Allied Market Research Says, Global Leather chemicals market is anticipated to exceed $11.0 billion by 2027, registering a CAGR of 6.4% from 2020 to 2027. The report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market. The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA. North America and Europe.
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By region, the market across Asia-Pacific, followed by Europe and North America, held the largest share in 2019, contributing to nearly half of the market, owing to rising demand for leather footwear and presence of large number of tanneries. However, the global leather chemicals market across Europe is projected to portray the highest CAGR of 7.0% during the forecast period, due to various business models set up by key players such as entering into international business alliances and formation of boutique units that help to enhance creativity and quality leather products.
Rise in use of leather chemicals in end-user industries and benefits of chrome-tanned leather have boosted the growth of the global leather chemicals market. However, harmful impact on the environment of leather chemicals hinders the market growth. On the contrary, advancements in the tanning industry to reduce the production of chromium content in wastewater would open new opportunities for the market players in the coming years.
By end user, the automotive segment is projected to register the highest CAGR of 6.9% during the forecast period, owing to utilization of eco-friendly leather chemicals for finishing of automotive leather. However, the footwear segment held the lion’s share in 2019, accounting for more than two-fifths of the global leather chemicals market, due to rise in population and consumer demand for leather footwear.
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By type, the tanning and dyeing chemicals segment dominated the global leather chemicals market in 2019, contributing to more than two-fifths of the market. This is due to its structural difference and ability to enhance the touch of leather and complementing the growth of tanning and dyeing chemicals. However, the beam house chemicals segment is estimated to manifest the highest CAGR of 6.8% from 2020 to 2027, owing to its properties such as high soaking power, improved skin cleaning capability, application of lower amount of sulfides, and others.
By type, the tanning and dyeing chemicals segment dominated the global leather chemicals market in 2019, contributing to more than two-fifths of the market. This is due to its structural difference and ability to enhance the touch of leather and complementing the growth of tanning and dyeing chemicals. However, the beam house chemicals segment is estimated to manifest the highest CAGR of 6.8% from 2020 to 2027, owing to its properties such as high soaking power, improved skin cleaning capability, application of lower amount of sulfides, and others.
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Covid-19 scenario:
The pandemic severely affected the global GDP, which drastically changed consumer spending patterns.
Governments of various countries have imposed travel restriction to curb the spread of coronavirus, which affected the supply of raw materials for the manufacturing of leather chemicals. Moreover, the lack of labor, disruption of the supply chain, and delayed shipment negatively affected the production of leather.
Since the Covid-19 pandemic, export of leather has reduced and the use of leather chemicals for production has decreased.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.