High demand from the apparel industry, rise in disposable income, and increasing penetration of organized retail sector are key factors driving market revenue growth
leather chemicals Market Size – USD 8.22 billion in 2020 Growth – 7.5% Trends – Rising demand for high quality leather goods globally
The global Leather Chemicals Market size is expected to reach USD 14.56 billion by 2028 at a CAGR of 7.5% over the forecast period, according to a latest report by Reports and Data. Global leather goods market revenue growth rate has been increasing rapidly as a result of increasing disposable income and increased demand for leather goods globally. Leather as a raw material for various products lasts longer, is comfortable, and more aesthetically appealing than products made using synthetic materials. Introduction of newer technologies and machinery for deployment in leather goods manufacturing has enhanced efficiency of various hide curing and tanning processes. This is also providing major advantages in production and output and is expected to drive growth of the leather chemicals market. Implementation of more stringent environmental regulations is resulting in an increasing number of leather chemicals manufacturers investing in technologies that enable compliance and also enable more efficient production. E-commerce distribution outlets have also opened up more opportunities for growth among players in the leather goods industry, as well as for the leather chemicals manufacturers.
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Top Leading Players: Bayer AG, Lanxess AG, Elmentis Plc, Stahl International B.V., Texapel, Chemtan Company, Inc., Lawrence Industries Limited, and Zschimmer & Schwarz GmbH & Co KG Chemische Fabriken.
Further Key Finding from the Report Suggestion:
- TFL Ledertechnik GmbH reportedly purchased Lanxess AG's organic leather chemicals company in August 2020. TFL is a global supplier of leather chemicals and a portfolio company of Black Diamond Capital Management, L.L.C., which is a US investment firm.
- Polyurethane resins segment accounted for majority revenue share in 2020, and is expected to register a rapidly inclining growth rate during the forecast period. Polyurethane resins are used as a base for a wide range of finishing products, such as lacquers and dry coatings.
- Chromium sulphate is commonly used in the leather industry for the dyeing process.
- Pre-treating agents, dyeing auxiliaries, buffers, cleaners, and neutralizers are popular uses for sodium bicarbonate in tanning operations.
- Tanning and dyeing chemicals segment accounted for largest revenue share in the market in 2020, and this trend is expected to continue during the forecast period.
- In 2020, the beamhouse segment among the process segments accounted for second-largest revenue share in the market. Biocides, surfactants, degreasers, lime, sodium sulphide, formic acid, sulfuric acid, and enzymes are among the chemicals used in leather production procedures.
- In 2020, the footwear segment among the end-use segments accounted for majority revenue share.
- In 2020, Asia Pacific registered fastest revenue CAGR, which can be attributed to major manufacturers deploying manufacturing facilities in countries in the region, as a result of more favorable regulations, availability of raw materials, and comparatively lower labor costs.
- Europe, which is dominant in clothing, automotive, and consumer appliances, is expected to account for a significantly high revenue growth rate in the near future.
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The global Leather Chemicals market is segmented into:
Product Outlook (Revenue, USD Million, 2018 - 2028)
- Biocides
- Surfactants
- Chromium Sulfate
- Polyurethane Resins
- Sodium Bicarbonate
- Others
Process Outlook (Revenue, USD Million, 2018 - 2028)
- Tanning & Dyeing
- Beamhouse
- Biocides
- Surfactant
- Sodium Sulfide
- Formic Acid
- Others
- Finishing
End-use Outlook (Revenue, USD Million, 2018 - 2028)
- Footwear
- Upholstery
- Garments
- Leather Goods
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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