The global synthetic leather market has received tremendous traction in recent years as the fashion industry and consumers have grown sensitive to the use of leather in clothing. A perfect substitute to original leather, the development of synthetic leather has given the end users a wider scope for application and experimentation. According to Fairfield Market Research, the demand for synthetic leather will be propelled by strengthening sentiment towards veganism. Synthetic leather is an ideal answer for cruelty-free leather.
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Synthetic Leather Wins Wider Consumer Base as it Appeals to Ethical Sensibilities
The heated debate in the fashion industry about the use of animal hide for designing clothing lines have provoked ire from animal activists. People for the Ethical Treatment of Animals (PETA) states that over a billion animals are killed for their hides annually. As most of this comes from developing economies, it has created an ecological imbalance and raised questions about animal welfare. In light of this, synthetic leather has gained ground as it is entirely manmade. A growing number of fashion labels are subsequently shifting to synthetic leather to keep up with the demand whilst being environmentally conscious.
Polyurethane Leather to Lead Global Synthetic Leather Market
The two major types of synthetic leather forms used are polyvinyl chloride (PVC) and polyurethane (PU). The upcoming report states that the PU is expected to gain phenomenal traction in the coming years as it pliable and flexible and thus more applicable. PU has made a strong case for itself in mid-range and high-range applications. Analysts predict PU to be the fastest-growing category between 2021 and 2025. As compared to PVC, PU is ideal for obtaining results such as glossy finishes, attractive colours, interesting styles, and varied patterns.
Global Synthetic Leather Market Finds Momentum in India and China
Geographically, Asia Pacific is expected to lead the global synthetic leather market in the coming years. India and China are expected to create incredible opportunities for synthetic leather in terms of production as well as consumption. Analysts anticipate that China will take the lead in the coming years as the demand for footwear is expected to be instrumental in the uptake of PVC leather. The study suggests that China accounts for 55% of the total production of footwear globally in 2018. As the demand for upholstery, vehicle interiors, furnishings, and footwear go up, the opportunities for synthetic leather are also expected to gain prominence during the forecast period.
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Companies to Invest in Eco-friendly Product Innovation to Align with Changing Consumer Sentiment
Some of the key players operating in the global synthetic leather market are Mayur Uniquoters, Xiefu New Material, Xinwanhua Leather, and Anli. The report studies the impact of the automotive industry on demand for synthetic leather as luxury car makers are vegan leather as opposed to genuine leather to align with growing environmental consciousness. The study indicates that companies are likely to invest in waterborne PU-based leather to make the end product eco-friendly, durable, and as safe as possible.
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