Synthetic leather market in India to grow at a CAGR of 7.96%, Colence Pvt. Ltd. and Daman Textiles among key vendors -Technavio

NEW YORK, April 25, 2023 /PRNewswire/ -- The size of the synthetic leather market in India is set to grow by USD 1,590.53 million between 2022 and 2027 and register a CAGR of 7.96%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Technavio offers in-depth market insights that assist global businesses in obtaining growth opportunities. Read a Sample Report

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 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. are some of the major market participants. 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 will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow-growing segments.

Synthetic Leather Market in India 2023-2027: Segmentation

• Application 
• Footwear
• Furnishing
• Automotive
• Clothing
• Others
• Type 
• PVC
• PU

The footwear segment will account for a significant share of market growth during the forecast period. The footwear industry extensively uses synthetic leather in linings, uppers, and insoles of athletic shoes, shoes, boots, sandals, and slippers due to its properties, such as high durability. The demand for footwear in India is expected to increase the demand for synthetic leather during the forecast period. Synthetic leather is widely used in India due to its low cost for manufacturing athletic shoes for various sports.

Receive our market sample report now to gain access to a detailed analysis of the synthetic leather market in India

Synthetic Leather Market in India 2023-2027: Vendor Analysis and Scope

Some of the major vendors of the synthetic leather market in India include 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.. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15 vendors operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the synthetic leather market in India are designed to provide entry support, customer profile, and M&As, as well as go-to-market strategy support. The key offerings of some of these vendors are listed below:

• Colence Pvt. Ltd. - The company offers synthetic leathers such as PU and PVC.
• Daman Textiles - The company offers synthetic leathers such as crinkles and artificial leather for apparel.
• Giriraj Coated Fab Pvt. Ltd. - The company offers synthetic leather for the furniture and clothing industries.
• Jasch Industries Ltd. - The company offers synthetic leathers for footwear, automotive, and sports industries.
• Marvel Vinyls Ltd. - The company offers synthetic leathers for automobiles, furniture, and footwear industries.

The report also covers the following areas:

• Synthetic leather market size in India
• Synthetic leather market trends in India
• Synthetic leather market analysis in India

The increasing penetration of polyurethane (PU) synthetic leather materials is driving market growth. PU-based leather is made from flexible polymers and other materials such as polyester or cotton. It does not need additional plasticizers and has several advantages, such as water resistance, lightness, and softness. PU-based leather can easily shred under certain conditions. It is used widely in the automotive and apparel industries. PU-based leather is considered more environmentally friendly than vinyl-based leather, as it does not produce dioxins. These factors are expected to fuel the market's growth during the forecast period.

Technological advances in synthetic leather manufacturing are a key trend in the market. Converting raw materials into final products requires several processes. Manufacturers want to optimize product quality and yield at low costs while minimizing environmental impact. Manufacturing processes consume significant amounts of water, chemicals, and energy, leading to high effluent discharge. Such advancements are expected to support the growth of the synthetic leather market in India during the forecast period.

The harmful effects of PU and PVC on humans are challenging the growth of the synthetic leather market in India. Raw materials for synthetic leather, such as PU and PVC, are harmful to the health of animals and the environment. PU is an isocyanate that can irritate the lungs and lead to asthma attacks. It also causes skin irritation and lung infections. Workers exposed to polyurethane fumes can experience nausea, vomiting, and dizziness. Moreover, there are carcinogens such as vinyl chloride monomer (VCM), phthalates, and dioxin in PVC. Thus, the hazardous nature of PVC and PU can impede the growth of synthetic leather in India during the forecast period.

Get lifetime access to our Technavio Insights. Subscribe now to our most popular "Lite Plan" billed annually at USD 5000.

Synthetic Leather Market in India 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist synthetic leather market growth in India during the next five years
• Estimation of the synthetic leather market size in India and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the synthetic leather market in India
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of synthetic leather market vendors in India 

What's new?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/active/niche/trivial - Buy the report!

Related Reports:

The synthetic leather market size is estimated to grow at a CAGR of 9.44% between 2022 and 2027. The market size is forecasted to increase by USD 23.52 billion. This synthetic leather market report extensively covers market segmentation by product (PU-based, PVC-based, and bio-based), end-user (footwear industry, furnishing industry, automotive industry, bags industry, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

The coating agents for synthetic leather market size is expected to increase by USD 207.38 million from 2021 to 2026. It is estimated to grow at a CAGR of 7.12% between 2021 and 2026.Furthermore, this report extensively covers market segmentation by end-user (automotive, footwear, furniture and domestic upholstery, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa).

Browse for Technavio Materials market reports

Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Country Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 07: Parent market
• Exhibit 08: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 09: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 10: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 11: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 12: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 13: Chart on India: Year-over-year growth 2022-2027 (%)
• Exhibit 14: Data Table on India: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Synthetic leather market in India 2017 - 2021 
• Exhibit 15: Historic Market Size – Data Table on Synthetic leather market in India 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 16: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 17: Historic Market Size – Type Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 18: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 25: Chart on Application - Market share 2022-2027 (%)
• Exhibit 26: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 27: Chart on Comparison by Application
• Exhibit 28: Data Table on Comparison by Application

• 6.3 Footwear - Market size and forecast 2022-2027 
• Exhibit 29: Chart on Footwear - Market size and forecast 2022-2027 ($ million)
• Exhibit 30: Data Table on Footwear - Market size and forecast 2022-2027 ($ million)
• Exhibit 31: Chart on Footwear - Year-over-year growth 2022-2027 (%)
• Exhibit 32: Data Table on Footwear - Year-over-year growth 2022-2027 (%)

• 6.4 Furnishing - Market size and forecast 2022-2027 
• Exhibit 33: Chart on Furnishing - Market size and forecast 2022-2027 ($ million)
• Exhibit 34: Data Table on Furnishing - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Chart on Furnishing - Year-over-year growth 2022-2027 (%)
• Exhibit 36: Data Table on Furnishing - Year-over-year growth 2022-2027 (%)

• 6.5 Automotive - Market size and forecast 2022-2027 
• Exhibit 37: Chart on Automotive - Market size and forecast 2022-2027 ($ million)
• Exhibit 38: Data Table on Automotive - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Chart on Automotive - Year-over-year growth 2022-2027 (%)
• Exhibit 40: Data Table on Automotive - Year-over-year growth 2022-2027 (%)

• 6.6 Clothing - Market size and forecast 2022-2027 
• Exhibit 41: Chart on Clothing - Market size and forecast 2022-2027 ($ million)
• Exhibit 42: Data Table on Clothing - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Chart on Clothing - Year-over-year growth 2022-2027 (%)
• Exhibit 44: Data Table on Clothing - Year-over-year growth 2022-2027 (%)

• 6.7 Others - Market size and forecast 2022-2027 
• Exhibit 45: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 46: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 48: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Application 
• Exhibit 49: Market opportunity by Application ($ million)
• Exhibit 50: Data Table on Market opportunity by Application ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 51: Chart on Type - Market share 2022-2027 (%)
• Exhibit 52: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 53: Chart on Comparison by Type
• Exhibit 54: Data Table on Comparison by Type

• 7.3 PVC - Market size and forecast 2022-2027 
• Exhibit 55: Chart on PVC - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on PVC - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on PVC - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on PVC - Year-over-year growth 2022-2027 (%)

• 7.4 PU - Market size and forecast 2022-2027 
• Exhibit 59: Chart on PU - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on PU - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on PU - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on PU - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 63: Market opportunity by Type ($ million)
• Exhibit 64: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 65: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Drivers, Challenges, and Trends

• 9.1 Market drivers

• 9.2 Market challenges

• 9.3 Impact of drivers and challenges 
• Exhibit 66: Impact of drivers and challenges in 2022 and 2027

• 9.4 Market trends

10 Vendor Landscape

• 10.1 Overview

• 10.2 Vendor landscape
• Exhibit 67: Overview on Criticality of inputs and Factors of differentiation

• 10.3 Landscape disruption
• Exhibit 68: Overview on factors of disruption

• 10.4 Industry risks
• Exhibit 69: Impact of key risks on business

11 Vendor Analysis

• 11.1 Vendors covered
• Exhibit 70: Vendors covered

• 11.2 Market positioning of vendors 
• Exhibit 71: Matrix on vendor position and classification

• 11.3 Colence Pvt. Ltd.
• Exhibit 72: Colence Pvt. Ltd. - Overview
• Exhibit 73: Colence Pvt. Ltd. - Product / Service
• Exhibit 74: Colence Pvt. Ltd. - Key offerings

• 11.4 Daman Textiles
• Exhibit 75: Daman Textiles - Overview
• Exhibit 76: Daman Textiles - Product / Service
• Exhibit 77: Daman Textiles - Key offerings

• 11.5 Giriraj Coated Fab Pvt. Ltd. 
• Exhibit 78: Giriraj Coated Fab Pvt. Ltd. - Overview
• Exhibit 79: Giriraj Coated Fab Pvt. Ltd. - Product / Service
• Exhibit 80: Giriraj Coated Fab Pvt. Ltd. - Key offerings

• 11.6 H.R. Polycoats Pvt. Ltd. 
• Exhibit 81: H.R. Polycoats Pvt. Ltd. - Overview
• Exhibit 82: H.R. Polycoats Pvt. Ltd. - Product / Service
• Exhibit 83: H.R. Polycoats Pvt. Ltd. - Key offerings

• 11.7 Jasch Industries Ltd. 
• Exhibit 84: Jasch Industries Ltd. - Overview
• Exhibit 85: Jasch Industries Ltd. - Product / Service
• Exhibit 86: Jasch Industries Ltd. - Key offerings

• 11.8 Marvel Vinyls Ltd.
• Exhibit 87: Marvel Vinyls Ltd. - Overview
• Exhibit 88: Marvel Vinyls Ltd. - Product / Service
• Exhibit 89: Marvel Vinyls Ltd. - Key offerings

• 11.9 Mayur Uniquoters Ltd. 
• Exhibit 90: Mayur Uniquoters Ltd. - Overview
• Exhibit 91: Mayur Uniquoters Ltd. - Product / Service
• Exhibit 92: Mayur Uniquoters Ltd. - Key offerings

• 11.10 Natroyal Group
• Exhibit 93: Natroyal Group - Overview
• Exhibit 94: Natroyal Group - Product / Service
• Exhibit 95: Natroyal Group - Key offerings

• 11.11 Nirmal Fibres Pvt. Ltd. 
• Exhibit 96: Nirmal Fibres Pvt. Ltd. - Overview
• Exhibit 97: Nirmal Fibres Pvt. Ltd. - Product / Service
• Exhibit 98: Nirmal Fibres Pvt. Ltd. - Key offerings

• 11.12 Premier Polyfilm Ltd. 
• Exhibit 99: Premier Polyfilm Ltd. - Overview
• Exhibit 100: Premier Polyfilm Ltd. - Product / Service
• Exhibit 101: Premier Polyfilm Ltd. - Key offerings

• 11.13 Response Fabrics Pvt. Ltd. 
• Exhibit 102: Response Fabrics Pvt. Ltd. - Overview
• Exhibit 103: Response Fabrics Pvt. Ltd. - Product / Service
• Exhibit 104: Response Fabrics Pvt. Ltd. - Key offerings

• 11.14 Shakti Tex Coaters Pvt. Ltd. 
• Exhibit 105: Shakti Tex Coaters Pvt. Ltd. - Overview
• Exhibit 106: Shakti Tex Coaters Pvt. Ltd. - Product / Service
• Exhibit 107: Shakti Tex Coaters Pvt. Ltd. - Key offerings

• 11.15 United Decoratives Pvt. Ltd. 
• Exhibit 108: United Decoratives Pvt. Ltd. - Overview
• Exhibit 109: United Decoratives Pvt. Ltd. - Product / Service
• Exhibit 110: United Decoratives Pvt. Ltd. - Key offerings

• 11.16 Vortex Flex Pvt. Ltd. 
• Exhibit 111: Vortex Flex Pvt. Ltd. - Overview
• Exhibit 112: Vortex Flex Pvt. Ltd. - Product / Service
• Exhibit 113: Vortex Flex Pvt. Ltd. - Key offerings

• 11.17 Winner Nippon Leatherette Pvt. Ltd. 
• Exhibit 114: Winner Nippon Leatherette Pvt. Ltd. - Overview
• Exhibit 115: Winner Nippon Leatherette Pvt. Ltd. - Product / Service
• Exhibit 116: Winner Nippon Leatherette Pvt. Ltd. - Key offerings

12 Appendix

• 12.1 Scope of the report

• 12.2 Inclusions and exclusions checklist 
• Exhibit 117: Inclusions checklist
• Exhibit 118: Exclusions checklist

• 12.3 Currency conversion rates for US$ 
• Exhibit 119: Currency conversion rates for US$

• 12.4 Research methodology
• Exhibit 120: Research methodology
• Exhibit 121: Validation techniques employed for market sizing
• Exhibit 122: Information sources

• 12.5 List of abbreviations 
• Exhibit 123: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio