PVC Artificial Leather Market Size, Share, Growth, And Industry Analysis by Type (Surface PVC artificial leather, The rolling process of PVC artificial leather, Extrusion method of PVC artificial leather, Cylinder coated PVC artificial leather) by Application (Vehicle upholstery, Furniture upholstery, Shoes, Plastic flooring, Clothing) Regional Forecast To 2031

Updated On: 08 April 2024

PVC ARTIFICIAL LEATHER MARKET REPORT OVERVIEW 

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global pvc artificial leather market size was USD 10656.52 million in 2021 and market is projected to touch USD 21115 Million By 2031, exhibiting a CAGR of 7.08% during the forecast period.

Polyvinyl chloride (PVC) or polyurethane are frequently used in the construction of synthetic leather, a man-made material (PU). Although it seems like genuine leather, it is actually synthetic leather. Genuine leather's look is replicated by colouring and treating synthetic leather. This kind of leather is referred to as leather, imitation leather, leatherette, and vegan leather. The qualities of weather resistance, colour resistance, and durability are just a few of the benefits of synthetic leather. Because there are no layers or seams, water cannot leak inside and harm the materials.

However, because of the numerous preventive steps implemented by various countries to stem the development of the pandemic, the recent spread of the coronavirus around the world has significantly reduced the market for synthetic leather. This has caused a decrease in demand for and trade in synthetic leather throughout the world, and it is anticipated that this will have a detrimental effect on market growth in the years to come. The demand for the product is anticipated to be largely influenced by developing regional markets such those in China, India, Brazil, Malaysia, Thailand, and Vietnam. Over the next several years, it is anticipated that widespread use of synthetic leather in the footwear industry in a number of other regional markets will also help drive industry expansion globally.

COVID-19 Impact: The Market For Synthetic Leather Has Been Impacted By Pandemic-Related Raw Material Costs

The majority of leather and synthetic leather are produced in Asia Pacific. Because to COVID-19's negative effects on the leather industry, prospects for synthetic leather have emerged. Financial Express states that as non-leather footwear makes up 86% of all footwear consumption, industry operators increasingly recognize that the focus should now be on non-leather footwear. This was the conclusion reached by a variety of domestic shoe manufacturers. The demand for synthetic leather has recently increased from temporary hospitals and healthcare facilities all over the world for beds and furniture to accommodate several people suffering from COVID-19 and other diseases. The majority of these mattresses and other furniture are antibacterial or antifungal in nature and covered in medical-grade synthetic leather. The automobile industry, which relies heavily on synthetic leather for the majority of the interiors of cars, has suffered a serious blow as a result of the decline in sales of new cars in the first half of the year.

Latest Trends

"Concentrating On Making Bio-Based Synthetic Leather A Market Trend Fueling The Market"

There are no detrimental characteristics in the production of synthetic leather made from biomaterials. Manufacturers have to concentrate on commercializing the creation of synthetic leather using natural fibres like flax or cotton blended with palm, soybean, corn, and other plants. Pineapple leaves are used in the production of "Pinatex" a novel synthetic leather product. These leaves include the strength and flexibility in their fibre that are necessary for manufacturing. Pineapple leaves are utilised to upscale them into something valuable without using many resources because they are thought of as a waste product. Pineapple fiber-made footwear, purses, and other items are already available on the open market. Given the escalating environmental and governmental laws in the European Union and North America governing the use of hazardous toxic chemicals, bio-based synthetic leather might present a significant business opportunity for synthetic leather producers. 

PVC ARTIFICIAL LEATHER MARKET SEGMENTATION

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• By type

Depending on PVC artificial leather market given are types: Surface PVC artificial leather, The rolling process of PVC artificial leather, Extrusion method of PVC artificial leather, Cylinder coated PVC artificial leather. The Surface PVC artificial leather type will capture the maximum market share through 2031.

• By Application

The market is divided in Vehicle upholstery, Furniture upholstery, Shoes, Plastic flooring, Clothing based on application. The global PVC artificial leather market  players in cover segment like Vehicle upholstery will dominate the market share during 2023-2031.

Driving Factors

"Increasing Demand From The Footwear Sector Will Drive Market Expansion"

The footwear industry has experienced tremendous expansion in recent years as a result of rising demand from emerging markets. However, because of the global recession, consumer spending has somewhat decreased in the United States and other European nations. South Asian nations like Vietnam, Thailand, South Korea, China, and India have all indicated a strong interest. Asia's demand for synthetic leather is anticipated to be greatly impacted by this. Such operations are anticipated to be crucial in boosting the market penetration of synthetic leather firms throughout the next years. In order to take into consideration, the local rivalry in developing economies, international businesses must also adjust their pricing tactics. This will be a big obstacle for multinational firms. Furthermore, when product development channels try to meet a variety of wants and preferences, the influx of new customer groups will put a load on them. Footwear companies must take into account the growing middle class, which is projected to be the primary growth driver for the market as a whole in the near future.

"Feasible Substitute For Real Leather To Accelerate Market Expansion"

Animals must be killed in order to produce natural leather. Many laws and regulations have been enacted by numerous nations to safeguard animal rights. Legal restrictions on animal rights have significantly hampered the production of natural leather. The market for leather substitutes has increased as a result of rising public awareness of animal suffering, bolstered by campaigns funded by groups like PETA. Due to a growing supply-demand mismatch in the natural leather industry, manufacturers are increasingly using synthetic leather. The reduced production cost of synthetic leather is another important factor encouraging its use. Natural leather is more costly than synthetic leather, yet the latter's production is simpler. As a result, investments in synthetic leather have increased, which will help it gain market share. Activities involved in making natural leather, notably tanning, harm the environment. The price is another significant aspect influencing the shift in demand for synthetic leather. Government rules and environmental legislation have contributed to an increase in demand for synthetic leather. Therefore, during the course of the projection period, the aforementioned factors are anticipated to fuel demand for synthetic leather.

Restraining Factors

"PVC And PU's Negative Effects On The Market Are A Hindrance To Its Growth"

Other synthetic leather basic ingredients, such as PVC and polyurethane, are harmful to the environment, animal health, and human health. It's true that polyurethane isocyanate might irritate the lungs and cause asthma episodes. It affects the epidermis and makes breathing more difficult. Fumes from polyurethane are frequently inhaled by workers at polyurethane production plants, which can give them nausea, vomiting, and vertigo. Dioxin, phthalates, and vinyl chloride monomer are some of the toxic carcinogens found in polyvinyl chloride. The very toxic and lethal chemical dioxin is released whenever chlorine-containing substances are burned. The synthetic leather industry is hampered by the harmful effects of polyurethane and the manufacture of polyvinyl chloride. As a result, throughout the projected period, the market's expansion would probably be constrained by the negative effects of polyurethane and polyvinyl chloride.

PVC ARTIFICIAL LEATHER MARKET REGIONAL INSIGHTS

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"Asia Pacific Will Dominate The Worldwide Market Due To Increased PVC Manufacturing"

The market was headed by Asia Pacific, which also had the largest market share of worldwide revenue. The main economies in APAC likely to drive development are South Korea, China, and India. Population growth and rising disposable income will open up a wide range of business opportunities. In terms of both production and sales, China is one of the major markets for leather. However, the coronavirus pandemic has had a significant impact on the nation's manufacturing production. To stop the virus from spreading, a number of manufacturers have shut down or scaled back their activities. The market for synthetic leather is predicted to be significantly impacted by limited output in the industrial sector due to a halt or slowdown in operations, restrictions on supply and transportation in the nation, and infrastructural slowness. 

Due to the saturation of major domestic fashion companies, the market in North America is predicted to develop slowly. Concerns from animal rights groups like PETA, WWF, and a few others have grown, which has led to growth restrictions in the leather business. This has led to a rise in the demand for synthetic leather products in the area. Due to the region's thriving car and consumer appliance industries, the European market saw substantial expansion. Governments in the area are emphasizing bio-based, inexpensive, and long-lasting products in the midst of the global economic crisis. As a result, it is anticipated that the market for synthetic leather in this area would expand.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Double Elephant (U.K)
• Zoncen Chemical (China)
• Sempurnaindah Multinusantara (Indonesia)
• LEO VINYLS (India)
• Dongtai Leather (China)
• Prabhat Industries (India)
• Veekay Group (India)
• NAN YA PLASTICS (Taiwan)
• Polytech Group (Germany)
• Xiefu Group (China)
• Fuyi Plastic (China)
• Jiangsu Guoxin (China)
• Wellmark (U.S)
• Yong-Yuan Feng (China)
• Decorative Plastic (U.S)
• YongDali (China)
• VinyRoyal Plasticoates (VPPL) (India)
• Duksung (South Korea)
• Mayur (India)
• Huahong (China)
• Wise Star (Hong Kong)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.