Leather Chemicals Market worth around $11.42 billion by 2026
Published Date: December 30, 2019 Authors: Kiran Pulidindi, Hemant Pandey
Leather Chemicals Market size worth around $11.42 billion by 2026
According to a new research report by Global Market Insights, Inc., the leather chemical market size will likely reach USD 11.42 billion by 2026. Increasing domestic household income and rising demand for material in textile and garment industry to propel the growth of global market.
Rising consumption in automobile and garment industry
Leather chemicals market will be driven by the rising demand from automobile and garment sectors in the coming years. Increasing household income and living standards in developing regions such as Asia Pacific and Latin America will be fueling demand for leather in vehicle interiors, which will subsequently propel leather chemicals business over the forecast timeframe on account of increasing premium passenger vehicle sales in developed regions. Rising options and iterations from automobile manufacturers has risen the demand for crafted and high quality leather, which ultimately requires high degree of processing and chemical engagement. Despite decrease in sales of regular passenger vehicles, improving sales in premium segment shows positive outlook for the industry growth.
Browse key industry insights spread across 170 pages with 189 market data tables & 17 figures & charts from the report, “Leather Chemicals Market Size By Product (Beamhouse Chemicals [Soaking, Liming, Deliming & Bating], Tanning [Chrome, Non-chrome], Dyeing [Water-based, Non-water based], Finishing Chemicals [Polyurethane, Acrylic, Silicone]), By End-user Industry (Footwear, Furniture, Automobile, Garments, Gloves), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Non-chrome tanning to gain substantial share
As chrome-based tanning currently holds dominant position in the leather chemicals market, it is witnessed to continually climb growth ladder during forecast timeframe. Owing to favorable characteristics such as quick results and overall reliability has resulted the growth trajectory. Apart from advantages its older alternative vegetable tanning process is also set to grow at faster pace primarily owing to environmental benefits. Vegetable tan can also be referred as eco-tan and simply uses less harmful chemicals and is considered slow but organic process.
Rising garment production and exports
Garment is another major consumer for leather goods and is anticipated to showcase continual growth during forecast timeframe. Rise of fast fashion has resorted many textile manufacturers to ramp up production and development techniques. Increasing disposable income of consumers has also enabled manufacturers to incorporate specialized upmarket leather in garments and footwear, which is ultimately driving demand for leather chemicals industry.
Footwear accounted for the dominant demand share of over 50% in 2018. Leather chemicals constitutes a vital part of footwear business. The demand for leather footwear has doubled over the past 30 years and will continue to rise as world population and consumer demand increases. China will remain the dominant source of world footwear for the next 10 to 15 years due to its technical capabilities, infrastructure and the strength of the well-established groups. Domestic demand for quality and fashionable shoes will continue to increase at a steady pace as the middle class grows. Other key factors are increased urbanization and the policy of stimulating domestic consumption. More and more rural people move to work in the cities and they will also contribute to consumption of leather chemicals, including consumption of shoes.
Asia to bank upon increasing domestic exports
Asia Pacific will be witnessing maximum gains in global leather chemicals market over the forecast duration. Asia Pacific is home to a spurring automobile business and China has been in top 10 textile exporting countries since past few years with export revenue size of more than USD 110 Billion in 2017 representing approximately 37% of exports globally. Many multinational automotive manufacturers are turning up towards Asia for business expansion with appealing product line to every different geography.
Industry participants are engaged in partnerships and expanding business through strategic acquisitions
The companies are actively exploring avenues to expand their business operations and realizing the potential growth in the leather chemicals market. Small and large scale manufacturers are taking route of expansion through potential asset and share absorption. For instance, absorption of BASF’s leather chemicals business to Stahl in 2017. This business deal is set to give Stahl an unprecedented advantage in the future market.