The 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, also referred to as synthetic leather, artificial leather, or vegan leather, is an artificial material designed to mimic the aesthetic and texture of authentic leather. These materials are typically produced from a combination of synthetic components, including polyvinyl chloride (PVC) or polyurethane (PU), and natural materials, such as cork or kelp. Advancements and innovations have also contributed to making vegan leather more durable and versatile and suitable for a wide range of applications, further driving the market growth.
During the COVID-19 pandemic, the market growth experienced disruptions in the logistic network due to lockdowns, movement restrictions, and factory closures. This led to halt in production and distribution, affecting the availability of vegan leather products.
Fortune Business Insights™ displays this information in a report titled, "Faux Leather Market, 2024-2032."
Information Source: https://www.fortunebusinessinsights.com/faux-leather-market-109844
List of Key Players Profiled
- 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)
Segmentation:
Use of PU-based Leather Alternatives Increases Due to their Cost-Effectiveness and Resilience
Based on type, the market is segmented into PU (Polyurethane), PVC (Polyvinyl Chloride), and bio-based. PU (Polyurethane) is anticipated to dominate the market, primarily due to its cost-effectiveness and resilience. PU-based leather alternatives are generally more economical than authentic leather products.
Footwear Segment Leads Market Due to Long-lasting Performance Provided by Vegan Leather
Based on application, the market is divided into footwear, automotive, furniture and others. The footwear segment is projected to lead the market during the forecast period. Premium vegan leather offers durability and resilience comparable to genuine leather, withstanding daily wear and tear. It ensures sustained performance and enduring aesthetics, which are crucial for footwear.
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 usage areas. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report encompasses several factors contributing to the market's growth over recent years.
Drivers and Restraints:
Increasing Concerns About Animal Cruelty in Fashion and Textile Industries to Drive Market Growth
Vegan leather offers a cruelty-free alternative to traditional leather, addressing ethical concerns surrounding animal welfare in the production process. The use of animal hides in genuine leather manufacturing raises concerns about animal welfare, including issues such as slaughter practices, factory farming, and animal mistreatment. As awareness of animal welfare issues grows, consumers are increasingly aligning their purchasing decisions with their ethical values, preferring to support brands prioritizing animal welfare and sustainability. This shift has led to greater transparency and accountability within the fashion and textile industries, driving the market development.
However, the preference for genuine leather, driven by the belief that it offers high quality, durability, and acts as a status symbol, can cause consumers to overlook synthetic leather options, thereby impeding the faux leather market growth.
Regional Insights:
North America Dominates Market Due to Surge in Demand for Vegan Leather Products
North America is poised to lead the global faux leather market share with 32.74%. There has been a notable surge in the demand for vegan leather products in countries, such as Canada, the U.S., and Mexico. Additionally, the proliferation of e-commerce platforms in North America has significantly increased consumer access to synthetic leather goods online.
Asia Pacific is expected to dominate the faux leather market. Artificial leather goods, including shoes, handbags, and accessories, are being increasingly viewed as fashionable and cost-effective substitutes for authentic leather products. This perception aligns with the rising demand for faux leather from the style-conscious urban demographic in Asia Pacific, who are seeking trendy yet budget-friendly choices.
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 novel faux leather products. They are also entering partnership, collaboration, and acquisition deals with other organizations to enhance their existing product range.
Notable Industry Development:
April 2023: Rashki, a highly renowned sustainable fashion label, partnered with Atma Leather, an Indian manufacturer of vegan leather, to introduce India’s pioneering plant-based accessory, the ‘banana leather handbag’.
Comments
0 comment