Poor Market Sentiments amid Coronavirus Pandemic to Cost Indian Exporters
As the COVID-19 outbreak is still prevalent in India, the contagion is likely to affect leather exports from India, which is considered to be the second-largest leather and leather goods producer in the world. This is expected to cause a slowdown in economic activities within the India printed leather market. Indian exporters are feeling the heat as certain overseas customers want shipments held back due to poor market sentiments. An increasing number of customers is expecting a slash in prices, owing to logistics issues such as cancellation of flights.
Even though leather products are being exported, many overseas customers have asked for curbs on consignments. Such findings are emerging as business challenges for stakeholders in the India printed leather market. The Indian exporters are facing problems in ferrying consignments to certain countries. Thus, stakeholders are adapting their production and trade activities as per the volatile demand and supply.
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Brands Create Awareness Regarding Care, Maintenance of Custom Leather Wallets
Customization of products is a fast growing phenomenon in the printed leather market. However, there are certain disadvantages to custom leather wallets, since it is potentially challenging to distinguish the method of obtaining materials for production. Moreover, the skin is exposed to possible mechanical damages such as scratching with a zipper or even a ring, which might damage it permanently. As such, customers are gaining awareness that natural leather custom wallets offer value for money. Brands are creating awareness among customers about proper care and maintenance of leather products.
Classic elegance and add-on in the wardrobe can be attributed to custom leather wallets. Teenagers and business professionals are opting for custom leather wallets, owing to the variety in color, texture, and design.
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Printed Leather Jackets, Accessories Driving Revenue Streams
Printed leather jackets are the new rage in the global printed leather market. The increasing number of millennial, Gen Y, and Gen Z population is gravitating toward printed leather jackets. Justtanned is among the many online brands that are capitalizing on business opportunities through eCommerce websites with the help of digital marketing. Biker, quilted, casual, and formal leather jackets are growing popular among the male population. Bags, bagpacks, clutches, and laptop sleeves, among others, are being highly publicized for women.
Brands in the printed leather market are incorporating graffiti prints, notched collars, and belted waists to fulfil fashion demands of customers. Satchels and slings are other products that are helping manufacturers to expand their production and supply chains. Manufacturers are increasing their production capabilities in genuine leather jackets as well.
Aesthetically Relevant Fish Leather Products Spark Advancements in Material Innovations
Fish leather is gaining popularity as an environment-friendly material for manufacturing shoes and clutches. Such innovations explain why the printed leather market is predicted to expand at a favorable CAGR of ~6% during the forecast period. The Fishskinlab project has been gaining recognition to generate a deeper understanding of fish leather as an alternative to conventional leather, which is encouraging customers to opt for sustainable fashion practices.
In order to boost credibility credentials, brands and manufacturers in the printed leather market are projected to increase their research and create aesthetically relevant fish leather products that illuminate sustainability thinking as a driver for innovation. Collaborations among researchers, analytical laboratories, and leather manufacturers are likely to increase the scope for fish leather products. Such collaborations are connecting fashion designers with scientists and leather technicians in order to advance in material innovations.
Companies Aim for Ecology Certifications to Save Water & Energy in Tanneries
The printed leather market is projected to reach US$ 500 Mn by 2031. Ecology has been at the forefront of tanneries’ concerns. Whilst multiplying their innovations to surprise and inspire their clients, tanneries are making investments to save water & energy in order to process waste, effluents, and eliminate dangerous substances. Stakeholders are adhering to the REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) standards that have helped to greatly reduce the impact of leather on the environment.
Companies in the printed leather market are aiming to acquire certification from various bodies working in the ecology sector such as the Italian, Masoni. The traceability of skins is increasingly becoming a reality in France and Italy.
Water-based Inks Gaining Prominence in Design, Fashion, Decoration Applications
Ink innovations is one of the key drivers contributing to the growth of the printed leather market. Staedtler – a manufacturer and supplier of writing, painting, drawing, and creative products, is expanding its portfolio in inks with the help of its Lumocolor Jet Ink meant for printed leather. Leather manufacturers are gaining awareness about such inks and expanding their focus on design, fashion, and decoration. They are using water-based ink to print leather without affecting the feel or look of the material in any way.
Accessories, shoes, furniture, and automobile industries are generating value grab opportunities for companies in the printed leather market. End users are making use of water-based inks to enhance the aesthetics of leather products. On the other hand, tanning methods are becoming more diverse in order to accommodate sustainable products of leather goods.
Manufacturers Strike Right Balance Between Sustainability, Innovation for Luxury Products
Innovative digital printing is gaining strong business grounds in the printed leather market. Stakeholders are acquiring proficiency in fine art printing, whilst protecting the environment. Agile srl – a creator of personalized printed leather products is gaining recognition for collaborating with prestigious fashion and interior design brands, since it strikes the right balance between sustainability and innovation. Innovative techniques and applications, including high frequency and direct printing, gloss, and 3D effects are gaining prominence in leather products.
Cambering and relief designs on shoes, bags, and apparel are translating into revenue opportunities for leather product manufacturers. Stakeholders are increasing efforts to adhere with the 4sustainability® Chemical Management Protocol to comply with environmental protection and consumer health guidelines. Such developments are gradually eliminating toxic and harmful chemicals in line with specifications from luxury brands.
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Printed Leather Market: Overview
- According to the latest market report published by Transparency Market Research on the printed leather market for the period of 2021–2031 (wherein 2021 to 2031 is the forecast period and 2020 is the base year), rapid expansion of the automotive interior materials industry is a prime factor, which is responsible for the growth of the printed leather market
- Globally, revenue generated by the printed leather market was valued at over US$ 250 Mn in 2020, which is expected to expand at a CAGR of ~6%, in terms of value, during the forecast period
Higher Durability in Comparison with Traditional Leather: Key Driver of Printed Leather Market
- Technological advancements have led to smooth finish and glossy appearance of synthetic printed leather. Synthetic printed leather products are extremely similar to leather products with a natural origin. Usage of PU and PVC coatings on the fabric provides a texture and feel similar to that of traditional leather. Moreover, post-processing stages, such as washing and tumbling, impart more flexibility and a soft texture to artificial leather similar to that of traditional leather, which propels the demand for printed leather.
- Synthetic printed leather is expected to be highly durable avoiding scratches and scrapes that mar traditional leather. Moreover, it does not fade easily in ultra violet (UV) light, and is stain-resistant in comparison to traditional leather. It is also maintenance free and can be easily cleaned using water or alcohol, unlike traditional leather. Synthetic leather can also endure more severe weather conditions in comparison to traditional leather. This is likely to propel the demand for printed leather consistently in the near future.
Eco-friendly Material and Processes: Significant Opportunity for Printed Leather Market
- Synthetic printed leather is more eco-friendly as compared to traditional leather; however, it can be made more eco-friendly and acceptable by changing certain aspects of synthetic printed leather. Companies are presently shifting their focus toward recycled products to manufacture synthetic printed leather in order to promote sustainable development. Synthetic printed leather companies are trying to develop new technologies and processes so as to minimize harmful effects of their operations on the environment. Companies are switching to the use of recycled polyester ultra-fine microfibers as a raw material for their products. This not only prevents these microfibers from causing pollution, but also reduces the demand for crude oil and petroleum-based products significantly. Recycled polyester ultra-fine microfibers also minimize the level of carbon dioxide (CO2) emitted from the processing and manufacture of virgin polyester fibers.
- Companies are also shifting to water-based polyurethane in order to reduce the burden on the environment in comparison to typical organic solvents that contain dimethyl formamide (DMF). Water-based polyurethanes can be utilized as an excellent leather-coating chemical. They have inherent flexibility, resistance to abrasion, and better tensile property. Moreover, they have a lower rate of emission of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs), which make them more useful in comparison to other solvents used for leather finishing. Manufacturers are also adopting the direct spinning method in place of the composite manufacturing method of extraction. In the direct spinning method, high-quality raw materials are spun directly into a thread, which is then cut into short, ultra-fine microfibers. In the composite manufacturing method, organic solvents containing substances, such as trichloroethylene, are used. Trichloroethylene is carcinogenic in nature. Such initiatives are likely to help the printed leather market expand in the upcoming years.
Rapid Expansion of Automotive Interior Materials Industry: Key Trend in Printed Leather Market
- Rapid increase in population and disposable income has propelled the demand for passenger and commercial vehicles in the past few years, especially in developing countries such as China and India. The total number of new cars and light commercial vehicles (LCVs) sold across the globe stood at 86.01 million units in 2018, up from 79.77 million units in 2015. Thus, an increase in automotive sales and constant change in consumer preferences in the automotive industry, especially in terms of automotive interior settings and appearance, have propelled the demand for high-grade synthetic leather in the past few years.
- Traditional leather is being replaced by synthetic leather in automotive interior settings ranging from seat covers to dashboards, as it is heavy, expensive, and difficult to handle. This is expected to propel the printed leather market continually during the forecast period. Synthetic leather is used in buses, trucks, cars, and motorcycles, as it is highly elastic, comfortable, and resistant to high as well as low temperatures. Car owners are heavily investing in synthetic leather interiors to enhance the appearance of their cars as well as the driving experience. Thus, expansion of the automotive interior materials industry is anticipated to drive the global synthetic leather market during the forecast period.
Negative Environmental Impact of Synthetic Leather: Restraint of Printed Leather Market
- Synthetic leather has no impact on the environment during its production process as compared to traditional leather; however, it is still detrimental to the environment, right from its inception to the end of its useful life. PU and PVC are usually petro-based products that are derived from fossil fuels. These fossil fuels are broken down into several products in petroleum refineries and petrochemical complexes. These facilities are a major source of land, water, and air pollution across the globe, and are major contributors of carbon emission. This indicates the contribution of synthetic leather to environmental pollution from the start of its value chain (raw materials). Moreover, PVC leather emits volatile organic compounds (VOCs), which are extremely hazardous to human life. Whenever the climate is hot, VOCs are more likely to be emitted from PVC leather and are present in the air we breathe, and therefore, are more dangerous to human health, especially in confined spaces such as in homes and cars. Thus, the negative impact of synthetic leather on the environment is expected to restrain the printed leather market during the forecast period.
Printed Leather Market: Competition Landscape
- Detailed profiles of manufacturers of printed leather have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the printed leather market include
- Agfa-Gevaert Group
- Leather Hunte Pvt. Ltd.
- Bags Of Love
- Contrado Imaging Ltd.
- MAHI Leather
- Rainbow Leather
- Negma Leather, Inc.
Printed Leather Market: Key Developments
- Prominent players in the printed leather market are increasing investments in innovative products to fulfill the needs of end users and offer them customized solutions. Manufacturers are also planning to expand their product portfolio and presence in various regions through mergers & acquisitions and offer advanced printed leather to users.
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