Leather Chemicals Market Size to Worth USD 8.22 billion at a CAGR 7.5% by 2028 | Reports and Data
August 5, 2022
Reports And Data
High demand from the apparel industry, rise in disposable income are key factors driving market revenue growth
NEW YORK CITY, NEW YORK, UNITED STATES, August 5, 2022 /EINPresswire.com/ -- 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.
The leather goods industry has been growing expansively due to rising disposable income among a growing global population and increasing purchasing of leather items. Leather items generally last longer and are considered classier than products made from synthetic materials, which adds to their appeal among consumers of all ages. Development of new and more advanced technologies and machinery has enables more efficient production of leather goods and opened up advantages for players operating in the leather industry, which in turn has augmented growth of the leather chemicals market over the past few decades. Increasingly stringent government norms and restrictions and rising focus on environmental conservation, and a general consensus against cruelty to animals are key factors prompting leather chemicals market players to invest in novel technologies to be able to comply with norms and standards and sustain in the market. E-commerce retail channels has created wider opportunities for the leather goods industry, which has also created better scope of growth for players in the global leather chemicals market.
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Top Companies- Some prominent players in the leather chemicals market include 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.
Some Key Highlights from the Report
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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Product Outlook (Revenue, USD Million, 2018 - 2028)
Process Outlook (Revenue, USD Million, 2018 - 2028)
Tanning & Dyeing
End-use Outlook (Revenue, USD Million, 2018 - 2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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Key questions covered in the global Leather Chemicals Market report:
What is the expected market size of the global Leather Chemicals Market during the forecast period?
What factors are expected to hamper global Leather Chemicals Market growth over the forecast period?
What key factors are expected to drive global revenue growth between 2021 and 2028?
Which application segment is expected to dominate other application segments over the forecast period?
Which region is expected to dominate in terms of revenue during the forecast period?
What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
Which leading players are operating in the global Leather Chemicals Market?
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