Market Synopsis:
Leather products are seen as a mark of luxury, and the rising purchasing power is supporting its growing demand. The rising demand for leather products is likely to fuel demand for leather chemicals which are used to produce commercial leather from hides and skins of animals. Market Research Future (MRFR)’s study asserts that the global leather chemicals market, valued at USD 6.5 Bn in 2018, is set to scale a decent valuation by 2024, reflecting a CAGR of 6% across the review period 2019 to 2024.
The increasing purchasing power of the population has led to an increase in the demand for leather footwear and apparels. This, in turn, is prognosticated to propel the expansion of leather chemicals market in the nearby future. Also, the rising demand from the automotive industry is projected to help the market players in maximizing profits. However, the rise witnessed in animal activism against the use of leather products is anticipated to undermine the growth of the leather chemicals market across the projection period.
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Competitive Dashboard:
Few of the major players of the leather chemicals market has been assessed in the report for covering an informative share analysis. These players are Stahl Holdings B.V. (The Netherlands), Lanxess (Germany), Pulcra Chemicals GmbH (Germany), Pon Pure Chemicals(India), SCHILL+SEILACHER GMBH (Germany), Sisecam Group (Turkey), Silvateam S.p.a (Italy), Buckman (US), TFL Ledertechnik GmbH (Germany), Balmer Lawrie (India), Pidilite Industries Limited (India), QUIMSER, S.A. (Spain), and DyStar Singapore Pte Ltd (Singapore).
The key participants are investing in research & development for enhancing the quality of their product portfolios in order to strengthen their standings in the global market place. Also, the regional expansion of the participants is likely to intensify the competition in the leather chemicals market over the next couple of years. Other growth strategies leveraged by the industry leaders for profit maximization are facility expansion, mergers & acquisitions, collaborations, agreements, partnerships, etc.
Market Segmentation:
The global leather chemicals market has been assessed on the basis of type and end-use. Different types of leather chemicals studied in this MRFR report are beam-house chemicals, fatliquors, finishing chemicals, tanning & retanning chemicals, dyeing products, and others.
The segments of the leather chemicals market, on the basis of end-use, are footwear, textile, upholstery, automotive, and others.
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Regional Assessment:
The five major regions assessed for offering a detailed geographical analysis of the global leather chemicals market are – Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa (MEA). Asia Pacific is the largest market for leather chemicals at present and is likely to maintain its prominence over the next couple of years. Leather chemicals market in the region is expected to be driven by the growing demand for industrial protective clothing such as shoes, gloves, jackets, etc. Rapid industrialization and strong economic development of the region assures a highly lucrative future trajectory for the market in the years to come. The rising demand from the footwear and textile industry is also anticipated to favor market expansion over the next few years. Factors such as rising purchasing power, in conjunction with increasing middle-income population, is expected to favor the growth of the leather chemicals market in the region across the projection period. The fast-developing economies of the region such as China, India, Indonesia, etc. resonate strong potential for growth. The boom witnessed in the automotive sector is further poised to catalyze market growth in the forthcoming years.
Europe is the second leading regional segment in the global leather chemicals market. It is expected to benefit from the rising demand for automobiles. The growth of the automotive industry in the region is expected to boost the revenue growth of the leather chemicals market in the region over the assessment period.
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