Global Automotive PVC Artificial Leather Market Size

August 18, 2023 12:09 ET | Source: Zion Market Research Zion Market Research

New York, NY, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Automotive PVC Artificial Leather Market By Type (Seat Leather, Door Panel Leather, And Instrument Panel Leather), By Application (OEM And Aftermarket), And By Region - Global And Regional Industry Overview, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database. Upvc Wall Cladding

“According to the latest research study, the demand of global Automotive PVC Artificial Leather Market size & share in terms of revenue was valued at USD 1,307 million in 2022 and it is expected to surpass around USD 1,749 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 3.71% during the forecast period 2023 to 2030.”

What is Automotive PVC Artificial Leather? How big is the Automotive PVC Artificial Leather Industry?

Automotive PVC Artificial Leather Report Coverage & Overview:

Automotive PVC artificial leather, a type of synthetic leather, is a man-made material composed of polyurethane or PVC that undergoes treatment and dyeing processes. It boasts affordability, adaptability, and serves as a suitable alternative to genuine leather derived from treated animal hides. While offering the appearance and texture akin to natural animal skin, this product lacks any hair or fur on its surface. Notably, automotive PVC artificial leather is produced in thin sheets of varying thicknesses tailored to the diverse demands of numerous automotive applications.

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Global Automotive PVC Artificial Leather Market: Growth Dynamics

Increased Greenhouse Gas (GHG) Emissions Propel Recent Surge in Product Demand

The global automotive PVC artificial leather market is set for expansion, driven by its cost-efficiency, easy availability, and lightweight properties. Moreover, the market's growth is fueled by the escalating carbon emissions resulting from the traditional leather tanning process, which contributes to environmental deterioration. This has sparked significant demand for automotive PVC artificial leather as a sustainable alternative. Additionally, the rising preference for cruelty-free products, motivated by concerns for animals, has led to substantial demand in European countries and North America, consequently influencing global market trends.

Notably, the application of this product extends to various aspects of automotive interiors, including seats and interior design in vehicles like cars. The burgeoning demand for automotive PVC artificial leather in both commercial and passenger cars is expected to drive the global market's expansion. Anticipated launches of new products are poised to positively impact market growth in the forthcoming years. A noteworthy example is the launch of a new leather finishing unit in Jiaxing, China, by GST AutoLeather Inc., a prominent leather supplier to global automotive manufacturers, during the first half of 2019.

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Automotive PVC Artificial Leather Market: Segmentation Analysis

The global automotive PVC artificial leather market is sectored into type, application, and region.

In system terms, The global automotive PVC artificial leather market is categorized into three segments: seat leather, door panel leather, and instrument panel leather. Notably, the seat leather segment, which captured approximately 33% of the global market share in 2022, is poised to exhibit the most substantial growth during the projected timeframe. The segment's prospective expansion in the forthcoming years can be attributed to the increasing adoption of PVC artificial leather in seat leather production, driven by its attributes such as UV resistance, durability, minimal maintenance requirements, resilience, and glossy finish. Furthermore, the cost-effectiveness of PVC artificial leather has led to its extensive utilization within the automotive sector.

Based on application, The global automotive PVC artificial leather sector is categorized into two segments: Original Equipment Manufacturer (OEM) and the aftermarket. Notably, the aftermarket segment, which notably claimed a substantial portion of the global industry share in 2022, is positioned to assert its dominance within this classification in the upcoming years. This surge in the segment's influence throughout the evaluation period can be attributed to the economical nature of PVC, resulting in its widespread adoption within the aftermarket realm. Noteworthy is the fact that the cost of automotive PVC artificial leather for trucks in the aftermarket falls within the range of approximately $1,400 to $1,900, whereas the same product procured from an OEM can amount to approximately $4,500 or even higher. Additionally, customization stands out as a pivotal factor driving product demand in the aftermarket segment.

The global Automotive PVC Artificial Leather market is segmented as follows:

Browse the full “Automotive PVC Artificial Leather Market By Type (Seat Leather, Door Panel Leather, And Instrument Panel Leather), By Application (OEM And Aftermarket), And By Region - Global And Regional Industry Overview, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/automotive-pvc-artificial-leather-market

Some of the main competitors dominating the global Automotive PVC Artificial Leather market include -

Key Insights from Primary Research:

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Asia-Pacific Poised to Lead Global Market from 2023 to 2030

Forecasted to retain its prominence, Asia-Pacific is expected to secure a commanding position within the global automotive PVC artificial leather market over the period of 2023 to 2030. Notably, the region's contribution encompassed an impressive 50% of the global market share in 2022, and this momentum is projected to continue into the forecasted period. The driving force behind this growth within the subcontinent lies in the presence of pivotal automotive manufacturers, notably in nations such as India, Japan, South Korea, China, Malaysia, Thailand, and Indonesia.

Furthermore, the market's expansion in this region can be attributed to rising disposable incomes and an elevation in living standards across emerging economies. This positive trend is set to significantly bolster the regional market's size. Enhanced accessibility to the raw materials essential for automotive PVC artificial leather production, coupled with lower labor costs, will further amplify the prevailing market trends.

In contrast, the European automotive PVC artificial leather sector is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR). This projected growth owes itself to the increased adoption of artificial leather in luxury vehicles. Concurrently, the upsurge in eco-consciousness has led consumers to gravitate toward environmentally friendly options like PVC artificial leather in the automotive realm. This shift is poised to enhance the industry's growth across Europe. Notably, influential German automakers such as Audi, BMW, and Mercedes Benz have already integrated artificial leather into their vehicle upholstery, aligning with global green initiatives. These proactive steps are expected to significantly contribute to the region's market revenue.

Automotive PVC Artificial Leather Market: Prospects

Advantageous Attributes Including Affordability and Easy Upkeep Poised to Unveil Fresh Market Opportunities

The automotive PVC artificial leather market is primed for new growth avenues, thanks to its advantageous attributes like cost-effectiveness, minimal maintenance requirements, sustainability, and robust durability. Coupled with the ease of production, these attributes are set to generate novel opportunities for the global market of automotive PVC artificial leather. Moreover, the enhanced comfort these products offer to both vehicles and passengers, including commuters and drivers, is anticipated to further propel the global market demand.

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