Artificial Leather Market

The global artificial leather market is projected to witness healthy growth during the forecast period, 2019–2025. The market was valued at USD 27,059.5 million in 2018 and is projected to register a CAGR of 7.37% to reach USD 44,228.6 million by the end of 2025. In terms of volume, the market was sized at 15,123.5 million square meter in 2018 and is likely to exhibit a CAGR of 6.32% to reach 23,075.3 million square meter by the end of 2025. The increasing demand for artificial leather in the footwear industry is a major factor driving the global market growth. Likewise, the growth of the market is also driven by the increasing application of artificial leather in the automotive industry, due to its elasticity, breathability, and heat resistant properties. It is in the manufacturing of steering wheel covers, door trims, knob covers and gear boot, sun visors, roof lining, and other components of cars, buses, trucks, and bikes. Furthermore, the growing adoption of bio-based materials to manufacture artificial leather is likely to create growth opportunities for market players during the forecast period. However, the environmental effect of PU-based and PVC-based artificial leather is the major factor projected to hamper the global market growth during the forecast period.

According to Wantstats analysis, the global artificial leather market has been segmented based on type, application, and region. Based on type, the global market has been divided into PU-based, PVC-based, and bio-based. The PU-based artificial leather segment accounted for the largest share of 55.27% in 2018 due to its less toxicity than PU-based leather and high consumption in the footwear industry. The segment was valued at USD 15,022.5 million in 2018; it is expected to register a CAGR of 6.85% to reach USD 23,724.6 million by the end of 2025. In terms of volume, the segment was sized at 8,359.0 million square meter in 2018 and is projected to exhibit a CAGR of 5.86% to reach 12,369.1 million square meter by the end of 2025.

By application, the global artificial leather market has been classified into furnishing, automotive, footwear, bags & wallets, clothing, and others. The footwear segment dominated the global artificial leather market with a market share of 38.67% by value in 2018 due to its growing demand across the globe, especially in Asia-Pacific. The segment was valued at USD 10,464.2 million in 2018; it is expected to register a CAGR of 7.60% to reach USD 17,360.4 million by the end of 2025. In terms of volume, the segment was sized at 5,875.7 million square meter in 2018 and is projected to exhibit a CAGR of 6.57% to reach 9,111.3 million square meter by the end of 2025.

The Asia-Pacific market held the largest share of 50.98% in 2018 due to availability of raw materials, cheap labor, rapid industrialization and commercialization in the region, especially with the growth of the automotive industry. The market was valued at USD 13,794.6 million in 2018 and is expected to exhibit a CAGR of 8.01% to reach USD 23,497.5 million by the end of 2025. In terms of volume, the regional market was sized at 7,792.8 million square meter in 2018 and is projected to register a CAGR of 6.94% to reach 12,382.2 million square meter by the end of 2025.