Global Superfine Fiber Leather Market - Forecast(2023 - 2028)
Superfine Fiber Leather Market Overview
Superfine Fiber
Leather market size is estimated to reach US$3.5 billion by 2027 and it is projected
to grow at a CAGR of 7.6% during 2022-2027. Superfine fiber leather is emerging
as a substitute for natural leather and offers superior chemical and physical
properties. It possesses the beneficial properties such as wear resistance,
aging resistance, flexibility, superior air permeability, soft texture, and
provides environmental protection. Superfine fiber leather is a type of synthetic leather and
became the ideal substitute of natural leather as it provides superior performance.
It is extensively used in range of applications such as shoes, car interior,
clothing, and furniture. There has been research and development going in the
field of superfine fiber leather using thermoplastic polyester elastomer (TPEE), polyvinyl chloride, neoprene,
polyurethane, and
polyamide using many other polymers. Thus, superior performance and wide range
of application of superfine fiber leather is fueling the growth of the market.
COVID-19 Impact
Many industries
across the globe have faced several challenges due to the COVID-19 pandemic.
The industries such as automotive, furniture, textile, and footwear including
many others have experienced pitfalls. Many projects in such industries have
been halted due to an interrupted supply chain and employee shortages due to
quarantines. Also, the production and demand in automotive industry has
declined due to an interrupted supply chain and cessation in transportation of
raw materials. According to the International Organization of Motor Vehicle Manufacturers,
vehicle production showed 16% decline in 2020 to about 78 million vehicles
which is equivalent to the sales level of 2010. Moreover, there was a sharp
decrease in the growth of textile industry due to unavailability of labor and
slowdown in industrial operations. Thus, the global pause in industrial
production and distribution, the demand and consumption of Superfine Fiber
Leather has hampered to an extent in several industries.
Report Coverage
The report: “Superfine Fiber Leather Market Report –
Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the
following segments of the superfine fiber leather industry outlook.
By Raw Material: Polyurethane
Resin, Nonwoven Material, and Others
By Application: Shoe
Making, Home Decoration, Bags and Suitcases, Automotive Interior, Apparel, and
Others
By End Use Industry: Automotive
(Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle), Consumer
Goods, Textile, Footwear, Furniture, and Others
By Geography: North
America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy,
Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China,
Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan,
Malaysia, and Rest of APAC), and South America (Brazil, Argentina, Colombia,
Chile, and Rest of South America), and Rest of the World (Middle East and
Africa)
Key Takeaways
- Asia Pacific is the leading region in the global superfine fiber leather market. This growth is mainly attributed to the increased demand for superfine fiber leather in automotive and footwear industry.
- Furniture is expected to be the significant segment owing to increase in demand due to its valuable properties such as strength, abrasion resistance, and elastic resilience.
- Surge in demand from consumer
goods and footwear industries is driving the market for global superfine fiber
leather market.
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Superfine Fiber Leather Market Segment Analysis – By Raw Material
The polyurethane
resin segment held the largest share in the superfine fiber leather market share
in 2021, accounted for around 54%. Polyurethane resin is mainly used in the
production of superfine fiber artificial leather. This polymer is produced
using cross linking agents such as polyether or polyester polyol, polyisocyanate, and polyamines, etc.
This resin is available in many forms such as elastomer, soft, semi rigid and
rigid foamed plastic. It is used in wide range of applications such as synthetic
leather, paints and coating, sealant, and adhesive. It provides superior
performance when used in synthetic leather as compared to natural leather.
There is a significant development in the production of polyurethane using
sustainable raw material which boosts the demand for synthetic leather. According
to the European Diisocyanate and Polyol Producers Association, sustainable
production of polyurethane is contributing to the resource conservation, for
instance, polyurethane insulation protects about 50-100 times of amount of
fossil fuel while production. Thus, development regarding the production of
energy efficient polyurethane is further fueling the demand and growth of
superfine fiber leather market.
Superfine Fiber Leather Market Segment Analysis – By End-Use Industry
The furniture segment is expected to grow at
a fastest CAGR of 7.1% during the forecast period in the global superfine fiber
leather market. The superfine fiber leather is widely used in range of
industries such as automotive, footwear, furniture, and textile including many
others. This leather provides cost benefit as compared to natural leather and
widely adopted in furniture and decoration purposes. This leather provides
realistic quality, economical to use, and require low maintenances to use in
furniture application. According to Zhejiang Tangshifu Furniture Co., Ltd, the
development in construction industry, changing lifestyle of people, and global
economic recovery has increased the demand for furniture globally. Thus, growth
in furniture industry is fueling the demand for superfine fiber leather and it
is expected to do so in the forecast period.
Superfine Fiber Leather Market Segment Analysis – By Geography
The Asia Pacific is the leading region accounts for the largest share in the superfine fiber leather market in 2021 and held nearly 32% of market share. This growth is mainly attributed to the increase in demand for superfine fiber leather in several end use industries in this region such as automotive, consumer goods, footwear, and furniture including others. Change in living standard and economic growth in increasing the demand for superfine fiber leather in numerous applications. The manufacturing technology in China for superfine fiber leather has developed over the years. China is one of the leading producers and consumers of superfine fiber leather with the significant growth in export and import. China mainly utilizes polyurethane (PU) in the production of this leather. According to Council for Leather Exports, Leather products, leather, and footwear hold the remarkable place in its economy. During 2020-21, India’s export for leather, footwear, and leather products stands at US$ 3.68 billion. Thus, the high demand for leather products and surge in leather industry is driving the market growth in this region.
Superfine Fiber Leather Market – Drivers
Increase in Demand from Consumer Goods
The demand for superfine fiber leather has been surged during the
past few year owing to the change in people’s living standard and fast growth
in global economy. It has increased the demand for fiber based synthetic
leather which offers superior performance and texture as that of natural
leather. It also provides strength, abrasion resistance, and elastic resilience
which is utilized to produce high value-added and high-quality products in
range of applications. It is used in range of consumer products such as bags,
purses, briefcases, belts, diary covers, and gloves including many others.
According to Conseil National du Cuir (CNC), one of the most successful exports
in France is leather goods. The overseas demand for luxury products from France
is growing, for instance sales of handbags and luggage bags increased by 10%
and 24%. Thus, the increase in consumer goods is driving the growth of global
superfine fiber leather market.
Increasing Adoption in Footwear Industry
The
synthetic leather has been introduced over few decades, however, the demand is
growing with the consumer preferences and changing lifestyle. Production of
synthetic leather has been through several technological advancements such as first-generation
leather was manufactured using polyvinyl chloride (PVC), the second-generation
leather was produced using polyurethane, and third generation leather is
formulated with the help of high-performance and high-density superfine fiber
synthetic leather. It is extensively used in shoe making such as sport shoes
and formal leather shoes, and sandals owing to its superior quality. According
to Indian Leather Products, India produces around 700 million leather footwear
pair every year which accounts for nearly 18% of the overall export of leather
in India. Thus, the surge in demand from footwear industry is boosting the
global market growth.
Superfine Fiber Leather Market – Challenges
Volatile Raw Material Prices
Superfine fiber leather is manufacturing using raw material such as polyurethane, nonwoven, and other synthetic polymers. Polyurethane is the leading material used in the production of superfine fiber leather. The production and prices of these raw materials are largely dependent on petroleum-based sources. Thus, any change or fluctuations in the crude oil prices directly affects the prices of these raw materials and ultimately affects the prices of superfine fiber leather. For instance, according to U.S. Energy Information Administration, prices of crude oil in 2021 have increased up to $71/lb from $42/lb in 2020. Thus, volatile crude oil prices or change supply demand of the other application market may impact the prices and supply of superfine fiber leather market. Thus, volatile crude oil prices directly impact the prices of raw material for superfine fiber leather which is restraining the growth of global market.
Superfine Fiber Leather Industry Outlook
Technology launches, acquisitions,
and R&D activities are key strategies adopted by players in the Superfine
Fiber Leather market. Superfine fiber leather market top 10 companies include -
- Toray Industries,
Inc.
- Kuraray Co., Ltd.
- Asahi Kasei
Corporation
- Kolon Industries
- San Fang Chemical
Industry Co., Ltd.
- Daewon Chemical
Co., Ltd.
- BASF SE
- Duksung
- Shandong Tongda
Group
- Huafon Group
Recent Developments
- In September 2021, BASF’s
synthetic leather solution Haptex studied through a comprehensive Life Cycle
Assessment (LCA) and specified to have the remarkable environmental benefits as
compared to other synthetic leather products. Haptex is synthetic polyurethane
solution having anti-abrasion and high peel strength.
- In January 2020, Kuraray Co.,
Ltd. and Nissha Co., Ltd. has jointly produced Material Insert using CLARINO, a
product of synthetic leather. The companies started selling this product
through their sales channel.
- In February 2019, BASF and San
Fang showcases futuristic urban streetwear using innovative material in
partnership with Seven Crash. It developed innovative and sustainable
polyurethane solution for synthetic leather.
Relevant Reports
LIST OF TABLES
1.Global Superfine Fiber Leather Market, by Type Market 2019-2024 ($M)2.Global Superfine Fiber Leather Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
3.Global Superfine Fiber Leather Market, by Type Market 2019-2024 (Volume/Units)
4.Global Superfine Fiber Leather Market Analysis and Forecast by Type and Application Market 2019-2024 (Volume/Units)
5.North America Superfine Fiber Leather Market, by Type Market 2019-2024 ($M)
6.North America Superfine Fiber Leather Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
7.South America Superfine Fiber Leather Market, by Type Market 2019-2024 ($M)
8.South America Superfine Fiber Leather Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
9.Europe Superfine Fiber Leather Market, by Type Market 2019-2024 ($M)
10.Europe Superfine Fiber Leather Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
11.APAC Superfine Fiber Leather Market, by Type Market 2019-2024 ($M)
12.APAC Superfine Fiber Leather Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
13.MENA Superfine Fiber Leather Market, by Type Market 2019-2024 ($M)
14.MENA Superfine Fiber Leather Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
LIST OF FIGURES
1.US Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)2.Canada Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
3.Mexico Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
4.Brazil Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
5.Argentina Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
6.Peru Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
7.Colombia Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
8.Chile Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
10.UK Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
11.Germany Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
12.France Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
13.Italy Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
14.Spain Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
16.China Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
17.India Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
18.Japan Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
19.South Korea Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
20.South Africa Global Superfine Fiber Leather Industry Market Revenue, 2019-2024 ($M)
21.North America Global Superfine Fiber Leather Industry By Application
22.South America Global Superfine Fiber Leather Industry By Application
23.Europe Global Superfine Fiber Leather Industry By Application
24.APAC Global Superfine Fiber Leather Industry By Application
25.MENA Global Superfine Fiber Leather Industry By Application