Faux Leather Market Report

Market Insights

The Global Faux Leather Market is estimated to grow from USD xx million in 2020 to USD xx million by 2026 at a healthy CAGR of xx% during the forecast period.

Figure: Global Faux Leather Market Size, 2020-2026 (USD Million)

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What is Faux leather?

Faux leather is a material that acts as a great substitute in furniture, clothing, and other leather-related applications. It is generally made from a fabric base that is chemically treated with dye, wax, or polyurethane which produces a finish and looks similar to that of original leather but at a cheaper price. The synthetic materials used in the production of faux leather prevents damage and degradation that can happen during accidental spill of beverage or other liquid. Also, faux leather can be cleaned with a damp towel to remove stains.

Key Players

Key players operating in the global faux leather market are-

• Kuraray Co. Ltd. (Japan),
• THE BAG NETWORK LLC (The U.S),
• Teijin Limited (Japan),
• Toray Industries Inc. (Japan),
• Zhejiang Hexin Group Co. Ltd. (China),
• San Fang Chemical Industry Co. Ltd. (Taiwan),
• Bayer AG (Germany),
• BASF SE (Germany),
• BioCouture (The U.S), and
• SEKISUI Polymer Innovations, LLC (The U.S.).

Market Dynamics

The growing popularity of faux leather being similar to animal-derived leather as well as the growing vegan population augments the product demand. Also, increasing consumer awareness about animal cruelty and environmental protection, consumers are shifting to cruelty-free faux leather products, thus proliferating the market growth. Further, evolving consumer trends and innovation in product development offer lucrative opportunities to the market players. However, product performance characteristics such as non-breathability and non-stretchability is likely to hamper the industry expansion.

Segment Analysis

Application Trends

By application, the faux leather market has been classified into furnishing, automotive, footwear, bags & wallets, clothing, others.

• The footwear segment held the largest market share in 2020 owing to increasing adoption of faux leather instead of genuine leather in high-end shoes and sneakers.
• Also, the price of faux leather footwear products is almost three times lower than genuine leather made of animal hide, thus drives the application segment growth.

Regional Trends

On the basis of region, Asia Pacific is the largest and fastest-growing regional market owing to increasing standard of living and rising vegan population.

• Moreover, increasing animal cruelty awareness and growing demand for eco-friendly vegan faux leather in countries like China, India, and South Korea drives the product demand.
• Also, significant growth of footwear and clothing sectors in the region further boots the product consumption in the coming years.

COVID-19 Impact on Global Faux Leather Market

The faux leather industry also faced a brunt due to the outbreak of coronavirus pandemic. Due to strict lockdown and social distance norms, most of the faux leather production sites were either closed partially or completely to contain the spread of the virus. Also, disruption in supply chain affected the manufacturing output. Thus limited production and restricted transportation affected the market growth.

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Critical Questions Answered in the Report

• What are the key trends in the global faux leather market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global faux leather market?
• What are the key strategies adopted by the major vendors to lead in the global faux leather market?
• What is the market share of the top vendors?

Target Audience

Here is the list of the group of customers that the Faux Leather Market hopes to have the greatest opportunity to convert-

• Faux leather companies
• Vegan leather companies
• Synthetic leather companies
• Footwear companies
• Government organizations
• Clothing companies

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