BANGALORE, India, April 29, 2022 /PRNewswire/ — artificial leather market is segmented by Type – Polyurethane, Polyvinyl Chloride, Bio-Based, by Application – Footwear, Apparel, Home Furnishing, Automotive, Bags, Others. Global Opportunity Analysis and Industry Forecast 2022 – 2028. It is published in Appreciate the reports under the Business services Category.
The global artificial leather market size is estimated to be worth USD 31,760 million in 2022 and should have a readjusted size of $41,360 million by 2028 with a CAGR of 4.5% over the review period.
The major factors driving the growth of the artificial leather market are
Rising demand for synthetic leather in end-use industries such as footwear, home furnishings, automotive, apparel, bags, purses, and wallets, etc., is driving the artificial leather market.
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TRENDS INFLUENCING THE GROWTH OF THE ARTIFICIAL LEATHER MARKET
Due to its superior durability, synthetic leather is increasingly replacing genuine leather in the footwear industry. It is found in the uppers, linings and insoles of shoes, as well as in sandals. Leatherette shoes are three times less expensive than animal skin shoes, which helps propel the synthetic leather market forward. These factors are expected to boost the growth of the artificial leather market.
Each year, more than a billion animals are slaughtered for their hides and skins, according to People for the Ethical Treatment of Animals (PETA). The majority of genuine leather comes from developing countries like China and India, where animal welfare laws are not strictly enforced. However, stricter laws are likely to be enacted in the Asia Pacific and the rest of the world, driving up demand for leather substitutes. This in turn is expected to increase the growth of the synthetic leather market.
In addition, the increasing use of synthetic leather in the automotive industry is expected to propel the growth of the artificial leather market. Because it is lighter than animal skins, faux leather is also used in automobiles, trucks, motorcycles, buses, and farm vehicles. Because it is non-sticky and softer than other materials, polyurethane is the most widely used material in the automotive industry.
The use of synthetic leather in garments is expected to further fuel the growth of the artificial leather market. Faux leather is a popular fabric for outerwear like jackets and coats because it’s almost as good at insulating body heat as real leather. It is often difficult to tell the difference between real and faux leather unless you inspect it closely. Faux leather is soft to the touch and water resistant, just like real leather. As a result, this fabric is highly stain resistant and easy to clean. Synthetic leather is less durable than real leather, but it resists abrasions and cuts, making it an excellent upholstery fabric for homes with children or pets.
The growing focus on the development of bio-based artificial leather is expected to create lucrative growth opportunities. The production of bio-based synthetic leather has no negative effects. Given the proliferation of government and environmental regulations in the European Union and North America When it comes to the use of harmful toxic chemicals, bio-based synthetic leather could be a major opportunity for artificial leather manufacturers.
ARTIFICIAL LEATHER MARKET SHARE ANALYSIS
Based on the region, Asia Pacific should be the most lucrative. The major drivers of this market are rising disposable incomes and rising living standards in emerging APAC economies.
Based on type, PU synthetic leather segment is expected to be the most lucrative. Polyurethane is waterproof, softer and lighter than real leather, and easier to dry clean and tear than real hides. It is also unaffected by direct sunlight. It is also an environmentally friendly alternative to vinyl-based products as it does not emit dioxins. All of these factors are expected to drive demand even further.
Based on the application, the footwear segment is expected to be the most lucrative. Rising levels of disposable income and rapid economic growth, particularly in emerging economies, have fueled demand for footwear.
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– The Global Microfiber Synthetic Leather Market was rated at $1449.5 million in 2020 and is expected to reach $1711.2 million by the end of 2027, growing at a CAGR of 2.4% over the period 2021-2027.
– The Global synthetic leather market was rated at $2174.4 million in 2020 and is expected to reach $2800.1 million by the end of 2027, growing at a CAGR of 3.5% over the period 2021-2027.
– The Global PU resins for the synthetic leather market was rated at $4542.8 million in 2020 and is expected to reach $6073 million by the end of 2027, growing at a CAGR of 4.2% over the period 2021-2027.
– The Global Automotive PVC Artificial Leather Market was rated at $1188 million in 2020 and is expected to reach $1338.6 million by the end of 2027, growing at a CAGR of 1.6% over the period 2021-2027.
– Men’s leather shoes market the size is estimated at the value $53,300 million in 2022 and should have a readjusted size of USD 67060 million by 2028 with a CAGR of 3.9% during the reporting period.
– The Global Leather goods market was rated at USD 326,700 million in 2020 and is expected to reach 629870 million USD by the end of 2027, growing at a CAGR of 9.0% over the period 2021-2027.
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