The global faux leather market size was valued at USD 35.62 billion in 2023 and is expected to be worth USD 36.46 billion in 2024. The market is projected to reach USD 57.94 billion by 2032, recording a CAGR of 5.96% during the forecast period.
Faux leather, alternatively referred to as synthetic leather, artificial leather, or vegan leather, is a synthetic material that mimics the look and feel of genuine leather. It is commonly manufactured using a range of synthetic components, such as polyvinyl chloride (PVC) or polyurethane (PU), and natural materials, such as cork or kelp. Increasing consumer awareness of the environmental impact of traditional leather production, leading to a shift toward sustainable options, such as vegan leather, are the factors driving the market growth.
The COVID-19 pandemic prompted a surge in online sales, benefitting the market growth as consumers sought eco-friendly alternatives. Disruptions in logistics during the pandemic impacted production and distribution, highlighting the market’s resilience and adaptability to changing consumer behaviors.
Fortune Business Insights™ displays this information in a report titled, "Faux Leather Market, 2024-2032."
Top Leading Company Covered in the Faux Leather Market:
- Anli (Vietnam) Material Technology Company Limited (Vietnam)
- BASF (Germany)
- Adams Plastics (U.S.)
- Konrad Hornschuch AG (Germany)
- Penche Faux Leather (Turkey)
- Bridge Synthetic Leather Co., Ltd. (China)
- Hantron Plastic Products Co., Ltd. (China)
- Responsive Industries Ltd. (India)
- Supreme Creations Ltd. (India)
- ISA Industrial Ltd. (China)
- Antilotex Flock Italia S.r.l. (Italy)
- Giriraj Coated Fab PVT. LTD. (India)
- WENZHOU DONGSHANG INTERNATIONAL TRADE CO., LTD. (China)
- Taiwan PU Corporation (China)
- McLaren Leather (China)
Information Source: https://www.fortunebusinessinsights.com/faux-leather-market-109844
Segmentation:
Use of PU-based Leather Alternatives Increases Due to their Durability and Performance
Based on type, the market is segmented into PU (Polyurethane), PVC (Polyvinyl Chloride), and bio-based. The PU (Polyurethane) segment is poised to dominate the market due to its cost-effectiveness and robust characteristics. This competitive pricing enables a broad consumer base to access these products without incurring the premium cost associated with genuine leather items. Furthermore, premium PU faux leather can deliver durability and functionality compared to genuine leather, making it suitable for diverse usage scenarios.
Footwear Segment Leads Market Due to Benefits of High-Quality Vegan Leather in Footwear
Based on application, the market is divided into footwear, automotive, furniture, and others. The footwear segment is projected to dominate the market. High-performance vegan leather can deliver durability and abrasion resistance compared to genuine leather. It can withstand the rigors of everyday use, providing long-lasting performance and preserving its aesthetic appeal over an extended period. This resilience is crucial for footwear, thus driving the segment’s market share.
With respect to region, the market covers Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as prominent companies, product types, sales channels, and application areas. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report encompasses several factors contributing to the market's growth over the years.
Drivers and Restraints:
Growing Preference Toward Customization and Versatility of Faux Leather Goods to Accelerate Product Demand
Synthetic leather offers a broad spectrum of color variations, textures, and finishes, enabling designers and consumers to experience extensive customization possibilities. This adaptability fosters the development of distinctive and inventive items tailored to specific preferences and current trends. The versatility of faux leather extends beyond fashion to various industries. The array of customization choices empowers consumers to personalize their cruelty-free leather goods to align with their unique style preferences and lifestyles, thereby stimulating faux leather market growth.
However, consumer apprehensions regarding the breathability, comfort, and aging properties of artificial leather in comparison to genuine leather may impede the market expansion.
Regional Insights:
North America Dominates Market Due to Availability of Wide Array of Product Choices
North America is anticipated to be the leading region with a dominant share of 32.74%. The convenience of online shopping, coupled with a wide array of product choices and competitive pricing, has fueled the demand for artificial leather goods in the region.
Evolving lifestyles in Asian nations have led to a shift in consumer preferences, moving toward stylish products. According to the United Nations, as of January 2023, cities in Asia Pacific were experiencing rapid population growth, with an estimated 55% of the region’s population expected to reside in urban areas by 2030.
Competitive Landscape:
Companies to Focus On New Product Launches to Stay Ahead of Market Competition
Some of the key players operating in this market are focusing on expanding their existing product portfolio and customer base by launching unique and innovative artificial leather products. They are also entering partnership, collaboration, and acquisition deals with other organizations to enhance their existing product range.
Notable Industry Development:
November 2021: Melina Bucher, a German vegan handbag manufacturer, introduced a collection of designer bags crafted from bio-based materials and devoid of plastic components.
Comments
0 comment