Press release
Leather Chemicals Market to See 7% CAGR Growth to 2024: Growth Factor & Trends
Improving consumer lifestyle dynamics and spending pattern has been stimulating the Leather Chemicals Market size for its widespread applications in products such as belts, jackets and shoes. For instance, the overall shoes production in 2007 was roughly more than 15 billion pairs.
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Leather Chemicals Market size is poised to surpass USD 10 billion by 2024; according to a new research report.
Elevation construction spending, particularly in the BRIC countries will boost the global leathers chemicals market size by 2024. Leather chemical usage is prominent for the construction business owing to superior leather quality (fine finish, smoothness and gloss) demand. In addition, leather is an essential equipment used in personal protective equipment (PPE) including gloves and shoes. Thus, elevating PPE demand across the globe due to government initiate in order to ensure worker safety will complement the overall leather chemicals market size by 2024.
Highly polluting chemicals in the form of wastewater, sludge, unused chemicals, leached proteins and skin byproducts and high capital involved in leather processing across different stages (tanning, crusting and surface coating) may obstruct the leather chemicals market size by 2024.
In 2016, tanning & dyeing leather chemicals market size was more than USD 2 billion. These include chemicals essentially required in the early stages of leather processing. It includes low sulphide unhairing agents, aldehyde tanning agents, chromium sulphate, fungicides and formic acid. They play a vital role in the business. For example, formic acid lowers the pH value of skin and fungicides helps in preventing fungal growth in skin/hide.
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Finishing leather chemicals market size will experience growth over 5% over the forecast timeframe. It plays a crucial in the industry by enhancing the features (smoothness, durability, weather resistant, wear & tear resistance) of leather products.
Global leather chemicals market share for footwear accounted for more than half of the industry volume in 2016. Escalating global footwear sales primarily due to upgrading consumer lifestyle along with increasing customer spending power over the past few years is analyzed to be the major factor propelling business growth. Leather chemical market size for automotive shall observe growth close to 5% by 2024. The growth in the segment will be particularly due to rising leather demand for interiors (dashboard, seat covers, etc.) in personal cars.
In 2016, North America leather chemicals market size was more than USD 1 billion. The regional growth was mainly due to favoring regulations towards PPE use in manufacturing industries. Furthermore, massive customer base for leather shoes and gloves in the region will complement business growth by 2024.
In 2016, Asia Pacific leather chemicals market share accounted for a major industry chunk. This massive regional industry size is mainly due to robust leather production in China and India. For instance, India and China holds over 40% of the global leather export.
Global leather chemicals market size was competitive in 2016, as the major industry competitors had presence across multiple stages of the industry ecosystem and are involved in strategic mergers & acquisitions in order to achieve competitive edge in the business. Major industry contributors are BASF, Bayer, Clariant, Lanxess, Schill & Seilacher, Lawrence International and Zschimmer & Schwarz.
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Related Reports: -
Global Leather Chemicals Market 2017-2021
About Leather Chemicals Leather chemicals are used in the treatment of animal hides in order to produce leather. Many chemicals are used in leather processing to make it durable and give an aesthetic...
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