Patent Leather Market

The global patent leather market is projected to see a slight increase in consumption, with an anticipated CAGR of +1.1% in volume and +2.8% in value from 2022 to 2030. Consumption reached 380M square meters in 2022 after four years of decline, with Italy, China, and the United States leading in consumption volume. Production also saw a slight increase in 2022, reaching 382M square meters. Import trends showed a slight decrease in volume, while export trends recorded a noticeable decline in both volume and value terms. Italy remains the largest exporter of patent leather, while China and Vietnam follow suit.

Market Forecast

Driven by rising demand for patent leather worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.1% for the period from 2022 to 2030, which is projected to bring the market volume to 414M square meters by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $9.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Patent Leather, Patent Laminated Leather and Metallised Leather

After four years of decline, consumption of patent leather, patent laminated leather and metallised leather increased by 7% to 380M square meters in 2022. Overall, consumption, however, continues to indicate a mild decline. As a result, consumption attained the peak volume of 528M square meters. From 2015 to 2022, the growth of the global consumption failed to regain momentum.

The global patent leather market value reached $7.9B in 2022, growing by 3.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a noticeable downturn. As a result, consumption reached the peak level of $13.1B. From 2015 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Italy (61M square meters), China (60M square meters) and the United States (38M square meters), together comprising 42% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the United States (with a CAGR of +3.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Italy ($966M), Japan ($756M) and the United States ($656M) were the countries with the highest levels of market value in 2022, with a combined 30% share of the global market. China, India, Germany, France, the UK, Brazil, Pakistan, Bangladesh, Mexico and Indonesia lagged somewhat behind, together accounting for a further 34%.

Among the main consuming countries, India, with a CAGR of +2.0%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of patent leather per capita consumption was registered in Italy (1,036 square meters per 1000 persons), followed by Germany (115 square meters per 1000 persons), the United States (112 square meters per 1000 persons) and the UK (99 square meters per 1000 persons), while the world average per capita consumption of patent leather was estimated at 48 square meters per 1000 persons.

In Italy, patent leather per capita consumption plunged by an average annual rate of -2.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-3.3% per year) and the United States (+2.6% per year).

Production

World Production of Patent Leather, Patent Laminated Leather and Metallised Leather

In 2022, production of patent leather, patent laminated leather and metallised leather was finally on the rise to reach 382M square meters for the first time since 2017, thus ending a four-year declining trend. Overall, production, however, recorded a slight shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 9.4% against the previous year. As a result, production reached the peak volume of 526M square meters. From 2015 to 2022, global production growth failed to regain momentum.

In value terms, patent leather production totaled $7.8B in 2022 estimated in export price. Over the period under review, production, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2013 with an increase of 17%. Global production peaked at $12.8B in 2014; however, from 2015 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Italy (70M square meters), China (59M square meters) and the United States (38M square meters), with a combined 44% share of global production.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +2.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Patent Leather, Patent Laminated Leather and Metallised Leather

In 2022, approx. 15M square meters of patent leather, patent laminated leather and metallised leather were imported worldwide; which is down by -4.3% compared with the previous year's figure. In general, imports recorded a abrupt setback. The growth pace was the most rapid in 2014 when imports increased by 19%. As a result, imports reached the peak of 35M square meters. From 2015 to 2022, the growth of global imports failed to regain momentum.

In value terms, patent leather imports expanded notably to $246M in 2022. Overall, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2013 when imports increased by 10% against the previous year. Over the period under review, global imports attained the peak figure at $627M in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, Vietnam (1,755K square meters), China (1,526K square meters), Indonesia (1,376K square meters), Romania (1,226K square meters), Italy (948K square meters), Mexico (863K square meters), Portugal (799K square meters), Morocco (789K square meters), Albania (629K square meters), Tunisia (529K square meters), Myanmar (457K square meters) and Chile (454K square meters) was the major importer of patent leather, patent laminated leather and metallised leather in the world, creating 75% of total import. Spain (428K square meters) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +85.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest patent leather importing markets worldwide were China ($32M), Vietnam ($30M) and Romania ($20M), together comprising 33% of global imports. Mexico, Morocco, Portugal, Indonesia, Tunisia, Spain, Albania, Italy, Myanmar and Chile lagged somewhat behind, together accounting for a further 39%.

Myanmar, with a CAGR of +54.6%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average patent leather import price stood at $16 per square meter in 2022, growing by 13% against the previous year. Over the period under review, the import price, however, saw a slight descent. The most prominent rate of growth was recorded in 2021 when the average import price increased by 27%. Over the period under review, average import prices hit record highs at $20 per square meter in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Spain ($21 per square meter), while Chile ($3.1 per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Albania (+6.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Patent Leather, Patent Laminated Leather and Metallised Leather

In 2022, shipments abroad of patent leather, patent laminated leather and metallised leather decreased by -4% to 18M square meters, falling for the eighth consecutive year after three years of growth. Over the period under review, exports recorded a noticeable decline. The pace of growth appeared the most rapid in 2013 when exports increased by 10%. Over the period under review, the global exports hit record highs at 33M square meters in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, patent leather exports shrank to $327M in 2022. Overall, exports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when exports increased by 20%. The global exports peaked at $677M in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports By Country

Italy represented the major exporter of patent leather, patent laminated leather and metallised leather in the world, with the volume of exports reaching 10M square meters, which was approx. 57% of total exports in 2022. South Korea (2.4M square meters) ranks second in terms of the total exports with a 13% share, followed by China (4.9%) and Vietnam (4.5%). Taiwan (Chinese) (673K square meters), Spain (631K square meters), Tunisia (494K square meters) and Morocco (296K square meters) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to patent leather exports from Italy stood at -2.0%. At the same time, Spain (+25.8%), Vietnam (+23.7%), Tunisia (+8.3%), China (+5.3%) and Morocco (+3.7%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the world, with a CAGR of +25.8% from 2012-2022. By contrast, Taiwan (Chinese) (-3.2%) and South Korea (-8.6%) illustrated a downward trend over the same period. While the share of Italy (+12 p.p.), Vietnam (+4.2 p.p.), Spain (+3.3 p.p.), China (+3 p.p.) and Tunisia (+2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of South Korea (-7.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($213M) remains the largest patent leather supplier worldwide, comprising 65% of global exports. The second position in the ranking was taken by South Korea ($33M), with a 10% share of global exports. It was followed by China, with a 3.1% share.

In Italy, patent leather exports declined by an average annual rate of -3.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (-7.9% per year) and China (+5.3% per year).

Export Prices By Country

The average patent leather export price stood at $19 per square meter in 2022, shrinking by -2.7% against the previous year. Over the period under review, the export price showed a slight setback. The most prominent rate of growth was recorded in 2021 an increase of 37% against the previous year. Over the period under review, the average export prices attained the maximum at $21 per square meter in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Morocco ($31 per square meter), while Spain ($7 per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+3.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform