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India Synthetic Leather Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 4.20% (2024-2032)
The synthetic leather industry is growing steadily, driven by rising demand in fashion industries, along with increasing consumer preference for eco-friendly alternatives. India synthetic leather market size reached US$ 3.46 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.14 Billion by 2032, exhibiting a growth rate (CAGR) of 4.20% during 2024-2032.
India Synthetic Leather Industry Trends and Drivers:
The synthetic leather market in India is expanding significantly due to several key factors. The growing demand for synthetic leather in the footwear industry is impelling the market growth. Synthetic leather offers an affordable alternative to genuine leather, which makes it a popular choice among consumers looking for stylish yet budget-friendly footwear options. The rising number of fashion-conscious individuals is supporting the market growth. Manufacturers are introducing innovative and varied synthetic leather products, which is bolstering the market growth. Another driver is the automotive industry's increasing use of synthetic leather for car interiors. There is an increase in the need for durable, cost-effective, and aesthetically pleasing materials for car seats and upholstery on account of the expansion of the automotive sector in India. Synthetic leather provides these benefits and is easier to maintain as compared to genuine leather, making it an attractive choice for car manufacturers aiming to balance quality with cost-efficiency.
The furniture industry also contributes to the growth of the synthetic leather market in India. The rising demand for synthetic leather in furniture applications, such as sofas and chairs, because of its affordability and less maintenance, is strengthening the market growth. Synthetic leather also offers a wider range of colors and textures than natural leather. This versatility allows furniture manufacturers to cater to diverse consumer preferences. Environmental concerns and animal rights awareness are additional factors driving the market in the country. People are increasingly becoming aware about the ethical implications of using animal-derived products and are shifting towards more sustainable and cruelty-free alternatives. Synthetic leather is made from polyurethane (PU) and polyvinyl chloride (PVC), which aligns well with these values. Moreover, advancements in manufacturing technologies are improving the quality and feel of synthetic leather, making it an even more compelling alternative to genuine leather. Lastly, the thriving e-commerce industry in India is making synthetic leather products more accessible to a broader audience.
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India Synthetic Leather Industry Segmentation:
The report has segmented the market into the following categories:
Type Insights:
Bio-Based
Polyvinylchloride (PVC) Based
Polyurethane (PU) Based
Application Insights:
Clothing
Bags
Shoes
Purses and Wallets
Accessories
Car Interiors
Belts
Sports Goods
Others
End Use Industry Insights:
Footwear
Furniture
Automotive
Textile
Sports
Electronics
Others
Regional Insights:
North India
West and Central India
South India
East and Northeast India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
Market Performance (2018-2023)
Market Outlook (2024-2032)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Strategic Recommendations
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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