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The synthetic leather market size in India is estimated to grow at a CAGR of 7.96% between 2022 and 2027. The synthetic leather market size in India is forecast to increase by USD 1,590.53 million. The growth of the market depends on several factors, including the increasing penetration of polyurethane (PU) synthetic leather materials, the availability of a wide range of products, and the shift of consumer preference from animal hide to synthetic leather products.
This synthetic leather market in India report extensively covers market segmentation by application (footwear, furnishing, automotive, clothing, and others) and type (PVC and PU). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing penetration of polyurethane (PU) synthetic leather materials is notably driving the market growth, although factors such as the harmful effects of PU and PVC on humans may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing penetration of polyurethane (PU) synthetic leather materials is the key factor driving the growth of the synthetic leather market in India. PU-based leather is typically made from flexible polymers and other materials such as polyester or cotton. Various techniques are used to resemble leather made from animal hides. PU-based synthetic leather is made from soft polymers, so no additional plasticizers are needed. It has several advantages such as water resistance, lightness, and softness.
Under certain conditions, PU-based leather can easily shred, despite not fading or cracking in direct sunlight. It is widely employed in the automotive and apparel industries. PU-based leather is regarded as more environmentally friendly than vinyl-based leather because it does not produce dioxins. PU-based leather is more expensive than PVC-based leather because its manufacturing process is more time-consuming. These factors are expected to propel the market's growth over the forecast period.
Technological advances in synthetic leather manufacturing is the primary trend in the synthetic leather market growth in India. Converting raw materials into final products requires many processes in which manufacturers seek to optimize product quality and yield at low cost while minimizing environmental impact. Manufacturing processes consume large amounts of water, chemicals, and energy, which lead to high effluent discharge.
For instance, Mayur Uniquoters established a PU plant after taking permission from the government of Rajasthan to use the recycled wastewater of Reengus for manufacturing synthetic leather. This initiative taken by the company reduced the water wastage that occurs in the production process of synthetic leather. Such advancements in synthetic leather manufacturing are expected to fuel the growth of the synthetic leather market in India during the forecast period.
The harmful effects of PU and PVC on humans is a major challenge to the growth of the synthetic leather market in India. Raw materials for synthetic leather, such as PU and PVC, endanger human and animal health and the environment. PU is an isocyanate that can irritate the lungs and cause asthma attacks. It causes skin irritation and lung infections that make it difficult to breathe. In polyurethane manufacturing plants, workers are often exposed to polyurethane fumes that can cause nausea, vomiting, and dizziness.
Carcinogens such as vinyl chloride monomer (VCM), phthalates, and dioxin are present in PVC. Dioxin is a highly toxic and hazardous byproduct of the combustion of chlorine-containing materials. Thus, the hazardous nature of PVC and PU can impede the growth of synthetic leather in India during the forecast period.
The 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 growth strategies.
Global Synthetic Leather Market in India: Customer Landscape
Vendors 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.
Colence Pvt. Ltd.: The company manufactures and exports footwear, furniture, and accessories. The company offers synthetic leathers made of PU and PVC.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the footwear segment will be significant during the forecast period. The footwear industry makes extensive use of synthetic leather due to its superior properties and high durability. It is used in the linings, uppers, and insoles of athletic shoes, shoes, boots, sandals, and slippers. India's rising demand for footwear is expected to increase the demand for synthetic leather during the forecast period.
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The footwear segment was valued at USD 784.31 million in 2017 and continued to grow until 2021. Due to the low cost of synthetic leather, it is widely used in India to manufacture athletic shoes for various sports. Waterproof, heat, and weather resistance are other attributes of sports shoes made from imitation leather that looks just like real leather. They are used all over the world, including formal shoes for men and women, boots for women and men in the fashion industry, and shoes for people living in cold climates. When exposed to snow or water, genuine leather boots will tear, while synthetic leather is more snow and water-resistant. As a result of the advantages associated with synthetic leather footwear, the market is expected to experience substantial growth over the forecast period.
The synthetic leather market in India report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the synthetic leather market in India as a part of the global specialty chemicals market. The global specialty chemicals market covers products and companies engaged in high value-added chemicals used in the manufacturing of a wide variety of products, including, but not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Synthetic Leather Market Scope In India |
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Report Coverage |
Details |
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Page number |
126 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.96% |
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Market growth 2023-2027 |
USD 1,590.53 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.35 |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BASF SE, Colence Pvt. Ltd., Daman Textiles, Giriraj Coated Fab Pvt. Ltd., GTEX Fabrics Pvt. Ltd., H.R. Polycoats Pvt. Ltd., Jasch Industries Ltd., Marvel Vinyls Ltd., Mayur Uniquoters Ltd., Natroyal Group, Nirmal Fibres Pvt. Ltd., Om Textiles India, Premier Polyfilm Ltd., Response Fabrics Pvt. Ltd., Responsive Industries Ltd., RMG Polyvinyl India Ltd., Shakti Tex Coaters Pvt. Ltd., United Decoratives Pvt. Ltd., Vortex Flex Pvt. Ltd., and Winner Nippon Leatherette Pvt. Ltd. |
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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, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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