Top Companies in Vegan Leather Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Vegan Leather Market is projected to reach a value of USD 106.0 Million by 2030 at a CAGR of 9.5% over the forecast period.
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The Global Vegan Leather Market was valued at USD 61.5 Million in 2022 and is projected to reach a value of USD 106.0 Million by 2030 at a CAGR of 9.5% over the forecast period. Major manufacturers are relocating their manufacturing bases to China, India, and Vietnam because of the skilled labour and cheaper freight there. As production picks up, this is anticipated to spur market expansion and widen the worldwide demand.
Vegan Leather is a well-liked substitute for real leather and is frequently made of polyurethane. It can also be produced using various cutting-edge and environmentally friendly materials, including recycled plastic, apple peels, pineapple leaves, and other fruit refuse. Due to increasing demand from the footwear industry and rising prices for goods made of genuine leather, the global Vegan Leather market is anticipated to expand considerably throughout the forecast period. PVC leather is a popular Vegan Leather mainly used to make various bags, including cosmetics, travel, shopping, and wallet. Moreover, it is also used in upholstery, fabrics, shoes, clothing, and other products that can mimic a genuine leather finish. During the forecast period, this will gradually help boost the worldwide Vegan Leather market.
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Consumers are gravitating towards using sustainable and eco-friendly goods due to environmental concerns like climate change, global warming, and the depletion of various natural resources. The younger generation has shown a strong preference for vegan goods. By pushing for substituting animal-based goods with plant-based ones, young people are waging a more significant war against climate change. These goods have a high level of sustainability, morality, and biodegradability. Additionally, producers are quickly switching from genuine leather products to Vegan Leather products due to the elevated customer demand. According to studies, numerous chemicals are released while manufacturing animal leather, which significantly increases pollution. As a result, this will help Vegan Leather goods become more widely used.
The Global Vegan Leather market is dominated by well-known players like Adriano Di Marti (U.S.), Kuraray Co. Ltd. (Japan), H.R. Polycoats Pvt. Ltd. (India), Yantai Wanhua Group Co. Ltd. (China), Alfatex Italia (Italy), BASF SE (Germany), Dupont (U.S.), Willow Tex (U.S.), Ultrafabrics (U.S.), and Anli Group (China), among others. Additionally, companies in the leather sector are spending money on R&D to develop new products and enhance manufacturing methods.
Let’s Take a Look at the Top Market Players that are Captivating the Vegan Leather Market
- Adriano Di Marti (U.S.)
Adriano Di Marti developed the first organic leather made from cactus that is highly durable, ecologically friendly, and has a large production capacity that satisfies the highest commercial quality standards.
- Kuraray Co. Ltd. (Japan)
Kuraray Co. Ltd. has been producing synthetic and chemical fabrics since it was founded in 1926. The business offers non-woven textiles, fine chemicals, special resin, synthetic leather, and other products used as clothing and industrial materials. Kuraray also manufactures pharmaceutical and healthcare items like dental goods and dialyzers. The company concentrates on making products that are good for the environment.
- H..R. Polycoats Pvt. Ltd. (India)
In 1995, H.R. Polycoats Pvt. Ltd. began producing artificial leather. The business has increased its technological foundation, bringing a broad range of products. This company is the top producer of artificial leather in India.
- Yantai Wanhua Group Co. Ltd. (China)
Products made of polyurethane are manufactured and produced by Yantai Wanhua Synthetic Leather Group Company Ltd. Yantai Shandong, China, is home to the company.
- Alfatex Italia (Italy)
Alfatex Italia has consistently served as a dependable Partner for the particular business they work in since 1989. Alfatex is a major supplier of materials to the building industry, as well as the industries of nautical, pelletteria, calzaturifici, and companies involved in the contract sector.
- Willow Tex (U.S.)
Willow Tex uses a cost-effective, environmentally friendly manufacturing process to create IZIT Leather, the best quality synthetic leather in the world. Compared to traditional synthetic leathers, their newly patented manufacturing method uses 90% less energy and 80% less solvents.
- Anli Group (China)
The biggest company in China's PU synthetic leather market is Anhui Anli Material Technology (ANLI CO.), which specializes in the R&D of ecological functional polyurethane synthetic leather, including EPU, etc. Furthermore, positive connections have been made with numerous well-known companies and their domestic and international production facilities, including Nike, Adidas, Reebok, Puma, ASCIS, Mitchell's Furniture, MANWAH, Decathlon, Hermes, H & M, Joma, etc.
- Ultrafabrics (U.S.)
Ultrafabrics, LLC produces textile goods. The company engineered, made, and distributed different polyurethane fabric goods. Ultrafabrics functions in the United States.
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