leather chemicals Market Size is USD 8.22 Billion At a CAGR Of 7.5% by 2028
High demand from the apparel industry, rise in disposable income, and increasing penetration of organized retail sector are key factors driving market revenue growth
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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