The popularity gained by animal right activism has paved the way for the large-scale adoption of artificial leather, also famous as faux leather, pleather, PU leather, leatherette, synthetic leather, and vegan leather. A study published by Market Research Future (MRFR) reveals that the Global Artificial Leather Market is projected to mark a healthy CAGR of 7.9% during the assessment period 2016 to 2022. The market is estimated to surpass a valuation of USD 38 Bn towards the end of 2022.
The increasing awareness campaigns organized about animal cruelty has led to a shift towards synthetic leather from genuine leather. Rising disposable income in conjunction with urbanization is anticipated to support the shift in consumer preferences, thus, augmenting the Artificial Leather Market. Increasing vegan population is another major factor expected to contribute towards the development of the market in the years to come.
The growth of the end-user industries is anticipated to reflect on the expansion pace of the Artificial Leather Market. Case to the point is, the automotive industry is thriving all over the world, and an upswing in demand for premium vehicles is also being observed. Synthetic leather is being excessively used in these vehicles for guaranteeing an aesthetic touch. The rising demand for automobiles is thus likely to accelerate revenue creation for the participants of the Artificial Leather Market.
The Noted Players Participating in the Competitive Landscape of the Global Artificial Leather Market are Filwel Co. Ltd (Japan), Alfatex ITALIA (Italy), H.R.Polycoats Pvt. Ltd (India), Mayur Uniquoters Ltd. (India), Kuraray Co. Ltd. (Japan), San Fang Chemical industry Co. Ltd (Taiwan), Teijin Limited (Japan), Huafon Group (Japan), Asahi Kasei Corporation (Japan), and Toray Industries (Japan).
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In February 2019, Los Angeles observed the inauguration of its first vegan fashion week under the theme “Facing Our Time.” The event aims at putting a ban on animal cruelty.
In December 2018, technology major Continental announced its investment of Rs 180 crore in its Indian manufacturing facility for premium surface materials such as the acella eco Artificial Leather for the automotive industry. The facility is expected to start its supply to the local market by 2020.
By Type, Global Artificial Leather Market has been segmented into polyurethane, polyvinyl chloride, biobased. The polyurethane segment is likely to exhibit significant growth over the next couple of years. Also, the polyvinyl chloride segment is anticipated to mark a decent CAGR during the forecast period. Both the segments are projected to signify similar growth trends such as increasing use in the clothing industry. The bio-based segment is expected to capitalize on the growing demand for eco-friendly products.
By End-User Industry, the Artificial Leather Market has been segmented into automotive, furnishing, footwear, clothing, and others. Among these, the footwear industry is growing exceptionally owing to the predominant rise in the demand for Artificial Leather. The rising demand is backed by the increase in per capita income and urbanization.
By Region, Global Artificial Leather Market has been segmented into Asia Pacific, Europe, North America, and the Rest of the World (RoW). Asia Pacific is the largest market for Artificial Leather. China leads the growth as it is one of the largest producers of Synthetic Leather. Also, factors such as industrialization, urban migration, and economic development are expected to influence the growth trajectory of the Artificial Leather Market in the region positively. North America and Europe are anticipated to benefit from the growth of the end-user industries and exhibit similar growth trends. These regional markets are also projected to signify substantial growth over the next couple of years.
Browse Key Industry Insights spread across 140 pages with 34 market data tables & 11 figures & charts from the report, ” Artificial Leather Market Information: By Types (Methylene Chloride, Methyl Chloride, Carbon Tetrachloride, Chloroform), by Application (Pharmaceuticals, Silicone Polymers, Agrochemicals, Chemical intermediate, Personal-Care, Medical, Others) and Region – Growth Potential, Price Trends, Competitive Market Share & Forecast 2022” in detail along with the table of contents: https://www.marketresearchfuture.com/reports/artificial-leather-market-2426
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