Allied Market Research published a new report, titled, “Synthetic Leather Market by Type (Bio-based, Polyvinylchloride (PVC)-based, and Polyurethane (PU)-based), Application (Clothing, Bags, Shoes, Purses & Wallets, Accessories, Car Interiors, Belts, Sports Goods, and Others), and End-use Industry (Footwear, Furniture, Automotive, Textile, Sports, Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The synthetic leather offers a luxurious look to an automotive vehicle and it is now considered to be a significant material for auto accessories in automobiles. The global demand for synthetic leather has witnessed significant growth over the past decade. The soaring demand for synthetic or faux leather is driven by a range of factors, including evolving consumer trends, mounting concerns over the impact of traditional leather on the environment, ascending demand for animal-free products, growing awareness regarding the attributes of synthetic leather, and others. Hence, the growth of automotive synthetic leather is expected to create healthy growth opportunities for the synthetic leather market.
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At present, synthetic leather is increasingly being used in a range of applications, which include footwear, interior designing, furnishing, automotive interiors, garments, and luxury goods that increase in the sales of luxury goods and growth in vehicle parc and vehicle production, which drive the growth of the synthetic leather market. The increasing demand for alternatives for the vehicles in the market which are cost-effective such as synthetic leather can boost the growth of the automotive synthetic leather market during the forecast period.
Some of the factors that boost the growth of the market is increasing demand for luxurious automobile and changing consumer preference from natural leather to synthetic leather. However, the environmental effects of PU-based and PVC-based artificial leather is the major factor projected to hamper the global market growth during the forecast period. Furthermore, increase in focus on the development of bio-based leather is expected to offer lucrative opportunities for the market during the forecast period.
An increase in income, improved lifestyle, and changing preferences of consumers have positively impacted the sales of premium cars across the world. In addition, several premium car manufacturers are offering premium features in their economic class vehicles to sustain their position within the market, resulting in healthy competition between automobile manufacturers. Moreover, increase in adoption of synthetic leather and rise in demand for cost-efficient alternatives in the market are other factors that propel the growth of the automotive synthetic leather market.
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The rules, regulations, and policies for animal cruelty across the world are playing a critical role in boosting the prospects of the synthetic leather market, as more consumers are inclined toward purchasing animal-free products. In addition, over the past few years, the prices of traditional leather have increased consistently worldwide, which in turn has propelled the demand for cost-effective alternatives such as synthetic leather. Moreover, the functional and physical properties of synthetic leather are at par with those of traditional leather which are other factors that propel the growth of the automotive synthetic leather market.
COVID-19 scenario analysis:
• The outbreak of COVID-19 has acted as a massive restraint on the apparel and leather products market due to trade restrictions and consumption declined due to lockdowns across the globe.
• The supply chain disruption is expected to affect the future growth of the companies due to lockdown.
• The revenue is not being generated for the companies due to the ongoing pandemic, which will result in major losses across the year.
• Companies have registered major losses in the past two months but after the pandemic, there is going to be an increase in the demand which will help the market growth.
• A huge monetary loss has been accounted for in the revenue generation of automotive companies due to the lockdown.
• The sale of the automobile has tremendously affected the market due to the lockdown, and it has been estimated that the market is going to take a while to revive.
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