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Market Insights
There is a noticeable change in the Manufacturers attitude towards synthetic leather in footwear, furnishing, and automotive industry. Synthetic leather is the recognized and sustainable alternative to animal based genuine leather which is durable, healthier, efficient, and easy to clean. Growing demand of artificial leather owing to its appearance and flexibility of design, color, and customization coupled with rising environmental concern along with discontinuation of animal species which are killed to obtain leather has led to manufacturers and consumers shift towards the artificial leather. Moreover, rising demand from end-use industries such as footwear and automotive industry and cost effectiveness of synthetic leather expected to propel the growth of synthetic leather market. Synthetic leather is a man-made leather fabric which is synthetically manufactured using PVC/Vinyl, PU, and bio-based materials such as natural fibers. Synthetic leather is also known as artificial leather, faux leather, imitation leather, or blended leather.
Based on the type, PU based synthetic leather dominated the market in 2017. Whereas, bio-based leather expected to register the fastest CAGR during the forecast period. Footwear industry led the market in terms of value followed by furnishing end-use industry in 2017. Clothing and Automotive projected to witness significant growth on account of its superior mechanical properties and environmental benefits.
Based on region, Asia-Pacific was the largest regional market in 2017 by value and volume. Economies such as China, Japan, and India driving the Asia-Pacific Synthetic Leather market owing to strong economic growth, rising disposable income, and surge in footwear demand in these economies propelling the demand for synthetic leather in the region. Asia-Pacific was also identified as the fastest growing region during the forecast period. Asia-Pacific is followed North America and Europe region with the marginally less market share in 2017. The Asia-Pacific region is characterized by the technological innovations in the synthetic leather industry and the presence of some of the major players in the region.
Key manufacturers of synthetic leather operating in the market include Kuraray Co. Ltd. (Japan), San Fang Chemical Industry Co. Ltd (Taiwan), Teijin Limited (Japan), and Nan Ya Plastics Co. Ltd. (Taiwan) among others. These players are aggressively expanding their production capacity to cater the ever increasing demand for synthetic leather in every region. Moreover, new product development is identified as among the preferred strategy adopted by these players. For instance, Teijin Cordley limited a subsidiary of Teijin's Group introduced a new high grade synthetic leather under the brand named as Maestley in April, 2016. The company expanded its series of Maestley products by adoption of natural leather processing procedures. Launch of this product help Teijin Cordley limited to extend its product portfolio and strengthen its position in the synthetic leather market.
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