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Leather Chemicals Market: What Will Be the Future Growth Opportunities | Trends, Global Industry Analysis, Forecasts Report by Top Key Players BASF, Bayer, Clariant, Lanxess, Elementis Global, Stahl, DyStar, Balmer Lawrie & Co. Ltd., Zschimmer & Schwarz
Press release from: Global Market Insights, Inc.
Leather Chemicals Market is set to witness phenomenal gains over the next few years, subject to the product’s extensive usage for belts, footwear, and garments. Leather chemicals possess characteristics such as weather resistance, smoothness, and an aesthetic appearance – in effect, they are used to provide a finesse to the final product and are used in the manufacturing process of numerous goods for furniture, personal care, etc., thereby impelling leather chemicals market size.
Leather processing industry is evolving as a major growth avenue for the overall leather market. The rising demand for high quality leather products has led to companies striving to innovate myriad chemicals to enhance finished goods. This will stimulate leather chemicals industry, which was worth USD 6 billion in 2016, is set to cross USD 10 billion, growing at a CAGR of 6% over 2017-2024. The government has also mandated certain norms for the Personal Protective Equipment Market with regards to worker safety. Since this market comprises safety equipment such as leather gloves and footwear, its development will subsequently transform the dynamics of global leather chemicals market.
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Leading companies engage in growth strategies such as mergers & acquisitions to sustain their position and gain a competitive edge over their rivals. Key participants operating in global leather chemicals industry include Lanxess, Indofil Industries Ltd., Elementis PLC, BASF SE, Schill & Seilacher GmbH & Co., Clariant, Zschimmer & Schwarz, Bayer AG, DyStar, TEXAPEL, Lawrence International, Balmer Lawrie & Co. Ltd., Chemtan Company, TASA Group International, and Stahl International BV. Leather chemicals market being highly competitive, is characterized by numerous small and medium sized companies.
Leather goods are prominently used across the American sub-continent, owing to which North America leather chemicals industry size, worth over USD 1 billion in 2016, will experience a massive surge over the years ahead, subject to the numerous regulations pertaining to PPE market and the manufacturing sector. North America held more than 20% of the total leather chemicals market share in 2016, and will grow at a remarkable pace over 2017-2024, subject to the presence of a huge consumer base for leather gods such as apparel and shoes.
Speaking of shoes, footwear applications dominated the overall leather chemicals market in 2016 with a contribution of more than 50%, and is expected to grow significantly over the years ahead, owing to enhanced consumer lifestyles, high demand for worker safety in manufacturing industries, and the rising purchasing parity of consumers. The subsequent growth of the industrial safety footwear market will also accelerate leather chemicals industry over the next few years.
Leather chemical market size from automotive applications will witness a CAGR of 5% over 2017-2024, subject to the rising automotive sector and the high demand for fashionable, aesthetic car interiors. With the rise in the sales of personal cars across the world, the requirement for stylish seat covers and other accessories will witness an incline, which will propel leather chemicals industry from automotive applications.
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The automotive sector is currently experiencing a stupendous growth across the APAC region, subject to which leather chemicals market in the Asia Pacific leather chemicals market will witness significant surge over 2017-2024. With a combined contribution of more than 40% toward APAC leather chemicals industry share, China and India are touted to be the major revenue pockets.
In 2016, tanning products dominated the product landscape of leather chemicals market share, having held more than 40% of the overall share, with a valuation of more than USD 2 billion. These products comprise magnesium oxide, sodium formate, low sulphide unhairing agents, chromium sulphate, aldehyde tanning agents, fungicides, and formic acid, which are used to strengthen and stabilize the leather, thereby propelling tanning leather chemicals industry.
Finished leather chemicals are primarily used to improve the aesthetic appearance of the leather – these products cover the defects in natural leather, provide protective coatings, and enhances the features of the finished product in terms of smoothness, resistance, glossiness, durability, etc. Subject to this factor, finished leather chemicals market is projected to grow at a rate of 5% over 2017-2024.
Leather chemicals are used to provide a smooth, glossy finish in many construction applications. On these grounds, the rapid development of the construction sector across the BRIC nations will suitably propel leather chemicals industry growth.
Leather processing can actually prove to be harmful for the environment, as material tanning involves the usage of highly polluting chemicals, such as chromium, sulphides, and pathogens, which may restraint leather chemicals market. In addition, excessive costs involved in the actual process in various stages such as crusting, tanning, and coating may also pose as a threat to this market. Leading firms are however, trying to eliminate these constraints by means of reducing the high operational costs and using eco-friendly alternatives for leather processing, which will suitably drive the industry trends.
Browse key industry insights spread across 102 pages with 146 market data tables & 10 figures & charts from the report, “Leather Chemicals Market” in detail along with the table of contents:
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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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