Leather Chemicals Market is projected to reach $11.0 billion by 2027, growing at a CAGR of 6.4% from 2020 to 2027

According to a new report published by Report Ocean, titled, "Leather Chemicals Market by Chemical Type and End User: Opportunity Analysis and Industry Forecast, 2020-2027,"" the global leather chemicals market was valued at $7.5 billion in 2019, and is projected to reach $11.0 billion by 2027, growing at a CAGR of 6.4% from 2020 to 2027.

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Leather chemicals such as acrylic dispersions, wetting agents, degreasers, sodium formate, and sodium bicarbonate are mainly used for tanning, dyeing, softening, and enhancing physical properties of leather. Leather finishing chemicals majorly include fine abrasives to enhance finish of leather products, pigments, and resins. Beam house chemicals are used in various processes of leather production such as trimming, fleshing, soaking, and unhairing.

The key growth drivers of global leather chemicals market are increase in utilization of leather chemicals in end-use industries such as footwear and textile. Surge in consumer demand aesthetically pleasing leather footwear and enhanced production of leather footwear have further boosted the use of leather chemicals such as syntans, polymers, dyeing auxiliaries, and fatliquor. Leather chemicals impart enhanced properties such as improved resistance to molds, smoothness, and adhesiveness to leather, which, in turn, fuel their demand, globally. Rise in use of leather chemicals such as chromium sulphates, formic acid, sodium bicarbonate, and degreasers for pH neutralization, reduction of pH in rechroming process, and to fix dyehouse chemicals to leather significantly contribute toward the growth of the global market.

However, tanned leather produces wastewater that includes sulfides and chromium, which impart negative impact on the environment and workers. This is the major factor that is anticipated to hamper the global leather chemicals market.

On the contrary, the development of tanning process is expected to reduce formation of chromium and sulfides in water, which is likely to uncover new revenue opportunities during the forecast period.

Depending on chemicals type, the global leather chemicals market is categorized into tanning & dyeing chemicals, beam house chemicals, and finishing chemicals. The tanning & dyeing chemicals segment accounted for the largest market share in 2019, owing to the ability of tanning & dyeing chemicals to improve softness and flexibility of leather products.

By end user, the global leather chemicals market is categorized into footwear, furniture, automotive, textile & fashion, and others. In 2019, the footwear end-user accounted for the largest market share, and is expected to continue this trend during the forecast period. The dominance is mainly attributed due to rising consumer demand for aesthetically pleasing leather footwear.

Region wise, the global leather chemicals market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The Europe leather chemicals market size is projected to grow at the highest CAGR of nearly 7.0% during the forecast period. In 2019, Europe leather chemicals market share was 21.0% and is predicted to reach 21.9% in the forecast period.

The global leather chemicals market profiles the leading players; they include Lanxess AG, Clariant AG, Solvay, Arkema SA, Eastman Chemical Company, Evonik Industries AG, Saudi Basic Industries Corporation, Stahl Holdings B.V., Elementis PLC, and Indofil Industries Limited.

Key findings of the study

The Europe leather chemicals market is projected to grow at the highest CAGR of nearly 7.0%, in terms of revenue, during the forecast period.
By chemical type, the beam house chemicals segment is anticipated to witness the high growth rate of 6.8%, in terms of revenue, during the forecast period.
Depending on end user, the automotive segment is anticipated to register growth rate of 6.9%, in terms of revenue, during the forecast period.
Impact Of Covid-19 On The Global Medical Foam market

The COVID-19 pandemic has negatively affected the global economy and subsequent shrinking of the GDP in global economies, thereby changing consumer spending patterns globally.
Travel restrictions have been imposed to curb the spread of virus. This restriction has reduced the supply of raw materials required for manufacturing of leather, which, in turn, has affected negatively on the market growth during the pandemic.
Exports of leather products have shrunk due to COVID-19 and have reduced the use of leather chemicals for production. Temporary shutdown of leather manufacturing facilities has further negatively impacted the leather chemicals market.
Downfall in the production of leather has declined the production of leather footwear. This acts as a major restraint of the market.
Disruption of logistical services, and delayed shipments have declined the production of leather products, which are widely used in automotive and fashion sectors. Thus, reduced demand for leather products from major consumer base such as automotive has hampered the demand for leather chemicals.

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This release was published on openPR.