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Automotive Vegan Leather Market (Product - Polyurethane, Recycled Polyester, and Bio Based; Application - Upholstery, Seat Belt, Dashboard, Floor & Trunk Carpet, Headliner, and Others; Vehicle Type – Luxury Vehicles, Passenger vehicles, and Commercial Vehicles): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : June, 2021

  • Rep Id : AT00226

  • Category : Automotive, Aerospace & Defence

  • Status : Published

A recent report published by Infinium Global Research on the automotive vegan leather market provides an in-depth analysis of segments and sub-segments in the global as well as regional automotive vegan leather market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional automotive vegan leather market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global automotive vegan leather market. According to the report, the global Automotive Vegan Leather Market was nearly worth USD 2 billion in 2020 and is expected to reach USD 20 billion by 2026, growing with a CAGR of 48% over the forecast period of 2020-2026.

 

Market Insight

Leather is widely used for the interior components of vehicles such as seats, dashboards, steering wheel, and gear shifter. However, leather has a negative impact on the environment, and even on the human body. The chemicals used for processing leather are harmful for the environment and have an adverse effect on human health. Thus, many automakers are turning away from leather and opting for more sustainable materials. Vegan leather is one of the sustainable options for automotive interiors. Unlike original leather, vegan leather does not use harmful chemicals in its production, making it more sustainable. Moreover, the automotive vegan leather market is characterized by the availability of a wide range of products. Many market players are developing innovative materials to offer superior feel, while keeping the environmental impact to the lowest.


The outbreak of novel coronavirus has had a severe effect on the automotive vegan leather market. The automotive sector witnessed huge demand drop during the COVID-19 pandemic. The spending capacity of the consumers sharply decreased due to economic downturn, and higher unemployment over the pandemic period. Furthermore, the supply side witnessed significant disruptions, as the major manufacturing hubs in countries such as China, India, and Italy were compelled to reduce the production, or even close during the pandemic. Furthermore, a collapse of demand has, in turn, led to automotive companies to break contracts, canceling orders, delaying shipments, and asking for discounts from suppliers. The vegan leather exporters said that the countries such as the US, Germany, and Italy has started sending inquiries and is negotiating for a lower price.


The growing demand for sustainable materials in the automotive sector is majorly driving the growth of the market. Many automakers have pledged to reduce their carbon footprint, and make their businesses more sustainable. As vegan leather does not require harmful chemicals, which are used for processing of original leather, it is more eco-friendly. This, in turn, augments the adoption of vegan leather in automotive sector. Moreover, advantages of vegan leather over original leather are further propelling the market growth. Vegan leather is affordable, easy to clean, and more durable than original leather. However, the high cost of manufacturing of biobased vegan leather is expected to moderately restrain the growth of the vegan leather market. Nevertheless, growing R&D activities to develop innovative materials resembling leather is anticipated to boost the market growth over the forecast period.

 

In terms of geography, the global automotive vegan leather market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest share in the global automotive vegan leather market among the regions. Domination of North America is mainly attributed to the rising demand for natural ingredients along with the growing inclination of consumers towards veganism. Furthermore, Europe is the second-largest market for automotive vegan leather due to the growing demand for animal-free and eco-friendly products. On the other hand, the Asia Pacific region is anticipated to grow with the fastest rate in the automotive vegan leather market owing to growing automotive industry in markets such as China, India, Japan, and South Korea.

 

Segment Covered

The report on global automotive vegan leather market covers segments such as product, application, and vehicle type. On the basis of product, the sub-markets include polyurethane, recycled polyester, and bio based. On the basis of application, the sub-markets include upholstery, seat belt, dashboard, floor & trunk carpet, headliner, and others. On the basis of vehicle type, the sub-markets include luxury vehicles, passenger vehicles, and commercial vehicles.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Wollsdorf Leder Schmidt & Co Ges.m.b.H., Vegea SRL P.IVA, Covestro AG, Ananas Anam Ltd, BASF SE, Sage Automotive Interiors, Inc., Borgers SE & Co. KGaA, DK Leather Seats SdnBhd, Miko Srl, and Toyota Motor Corporation.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the automotive vegan leather market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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