Leather Chemicals Market To Witness Robust Expansion Throughout The Forecast Period 2020-2027
As per the report, the global leather chemicals industry was pegged at $7.5 billion in 2019, and is estimated to hit $11.0 billion by 2027, registering a CAGR of 6.4% from 2020 to 2027.
Rise
in use of leather chemicals in end-user industries and benefits of
chrome-tanned leather have boosted the growth of the global leather chemicals
market. However, harmful impact on the environment of leather chemicals hinders
the market growth. On the contrary, advancements in the tanning industry to
reduce the production of chromium content in wastewater would open new
opportunities for the market players in the coming years.
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Covid-19
scenario:
·
The
pandemic severely affected the global GDP, which drastically changed consumer
spending patterns.
·
Governments
of various countries have imposed travel restriction to curb the spread of
coronavirus, which affected the supply of raw materials for the manufacturing
of leather chemicals. Moreover, the lack of labor, disruption of the supply
chain, and delayed shipment negatively affected the production of leather.
·
Since
the Covid-19 pandemic, export of leather has reduced and the use of leather
chemicals for production has decreased.
The
tanning and dyeing chemicals segment held the lion's share
By
type, the tanning and dyeing chemicals segment dominated the global leather
chemicals market in 2019, contributing to more than two-fifths of the market.
This is due to its structural difference and ability to enhance the touch of
leather and complementing the growth of tanning and dyeing chemicals. However,
the beam house chemicals segment is estimated to manifest the highest CAGR of
6.8% from 2020 to 2027, owing to its properties such as high soaking power,
improved skin cleaning capability, application of lower amount of sulfides, and
others.
The automotive segment to manifest the highest CAGR of 6.9% through 2027
By
end user, the automotive segment is projected to register the highest CAGR of
6.9% during the forecast period, owing to utilization of eco-friendly leather
chemicals for finishing of automotive leather. However, the footwear segment
held the lion's share in 2019, accounting for more than two-fifths of the
global leather chemicals market, due to rise in population and consumer demand
for leather footwear.
Asia-Pacific, followed by Europe and North America, dominated the market
By
region, the market across Asia-Pacific, followed by Europe and North America, held the largest share in
2019, contributing to nearly half of the market, owing to rising demand for
leather footwear and presence of large number of tanneries. However, the global
leather chemicals market across Europe is
projected to portray the highest CAGR of 7.0% during the forecast
period, due to various business models set up by key players such as entering
into international business alliances and formation of boutique units that help
to enhance creativity and quality leather products.
Major
Market Players
·
Lanxess
AG
·
Solvay
·
Clariant
AG
·
Arkema
SA
·
Evonik
Industries AG
·
Eastman
Chemical Company
·
Stahl
Holdings B.V.
·
Saudi
Basic Industries Corporation
·
Elementis
PLC
·
Indofil
Industries Limited
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