As per the report by Global Market Insights, Inc., “Worldwide Leather Chemicals Market was valued USD 6 billion in 2018 and will surpass a revenue collection of USD 10 billion by 2024 with an annual growth rate of 6% over 2018 to 2024.”
Asia Pacific region is expected to grow at a robust pace owing to the massive production of leather in India and China. Leather Chemicals Market growth in North America is attributed to the rising demand for leather apparels and shoes. Finishing chemicals are consumed at a large scale in Europe, owing to the rise in demand of leather apparels, which is expected to boost the market growth.
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The rising demand of leather products is likely to propel the demand of the leather chemicals market over the forecast period. The increase in per capita income of the people has stimulated the growth of the product market. Changing consumer patterns have led to an increase in demand of leather products such as belts, apparels, footwear, etc., which will accelerate the market growth. Leather chemicals are used in several end-use industries such as furniture, automobiles, garments, which will lead to a rising curve in its demand.
Rapidly changing fashion trends are also expected to trigger the demand for the product. The consumer awareness about the luxury products has led to a sprouting demand for the product. The wide use of the product for treating animal hides to produce leather is one of the key drivers for leather chemicals market growth. Focus on premium quality leather textures is likely to drive the market demand.
Government authorities such as European Chemicals Agency (ECHA) has imposed stringent regulations on the use of leather chemicals which can hinder the growth of the market. The detrimental impact of the chemicals on the environment will likely impede the product market growth. In processing of leather, major portion of the chemicals is discharged into the environment. The inflated cost of equipment involved in leather processing can also obstruct the product market.
The upgradation of color fastness standards of dyes has led to an increased demand for the product. The product offers high coloring quality which will fuel the product leather chemicals market growth. Finishing chemicals segment is estimated to experience gains of over 5% during the forecast timespan. Strict emission & environmental norms and organic leather has spurred the demand for leather chemicals. The application of leather chemicals in automotive sector is anticipated to grow at a decent growth rate of approximately 5% between 2017 and 2024.
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Organic finishing which is free from solvents will lead to a sprouting product market demand. Luxury goods are on the rise which will accelerate the growth of the product industry.
The leather chemicals market is highly fragmented with several small scale and large scale manufacturers. The key companies operating in the business are Lanxess, Clariant, BASF SE, Bayer AG, Elementis PLC, Indofil Industries Ltd., Balmer Lawrie Co. Ltd., Zschimmer Schwarz Co KG, Schill Seilacher GmbH Co., Lawrence International, Chemtan Company, DyStar, Stahl International BV, TASA Group International, TEXAPEL, etc.
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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.