The India polyurethane (PU) synthetic/artificial leather market size is expected to be valued at USD 8.14 billion by 2025, according to a new report by Grand View Research, Inc. Augmented demand in the automotive and footwear industries is likely to drive the market to register an 8.3% CAGR over the forecast period.
Increasing penetration of PU synthetic leather materials in the automotive sector, especially in car seats, is expected to be a critical factor for market growth over the forecast period. Automobile manufacturers are increasingly opting for synthetic leather materials owing to their higher durability, wear resistance, and cost-effectiveness. The footwear industry has been a key end user of polyurethane artificial leather market considering its usage in men and women’s footwear, including boots, sneakers, and sandals. It has been replacing ethylene vinyl acetate (EVA) and polyvinyl chloride (PVC) in footwear on account of its ease in designing as well as processing.
In 2016, India was the second-largest manufacturer of footwear in the world, accounting for approximately 9.0% of the annual global production. Increasing investments by foreign players in the footwear industry are anticipated to further drive penetration of polyurethane faux leather market in future. The Indian footwear industry has also received immense support from the government, recognizing it as a priority sector, and has introduced beneficial policy reforms that are likely to work in its favor.
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Further key findings from the report suggest:
The polyurethane artificial leather market in India was recorded at 931.2 million square meters in 2016 and is estimated to progress at a CAGR of 7.5% from 2017 to 2025
By application, the footwear segment dominated the overall market in India. Upholstery and home furnishing is another sector with high potential for PU synthetic leather materials. Increase in purchasing power of individuals has resulted in a rise in consumer spending on various accessories such as purses, bags, and wallets, which is a major factor driving the market
On account of several benefits offered, demand for polyurethane synthetic leather market has witnessed an upsurge in various application industries in India. Increasing pressure from animal rights groups and ban on cow slaughter for producing natural leather are critical factors propelling the demand for PU synthetic leather in the country
Companies are consistently involved in developing products that can replace genuine leather and not affect the ecological chain. For instance, Winner Nippon Leatherette Pvt. Ltd. introduced “Breathable & Reach Free” PU leather, which is environment-friendly and easier to wash in comparison to genuine leather.
Grand View Research has segmented the India PU synthetic (artificial) leather market on the basis of application:
India PU Synthetic Leather Application Outlook (Volume, Million Square Meter; Revenue, USD Million, 2014 – 2025)
Bags & wallets