Leather Chemicals Market to Reach USD $11.42 Billion by 2026, Says Global Market Insights, Inc.
Increasing domestic household incomes and increasing demand for material in the textile and garment industry to propel the growth of the leather chemicals market.
SELBYVILLE, Del., January 3, 2020 (Newswire.com) - The leather chemicals market is expected to reach USD $11.42 billion by 2026. The rising use of leather in the automobile and garment segment will induce significant growth potential in the industry landscape.
The leather chemicals market is experiencing an upsurge in demand, owing to a multitude of contributing factors. As chemical demand is directly conjugated with leather production and consumption, a trend of large-scale adoption in garments and footwear is one of the reasons. Internationally, increasing household incomes and rapid urbanization has enabled this commodity to be incorporated into more and more markets, such as automobiles and some niche markets such as the accessories segment.
Rapid industrialization and the rise in global trade, along with the incremental rise in fast fashion, are going to be growth engines by 2026. Major brands are also promoting the demand for leather and subsequently for leather chemicals, thereby increasing the overall leather chemicals market size.
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The rapid and significant growth in upholstery leather for furniture, airplanes, and especially for automobiles has been one of the main developments in the business over the past 15 years. The European Union and the U.S. are prime producers of leather upholstery for the automotive and aviation sectors. Also, the sale of leather-upholstered automobiles in China is close to 100% in the premium segments.
Amongst many iterations in leather chemicals, tanning is the process of turning rawhides into a final product. Skins and hides have the ability to absorb tannic acid and other leather chemical surfactants that give them the ability to withstand long-term wear and decay, ultimately making them resilient to wetting and keeping them limber and durable for a long period. Therefore, chrome-based tanning agents hold a majority share, as they tend to be softer, more pliable, have higher thermal stability, and are very stable in water and take less time to produce. With promising growth in chrome-based tanning, other alternatives, such as vegetable tanning, are gaining significant ground, primarily owing to their environment-friendly approach.
Some major findings of the leather chemicals market report include:
- A large and rising market in Asia set to be a catalyst for international growth
- Rising environmental concerns to drive demand for non-chrome tanning (vegetable tanning)
- Rising international trade and rapidly increasing garment market
- Strategic mergers and acquisitions by industry participants to expand regional presence. Major players include Lanxess, Arkema, Evonik Industries, Dupont Chemicals, Solvay, SABIC, Clariant, and Eastman Chemicals.
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In terms of region, the Asia-Pacific is the most promising growth region in the leather chemicals market. A growing domestic industry and relatively inexpensive manufacturing and labor costs have resulted in Asia-Pacific being the dominant exporter of final products. Countries such as China, India, and Vietnam are major producers due to the presence of numerous small to medium-scale manufacturers.
European countries are also anticipated to gain substantial ground in the value chain primarily due to the presence of major fashion and automobile brands. With major luxury apparel brands such as LVMH and Kering, the market for leather is on the rise. European brands also have a high emphasis on quality and luxury. With higher per capita incomes and high standards of living, leather of different qualities and tans are being offered in luxury cars and accessories and are anticipated to be the key major player in the demand for the leather chemicals industry.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights, Inc.
