Dublin, Dec. 27, 2024 (GLOBE NEWSWIRE) -- The "Faux Leather Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The faux leather industry has observed a substantial growth, with the market valued at USD 32.5 billion in 2023 and expected to reach USD 52.8 billion by 2029, escalating at a CAGR of 8.
50%. The market's expansion is being driven by a global surge in demand for synthetic leather products, with PVC leather emerging as a popular alternative to genuine leather, owing to its versatility and cost-effectiveness. Technological Innovations Enhancing Quality and Performance Advancements in manufacturing technologies and materials have enabled faux leather to closely resemble its genuine counterpart, enhancing its application across various industries.
Innovations in material science have resulted in the development of sustainable and environmentally friendly alternatives like water-based polyurethane coatings and bio-based polymers, effectively lowering the industry's ecological footprint. Shift Toward Eco-Friendly Alternatives Growing environmental awareness and a shift toward sustainable practices are propelling the market forward. Consumers are increasingly drawn to cruelty-free and sustainable products, which has resulted in a higher adoption rate of faux leather.
Strict environmental regulations and the implementation of sustainable practices have positioned synthetic leather as.