H1 2023: In the first half of 2023, the Leatherette market in the Asia Pacific region witnessed dynamic price movements. During the first quarter, prices in India saw a decline attributed to weakened buying sentiments and ample market supplies. Operating rates in China remained moderate due to subdued consumption from downstream industries, and the Leatherette market faced modest cost pressures from feedstock. Furthermore, the growth of Leatherette was hampered by sluggish demand from key sectors such as Furnishing and Footwear, resulting in limited new orders. Despite this, manufacturers adjusted their pricing strategies to align with adequate product inventories in the market. In the following months, the Indian Leatherette market experienced notable fluctuations. Prices surged in April 2023 due to heightened feedstock prices driven by increased demand from the Furnishing sector. However, in May 2023, Leatherette prices witnessed a significant decline in India. Economic contraction, especially in major manufacturing sectors like Furnishing and Footwear, contributed to the overall market slowdown. Additionally, reduced inflation rates exerted downward pressure on Leatherette prices. Despite these challenges, prices rebounded in May 2023 in the Indian market.
The global Leatherette market stood at approximately 9.4 million tonnes in 2022 and is anticipated to grow at a healthy CAGR of 3.5% during the forecast period until 2032.
Leatherette, a synthetic alternative to genuine leather, finds widespread application across diverse industries. In the realm of furniture and upholstery, it serves as a cost-effective and cruelty-free substitute for leather, adorning sofas, chairs, and ottomans. The automotive sector embraces leatherette for crafting stylish and durable interiors in cars, contributing to a luxurious aesthetic without the use of animal-derived materials. Fashion and apparel industries incorporate leatherette into clothing items, including jackets, skirts, and accessories like handbags and belts, offering consumers a trendy and sustainable choice. Footwear made from leatherette combines durability and affordability, presenting a wide array of styles in shoes and boots. Bookbinding and stationery benefit from the professional appearance of leatherette, enhancing the visual appeal of book covers, binders, and other related items. Additionally, leatherette is a popular choice for protective covers in the electronics industry, providing stylish and functional solutions for devices like tablets, smartphones, and laptops. Its versatility extends to home decor, with applications in pillows, wall coverings, and table runners, contributing to stylish and animal-friendly interior designs. Moreover, leatherette plays a role in medical equipment, as seen in examination tables, and adds an elegant touch to hospitality settings, gracing restaurant seating, hotel furniture, and cruise ship interiors. The multifaceted uses of leatherette highlight its adaptability and attractiveness across a spectrum of consumer and industrial applications.
The leatherette market is propelled by significant drivers, particularly within the furnishing and footwear segments. In the furnishing industry, leatherette's design versatility is a key factor, offering a diverse range of patterns and finishes that convincingly mimic genuine leather. Its cost-effectiveness further contributes to its popularity, providing consumers with high-quality furnishings at a more affordable price point. Additionally, leatherette is prized for its durability, making it a preferred choice for furniture upholstery, sofas, and home decor items that undergo regular use. In the footwear industry, leatherette's impact is notable in various aspects. Its ability to emulate the aesthetics of natural leather makes it a versatile choice for achieving diverse styles and textures in shoes. The affordability of leatherette adds to its appeal, enabling the production of stylish and durable footwear at competitive prices. Moreover, as ethical and sustainable practices gain prominence, leatherette emerges as a cruelty-free alternative to genuine leather, aligning with the preferences of consumers who prioritize animal welfare. The weather-resistant properties of leatherette further enhance its suitability for different footwear styles, ensuring longevity and performance in various conditions. Overall, the furnishing and footwear industries continue to drive the demand for leatherette, emphasizing its aesthetic appeal, cost-effectiveness, durability, and alignment with evolving consumer preferences for sustainable materials. The global Leatherette market size is anticipated to reach nearly 13.3 million tonnes by 2032.
Based on region, Asia Pacific region is the biggest consumer of Leatherette. The Asia Pacific region is poised to sustain its dominance in the leatherette market, leveraging its robust manufacturing capabilities and burgeoning consumer demand. Key players in countries like China and India have established themselves as industry leaders, deploying advanced manufacturing technologies for cost-effective and efficient production of synthetic leather. The region's substantial market share is further propelled by a growing population with increasing disposable incomes, fostering demand for stylish and affordable leatherette products, particularly in the furnishing and footwear sectors. As sustainability gains prominence, Asia Pacific manufacturers are expected to align with eco-friendly practices, addressing the rising preference for cruelty-free alternatives to natural leather. This strategic combination of manufacturing prowess, consumer preferences, and sustainability initiatives solidifies the region's grip on the leatherette market.
Based on the end-user industry, the global Leatherette market is divided into Furnishing, Footwear, Clothing, and Others. However, Furnishing industry dominates the global Leatherette market followed by Footwear industry.
Major players in the Global Leatherette market are Kuraray Co., Ltd., H.R. Polycoats Pvt. Ltd., Alfatex Italia SRL, Filwel Co., Ltd., Yantai Wanhua Synthetic Leather Group Co., Ltd., San Fang Chemical Industry Co., Ltd., Mayur Uniquoters Limited, Teijin Limited, Nan Ya Plastics Corporation, and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Leatherette which covers demand and supply of Leatherette market in the globe.
• To analyse and forecast the market size of Leatherette
• To classify and forecast Global Leatherette market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Leatherette market in the globe.
To extract data for Global Leatherette market, primary research surveys were conducted with Leatherette manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Leatherette market over the coming years.
ChemAnalyst calculated Leatherette demand in the globe by analyzing the historical data and demand forecast which was carried out considering the consumption of Leatherette by end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Leatherette manufacturers and other stakeholders
• Organizations, forums and alliances related to Leatherette distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Leatherette manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Leatherette market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
9.4 million tonnes
Market size Volume in 2032
13.3 million tonnes
Growth Rate
CAGR of 3.5% from 2023 to 2032
Base year for estimation
2022
Estimated Year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Furnishing, Footwear, Clothing, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Leatherette in terms of volume in 2022?
Ans:
The global market size of Leatherette had reached approximately 9.4 million tonnes in 2022.
Q2.
Which region is the major consumer of Leatherette?
Ans:
Asia Pacific region is the leading consumer of Leatherette globally.
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