Global Artificial Leather Market Analysis and Forecast From 2021 – 2030

However, the environmental impact of PU-based and PVC-based artificial leather is expected to be a major factor that will impede global market growth during the forecast period.

Global Artificial Leather Market Overview-

According to MRFR analysis, the Artificial Leather Market has achieved USD USD 75 Billion of market value in 2030 and expects to achieve a CAGR of 5% by the forecast period.

Increased demand for artificial leather market in the footwear industry is a key driver of global market growth. Similarly, due to its elasticity, breathability, and heat-resistant properties, market growth is also driven by the growing application of artificial leather in the automotive industry. This is used in the manufacture of steering wheel covers, door trims, knob covers, and gear boot, sun visors, roof lining, and other cars, bus, truck, and bicycle parts. In addition, the growing use of bio-based materials to manufacture artificial leather during the forecast period is likely to generate growth opportunities for market players. However, the environmental impact of PU-based and PVC-based artificial leather is expected to be a major factor that will impede global market growth during the forecast period.

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Artificial Leather Market - Reputed Firms:
R. Polycoats Pvt. Ltd., Kuraray Co., Ltd., Nan Ya Plastics Corporation, Yantai Wanhua Synthetic Leather Group Co., Ltd., Alfatex Italia SRL, Teijin Limited, and others.

Market Dynamics:-

Owing to its wear-resistant properties and soft texture artificial leather is commonly used in the footwear industry. Artificial leather gives a lighter look than natural leather, is resistant to folding, cheaper than natural leather, waterproof, and resistant to alkali and acid. This can be used in footwear production, such as boots for use in the chemicals and other industries because of its chemical resistant quality. Also, artificial leather is cost-effective and easier to make in comparison with natural leather. In the footwear industry, the major factor responsible for the rising adoption of artificial leather is the obsoletion of natural leather made from skin or animal hide. Several countries have come up with laws to regulate the slaughtering of animals for the manufacture of natural leather, such as Directive 94/11/EC of the European Parliament and of the Council (EU), Regulation (EU) No 1007/2011 of the European Union (EU), 40 CFR 425 of document 61 FR 35680 of the United States Environmental Protection Agency (EPA), Legge 1112 and Legge 8 of Italy for the regulation of the usage of the words "leather" and "fur" and the word derived from them, Decree 3289/1974 in Spain, Consumer Protection Act 2008 (68/2008) in South Africa, among several others. Italy for the regulation of the usage of the words "leather" and "fur" and the word derived from them, Decree 3289/1974 in Spain, Consumer Protection Act 2008 (68/2008) in South Africa, among several others. Throughout the years, these regulations have resulted in an increase in the production of artificial leather in order to satisfy the increasing demand in a variety of application areas.

On the other hand, stringent regulations imposed on the harmful chemicals emitting during the production of these chemicals led by the growing environmental concerns are impeding the growth of the market. Also, fluctuating prices of one of the essential raw material - crude oil, pose challenges to market growth. Nevertheless, the landfill and water management sector would support the growth of the market, creating a sufficient market demand for the application of waterproofing chemicals in the near future.

On the flip side, fluctuating raw material and crude oil prices, safety hazard issues, and plumbing failure are factors that may hamper the Artificial Leather Market growth over the forecast period.

The increased need for natural stabilizers in the pharmaceutical sector to manufacture a variety of drugs should propel the demand for Methylene Diphenyl Diisocyanate in the coming years. The expansion of the elderly population with a number of health issues has pushed healthcare needs, ultimately benefitting the Methylene Diphenyl Diisocyanate industry. As a consequence, soaring need for natural stabilizers during drug manufacturing will open up lucrative avenues for the global market in the years to come.

Growth opportunities will emerge in the global market in the form of rising iron ore as well as taconite mining, which will in turn foster the need for Methylene Diphenyl Diisocyanate. It has major mining flotation applications and is used to separate metals and impurities. Basically, Methylene Diphenyl Diisocyanate acts as a modifier during the mining floatation procedure. Thus, the expanding mining applications worldwide is projected to enhance the market size for Methylene Diphenyl Diisocyanate in subsequent years.

It is also needed in the desulphurization of steel, which makes it an essential component for the construction industry. Its inclusion in the healthcare industry is also significant. A silvery-white metal, Silane Modified Polymers is one of the lightest metals available for structural applications. Silane Modified Polymers can be obtained from seawater, several mineral sources, and brines and is one of the most abundant elements in the world. Silane Modified Polymers is extensively used in the production of aluminum alloy and die casting.

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Segment Study of 
Artificial Leather Market

The market report on the global artificial leather market includes segments like type and application. These segments and their data are expected to provide insights that can strengthen the assessment process of the global market. The approach is scientific, which makes data more credible.

By type, the report on the global artificial leather market revealed segments like PVC-based, PU-based, and bio-based. The PVC-based artificial leather segment has the opportunity of registering the fastest CAGR during the forecast period. It could climb up to 8% and the segment would benefit from its low price.

  • By application, the report stating various details of the global artificial leather market includes segments like automotive, furnishing, bags wallets, footwear, clothing, and others. The footwear segment had a market coverage of around 35% of the total market share in 2018. This is mainly due to the inexpensive models, water-resistant qualities, and other features. It is experiencing substantial traction from the Asia Pacific region. In Middle East Africa and South America, the segment may get a chance to expand its reach as the low-income group people would rely on such products.

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Regional Analysis -

APAC or Asia Pacific, Europe, North America, MEA or Middle East Africa are the key markets for Methylene Diphenyl Diisocyanate.

Asia Pacific is not only the highest gainer but the fastest progressing market for Methylene Diphenyl Diisocyanate, largely on account of the improving economic status and rising disposable income of consumers in the region. Significant consumption rate of low-fat and processed food products in the region also adds to the value of the Methylene Diphenyl Diisocyanate industry. The thriving pharmaceutical sector and the presence of agrarian countries like Thailand, India and Malaysia, have raised the product demand over the years. Besides, the expanding geriatric populations and the mounting cases of different health conditions has fostered the need for Methylene Diphenyl Diisocyanate in the healthcare industry. The chemical is extensively used as a natural stabilizer during drug manufacturing and is therefore, witnessing growth in the pharmaceutical industry across India, Japan, and others.

The European market is on track to achieve the second spot in the years ahead, by virtue of the expanding application scope of Methylene Diphenyl Diisocyanate in the paper processing sector. In the paper industry, it is increasingly being use as a binder, stabilizer, dispersant, and thickener for producing paper. Moreover, substantial consumption of various alcoholic beverages such as beer and wine should further bolster water-soluble polymers’ demand in the food industry. The region is known for its thriving personal care industry in line with high disposable income and sophisticated lifestyles led by consumers, especially in Spain, France, and Germany. This aspect is touted to work in favor of the European market in the next couple of years. However, Germany has managed to secure the lead in the regional market as the country is one of the biggest manufacturers of baked goods, confectionaries, and dairy products in the world. As a result, the demand for Methylene Diphenyl Diisocyanate will remain robust in the country even in the years ahead. 

Industry/ Innovation/ Related News

Artificial leather has a huge market in the automobile sector as it is used mostly in the manufacturing of seat covers, steering, and other components. Its inclusion in the manufacturing of trucks, buses, and both commercial and private vehicles is quite impacting. However, the automobile sector has witnessed a slump due to the stoppage in production at the beginning of the COVID-19 crisis and later, limitations due to the imposed regulations from several governments have restrained the production capacity. The global market for artificial leather would experience this as a huge setback. In addition, the crisis has triggered financial worries, where it reduced the consumption capacity of the buyer. This could initiate a struggle for a longer span of time. 

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