Leather Chemicals Market - Global Industry Analysis 2020
Transparency Market Research, a leading U.S.-based market research firm, analyses the market for leather chemicals and predicts a compounded annual growth rate of 5.2%, in terms of volume for the period 2014-2020.
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The demand for leather chemicals has been increasing owing to the increase in demand for automobiles and the growth in the footwear market across the globe. Most of the interiors utilized in the automotive industry are manufactured from leather. Thus, demand for leather in this sector is anticipated to grow at a faster rate in the next few years. The automotive industry is likely to be the fastest growing sector in the Asia Pacific region due to the continuously changing lifestyles of consumers, and growing disposable incomes of the middle class. Additionally, rising demand for passenger vehicles and two-wheelers in the region is likely to boost the market for leather and its products, which in turn is anticipated to boost the leather chemicals market in the next few years. String environmental regulations pertaining to leather chemicals may hamper the growth of the market in the next few years.
Asia Pacific and Europe are the major markets for leather chemicals. The former represents the largest share in terms of production and consumption of leather chemicals. Asia Pacific has emerged as the leading consumer as well as producer of leather chemicals due to high growth in the automotive and footwear industries. In addition, Brazil and Mexico have also emerged as vital markets for manufacturers of leather chemicals. Demand for leather chemicals is expected to be strong in these regions.
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Thus, due to the growth in the automobile market coupled with the strong growth in the footwear industry the overall leather chemicals market is expected to grow across the globe.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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