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The coating agents for synthetic leather market size is forecast to increase by USD 254.8 million, at a CAGR of 8.51% between 2023 and 2028. The global coating agents market for synthetic leather has experienced significant growth in recent years, driven by several key factors. Consumers are increasingly shifting their preferences towards animal-friendly alternatives, leading to a decline in demand for natural leather. This trend is particularly prominent in industries such as automotive and footwear, where synthetic leather offers comparable durability and aesthetic appeal at a lower cost and with fewer ethical concerns. Additionally, regulatory bodies like the People for Ethical Treatment of Animals (PETA) have imposed stricter regulations on the usage of natural leather, further limiting its availability and driving demand for synthetic alternatives. As a result, the synthetic leather market is poised for continued expansion, offering substantial opportunities for manufacturers and suppliers in the coming years.
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Coating agents play a crucial role in the production of synthetic leather, enhancing its durability, aesthetics, and functionality. Synthetic leather, also known as faux leather, is a popular alternative to genuine leather in various industries such as fashion and furniture. The global synthetic leather market is driven by the increasing demand for eco-friendly solutions and the need for cost-effective alternatives to genuine leather. The use of coating agents in synthetic leather production improves its texture, color, and resistance to wear and tear. Polyvinyl chloride (PVC) and polyurethane (PU) are commonly used materials for synthetic leather production, with PVC being the most widely used due to its low cost and ease of processing. However, PU-leather, which uses flexible polyurethane foam as a base, offers better durability and a more leather-like texture. Coating agents used in synthetic leather production include polymers such as PP and textile-polymer composite microfibres. These agents help in enhancing the overall quality of synthetic leather, making it a preferred choice for end-users in the fashion industry for footwear and apparel, and in the global furniture industry for domestic upholstery. The demand for synthetic leather is expected to grow significantly in the coming years due to its versatility, durability, and eco-friendliness.
Shift of consumer preference from animal-hide to synthetic leather products is notably driving market growth. Synthetic leather, a popular alternative to traditional animal-hide leather, is extensively used in various industries such as footwear, apparel, and bags. Despite leather being perceived as a premium material, mass-produced items made of synthetic leather or fabric dominate sales in these sectors due to their affordability. The global shift towards synthetic leather is driven by changing consumer preferences, which are influenced by evolving lifestyles and the availability of diverse synthetic leather options. The footwear industry is a significant application area for synthetic leather, accounting for a substantial market share. In addition to footwear, synthetic leather is also widely used in the furniture industry, including global and domestic upholstery, and in the transportation sector. Key players in the synthetic leather market include specialized regional players and niche players that offer customized solutions and technical support to meet specific industry requirements.
Further, regulatory pressures and sustainability concerns have led to advancements in high-performance coating solutions for synthetic leather. These include nanotechnology and digital printing technologies, which provide improved durability, tactile experiences, and regulatory compliance. Materials used in synthetic leather production include polymers such as PP, PU, and PVC, as well as textile-polymer composite microfibres. Some synthetic leather types, like faux leather, use materials such as PVC, silicone, and polyurethane (PU). Collaborations between industry players and research institutions have led to the development of advanced synthetic leather materials, such as glass-carbon epoxy and carbon-aramid epoxy. These high-performance materials offer superior durability and resistance to wear and tear, making them suitable for applications in the automotive, textile & fashion, and transportation industries. Regulatory requirements continue to evolve, emphasizing the importance of adhering to stringent safety and environmental standards. Thus, such factors are driving the growth of the market during the forecast period.
Availability of wide range of synthetic leather products is the key trend in the market. The coating agents for synthetic leather market is witnessing significant growth due to the expanding product assortment offered by specialized and niche players. These vendors cater to diverse application industries such as footwear, global furniture, and the domestic upholstery industry, among others. To meet the specific demands of these industries, vendors provide customized solutions, technical support, and regulatory compliance. Sustainability is a key focus area, with the adoption of nanotechnology and digital printing technologies for enhancing the tactile experiences of synthetic leather.
Moreover, collaborations between vendors and industry players are also prevalent, leading to the development of high-performance coating solutions that meet regulatory requirements. Materials such as glass-carbon epoxy, carbon-aramid epoxy, polymers like PP, synthetic materials such as PU-leather, PVC, and textile-polymer composite microfibres, and faux leather are commonly used. Silicone is also used as a coating agent for synthetic leather in various applications, including automotive, textile & fashion, and transportation. Vendors aim to increase their market share by offering a wide range of coating agents for synthetic leather, catering to the varying demands of different industries. Thus, such trends will shape the growth of the market during the forecast period.
Intense competition among companies is the major challenge that affects the growth of the market. The coating agents for synthetic leather market is witnessing intense competition, with both specialized regional players and niche vendors vying for a share. Key players dominate the market, offering high-performance coating solutions for various applications, including footwear, global furniture, and the domestic upholstery industry. However, regional and local vendors compete fiercely by providing customized solutions and technical support to cater to specific regional demands. Regulatory pressures, driven by sustainability concerns and the adoption of digital printing technologies, nanotechnology, and textile-polymer composite microfibres, are shaping the market landscape.
However, companies are investing heavily in research and development to introduce innovative products, such as faux leather made from PVC, silicone, and polyurethane (PU), for the textile & fashion, transportation, and automotive industries. Despite the improving global economy and increasing demand for coating agents for synthetic leather, price wars have lowered profit margins for vendors. Collaborations between players in the value chain, such as glass-carbon epoxy and carbon-aramid epoxy manufacturers and synthetic material producers, are expected to create opportunities for growth in the market. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The automotive segment is estimated to witness significant growth during the forecast period. Coating agents play a crucial role in enhancing the durability, aesthetics, and functionality of synthetic leather, making it an attractive alternative to genuine leather in various industries. Synthetic leather is extensively used in fashion and furniture due to its flexibility, texture, and ability to mimic the look and feel of genuine leather. Coating agents contribute to the color and consumer preferences, ensuring the end-users receive sustainable products that meet regulatory standards. In the automotive sector, coating agents are essential for vehicle interiors, providing abrasion resistance, chemical resistance, and weathering resistance.
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The automotive segment accounted for USD 145.20 million in 2018. Eco-friendly solutions, such as water-based and solvent-free coating agents, are gaining popularity due to environmental concerns. Smart coatings, including UV-curable coating systems and polyurethane (PU) coatings, offer multifunctional benefits, such as antimicrobial properties, self-cleaning capabilities, and breathability. Market segment analysis reveals that the application perspective of coating agents for synthetic leather includes automotive interiors, luxury goods, and furniture. Multinational corporations dominate the market, driven by consumer preferences for high-quality, sustainable products. Regulatory standards continue to evolve, emphasizing the importance of using eco-friendly coating agents, such as those based on bio-based materials. The future of coating agents for synthetic leather lies in developing innovative, sustainable, and high-performance solutions that cater to the diverse needs of end-users.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Coating agents play a crucial role in enhancing the durability, aesthetics, and functionality of synthetic leather, making it an attractive alternative to genuine leather in various industries. Synthetic leather is widely used in fashion and furniture due to its versatility and affordability. Coating agents help improve texture, color, and consumer preferences, ensuring sustainable products that meet regulatory standards. Eco-friendly solutions, such as water-based and solvent-free coating agents, are gaining popularity due to environmental concerns.
Moreover, the automotive sector is a significant end-user of synthetic leather, with coating agents contributing to the flexibility, abrasion resistance, chemical resistance, and weathering resistance required for vehicle interiors. Smart coatings, including UV-curable coating systems and polyurethane (PU) coatings, offer additional benefits such as antimicrobial properties, self-cleaning capabilities, and breathability. Multinational corporations are investing in research and development of multifunctional coating agents to meet evolving consumer demands and environmental factors. The market for coating agents for synthetic leather is expected to grow, driven by increasing applications in the automotive sector, luxury goods, and sustainable product development.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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The market is witnessing significant growth due to the increasing demand for sustainable, eco-friendly, and cost-effective alternatives to genuine leather. Coating agents play a crucial role in enhancing the durability, aesthetics, and functionality of synthetic leather. Coating agents provide texture, color, and consumer preferences, making synthetic leather indistinguishable from genuine leather. Durability is a key factor driving the demand for coating agents in synthetic leather production. Coating agents offer abrasion resistance, chemical resistance, and weathering resistance, extending the life of synthetic leather products. Eco-friendly solutions, such as water-based and solvent-free coating agents, are gaining popularity due to environmental regulations and consumer preferences. These coating agents reduce the use of volatile organic compounds (VOCs), making them a more sustainable choice. The automotive sector is a significant end-user of synthetic leather, with coating agents used extensively in vehicle interiors for their flexibility, breathability, and multifunctional properties.
Further, smart coatings, such as UV-curable coating systems, bio-based coating agents, and antimicrobial properties, are also gaining traction in the market. Market segment analysis reveals that the application perspective of the coating agents for synthetic leather market includes fashion, furniture, automotive interiors, and luxury goods. Multinational corporations dominate the market due to their economies of scale and technological expertise. In conclusion, coating agents for synthetic leather play a vital role in enhancing the durability, aesthetics, and functionality of synthetic leather products. The market is expected to grow further due to the increasing demand for sustainable and eco-friendly solutions, regulatory standards, and advancements in coating technology.
Market Scope |
|
Report Coverage |
Details |
Page number |
142 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.51% |
Market growth 2024-2028 |
USD 254.8 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
7.66 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key countries |
China, US, Japan, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abhilash Chemicals and Pharmaceuticals Pvt. Ltd., BASF SE, CHT Germany GmbH, Covestro AG, Dow Inc., Elkem ASA, Evonik Industries AG, Jasch Industries Ltd., ROWA GROUP Holding GmbH, Santex Rimar Group, Stahl Holdings B.V., and Wacker Chemie AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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