APAC leather chemicals market to depict extensive gains over 2017-2024, demand from footwear sector to drive the regional growth

Leather chemicals market is slated to witness an exponential growth over the years ahead, owing to the increasing demand for leather apparels and footwear. Leather manufacturers have been using various chemicals in the production methods of late, to increase the aesthetic look of the product, thereby augmenting leather chemicals industry growth.

Implementation of industrial safety norms to avoid fatal injuries at worksites have fueled the requirement of leather based safety gloves and footwear, which will gradually stimulate the industry size. According to Global Market Insights, Inc., “Leather chemicals market was valued at USD 6 billion in 2016 and will register a CAGR of more than 6% over 2017-2024.”

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Based on the products, leather chemicals market is mainly divided into finishing chemicals, beamhouse chemicals, tanning & dyeing. Finishing chemicals market will exhibit an annual growth rate of above 5% over the coming seven years, owing to the increasing use of this product to develop protective coatings, which helps to enhance the aesthetic appearance of leather. Leather manufacturers have also been increasingly giving preference to this product pertaining to its features such as weather resistance, smooth surfacing, wear & tear resistance, and prolonged durability. As per estimates, India and China collectively account for 40% of the regional contribution in leather exports in 2016. Asia Pacific leather chemicals market dominated the regional share in 2016 and is anticipated to collect significant revenue over 2017-2024, with China and India being the prominent contributors of this region.

Geographically, North America leather chemicals industry covered 20% of the global share by collecting a revenue of USD 1 billion in 2016 and will generate considerable revenue by the end of 2024. The deployment of industrial safety norms has substantially fueled the requirement of gloves and footwear, in turn boosting the regional leather chemicals market share. The excellent resistive capability of the leather against impact, abrasions, and cuts favors its adoption in the industrial safety gloves market.

Gloves, footwear, furniture, garments, and automobile are the end-users of leather chemicals industry. Footwear dominated end-user segment of the leather chemicals industry by accounting for more than 50% of the share in 2016 and is projected to witness a lucrative growth trend in the coming years. The growth can be attributed to the increasing product demand driven by the improving economic standards along with growing spending capability of the individuals.

The key participants in leather chemicals market are Bayer AG, BASF SE, Zschimmer & Schwarz & Co KG, TASA Group International, Clariant, Lanxess, TEXAPEL, Schill & Seilacher GmbH & Co., Stahl International BV, Indofil Industries Ltd., Elementis PLC, and DyStar.

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This release was published on openPR.