Customers' spending capacity has decreased as a result of the global economic slowdown, so manufacturers are leveraging sales channels such as e-commerce and online shopping apps to increase product uptake. They are implementing contingency planning to avoid disruptions in customer demand, material supply, and logistics service availability.
Restraints
Polyurethane (PU) is an isocyanate that can harm the lungs by inducing asthma attacks and irritating them. Because of a lung infection, it irritates the skin and makes breathing difficult. Polyurethane fumes, which can cause nausea, vomiting, and dizziness, are frequently inhaled by workers at polyurethane manufacturing plants. PVC contains hazardous carcinogens such as vinyl chloride monomer (VCM), phthalates, and dioxin. Dioxin is a highly toxic and dangerous substance that is produced when chlorine-containing materials are burned. As a result, the hazardous nature of Polyvinyl Chloride (PVC) and the Polyurethane (PU) manufacturing process has hampered the synthetic leather industry.
This synthetic leather market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the synthetic leather market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Synthetic Leather Market
Asia-Pacific is the world's largest producer of leather and synthetic leather. The leather industry has suffered as a result of COVID-19, which has created new opportunities for synthetic leather. There has recently been an increase in demand for synthetic leather from makeshift hospitals and healthcare institutes all over the world for beds and furniture to help various patients suffering from COVID-19 and other diseases. In the case of the automotive industry, it has suffered a major setback due to a drop in car sales in the first half of the year, which has indirectly affected demand for synthetic leather, which is mostly used in car interiors.
Recent Development
· Phool.co, an Indian startup, created artificial leather from leftover temple flowers in 2020. According to the company, this animal-free leather will be a game changer for the entire fashion industry.
· For example, in 2020, the clothing and apparel giant H&M introduced synthetic leather made of wine waste and dye made of coffee grounds. H&M also collaborated with Vegea, a biomaterial and bio-based leather manufacturing company, to create artificial leather from wine by products.
· BMW invested in the plant-based textile company Natural Fiber Welding in June 2021 with the goal of developing a leather alternative for automotive interiors. Mirum, a leather substitute made entirely of biodegradable ingredients, is produced by the Natural Fiber Welding Company.
Global Synthetic Leather Market Scope
The synthetic leather market is segmented on the basis of type and end users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
· Polyurethane
· Polyvinyl Chloride Based
· Bio-based
End users
· Footwear
Sports shoes
formal shoes & boots
sandals & slippers
· Furnishing
Chairs
Sofas
Bean Bags
Other
· Automotive
Seats
Steering wheel covers
Door trim
Knob & gear bot covers
· Clothing
Jackets
Belts
Tops
Pants
Others.
· Bags
· Purses & Wallets
· Others
Synthetic Leather Market Regional Analysis/Insights
The synthetic leather market is analysed and market size insights and trends are provided by country, component, processor type, application and end users as referenced above.
The countries covered in the synthetic leather market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa.
North America dominates the global market and is expected to continue to do so throughout the forecast period. Increasing R&D investments in miniaturised ICs are expected to drive demand for micro server IC systems in this region. On the other hand, Asia-Pacific is expected to grow the fastest during the forecast period. One of the main factors driving market growth is the increased deployment of data centres in developing countries.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Synthetic Leather Market Share Analysis
The synthetic leather market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to synthetic leather market.
Some of the major players operating in the synthetic leather market are:
· San Fang Chemical Industry Co. Ltd. (Taiwan)
· Teijin Limited (Japan)
· Mayur Uniquoters Limited (India)
· NAN YA plastics corporation (Taiwan)
· Filwel Co. Ltd. (Japan)
· Zhejiang Hexin Industry Group Co., Ltd. (China)
· Alfatex N.V. (Belgium)
· H.R. Polycoats Pvt. Ltd. (India)
· Yantai Wanhua Synthetic Leather Group Co. Ltd. (China)
· KURARAY CO LTD (Japan)
Research Methodology: Global Synthetic Leather Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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