WASHINGTON, July 17, 2023 (GLOBE NEWSWIRE) -- Global Leather Chemicals Market is valued at USD 8.2 Billion in 2022 and is projected to reach a value of USD 12.8 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.7% over the forecast period 2023-2030.
One of the most significant economic areas is the Leather Chemicals business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Leather Chemicals, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Leather Chemicals market growth over the forecast period. One of the main factors favorably affecting the demand for Leather Chemicals is the increasing demand for luxury leather products and growing demand for leather products in various industries such as automotive, footwear, and fashion.
We forecast that the footwear category in Leather Chemicals market sales will account for more than 30% of total sales by 2028 due to the increasing demand for high-quality footwear products. Footwear manufacturers use Leather Chemicals to improve the quality of the leather used in their shoe production.
Asia Pacific dominates the market, and this trend of dominance will continue throughout the projection period. Factors like a growing middle-class population, increasing disposable incomes in this region, favorable government policies and initiatives for the growth of the leather industry driving the growth of the Leather Chemicals market in the Asia Pacific region.
Market Dynamics
Expansion of the automotive industry to Drive the Market
The automotive industry is a significant consumer of leather products, such as car seats and interiors, which is driving the growth of the Leather Chemicals market. The growing use of technology in automotive interiors, such as touchscreens and sensors, has also increased the demand for high-quality and durable leather. These factors, which have increased the demand for Leather Chemicals globally, will drive the market's expansion throughout the forecast period.
Growing demand for eco-friendly Leather Chemicals to Promote Market Growth
Many consumers are now opting for eco-friendly and sustainable products, and this is creating a demand for alternative chemicals that have a minimal impact on the environment. As a result, there is growing demand for eco-friendly Leather Chemicals, driving the growth of the market. Innovations in bio-tanning agents, eco-friendly fatliquors, and natural dyes have created opportunities for sustainable leather production.
Top Players in the Global Leather Chemicals Market
- Stahl International B.V.
- Lanxess AG
- Bayer AG
- Elementis PLC
- Texapel
- Chemtan Company Inc.
- Lawrence Industries Ltd.
- BASF SE
- W. R. Grace & Co.
- Dow Inc.
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Top Trends in Global Leather Chemicals Market
- One trend that Vantage Market Research (VMR) expects to see in the Leather Chemicals industry is the growing demand for premium leather products. There is a growing demand for premium leather products such as high-quality leather shoes, handbags, and furniture. This trend is driving the demand for high-performance Leather Chemicals that can enhance the quality of leather and make it more durable.
- Another trend that VMR predicts will continue in the Leather Chemicals industry is increasing focus on research & development. Leather Chemical manufacturers are investing heavily in research and development to develop new, high-performance products that can meet the changing needs of the market.
Top Report Findings
- Based on Product Type, most of the Leather Chemicals market's revenue is controlled by the tanning & dyeing chemicals category. The demand for tanning & dyeing chemicals is primarily driven by the growing demand for leather products, such as footwear, bags, and clothing, moving its significant market share across the globe.
- Based on Application, the footwear category dominated the Leather Chemicals market. This trend is anticipated to continue because of high demand for leather shoes and boots.
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Innovation, Sustainability, and Customer Satisfaction Helps in Meeting the Evolving Needs of the Leather Industry Helps Generating Maximum Market Revenue
The leather industry is constantly evolving, and in order to stay competitive and generate maximum market revenue, companies need to focus on innovation, sustainability, and customer satisfaction. The ability to adapt to changing trends, produce sustainable products, and provide exceptional customer experiences sets companies apart from their competitors. This not only attracts more customers but also allows companies to command premium prices for their products, resulting in higher revenue and profitability. With changing fashion trends and consumer preferences, companies need to constantly come up with new and improved products. This involves developing new leather finishes, introducing innovative design techniques, or using advanced technologies in the production process. As consumers become more conscious about the environmental impact of their purchases, companies need to adopt sustainable practices in their operations. This includes using environmentally friendly tanning processes, sourcing leather from responsible and ethical suppliers, and implementing recycling and waste management systems. The most significant players operating in the Leather Chemicals market are BASF SE, W. R. Grace & Co., Stahl Holdings BV, Dow Inc., Clariant AG, Huntsman Corporation, Arkema SA, Solvay SA, Elementis PLC.
Growing Leather Goods Industry, Consumer Preferences for Various Colors and Finishes, and Increasing Awareness about Sustainable Products are Fueling the Growth of the Reservoir Tanning & Dyeing Chemicals Category
Leather Chemicals is an expensive investment. Vantage Market Research has analyzed the market for Leather Chemicals to understand its current state and potential future growth factors. For better understanding, based on type the Leather Chemicals market is divided into: tanning & dyeing chemicals, beamhouse chemicals, finishing chemicals, and others.
During the forecast period, the market for tanning & dyeing chemicals is anticipated to experience the highest CAGR due to their widespread use in the tanning process. The use of tanning and dyeing chemicals enhances the physical and aesthetic properties of leather, making it more durable, resistant, and appealing. Manufacturers are developing innovative and eco-friendly tanning and dyeing chemicals that are safe for the environment is a key trend driving the growth of the market.
On the other hand, the beamhouse chemicals category is anticipated to grow significantly over the forecast period because it is essential for producing high-quality leather products with excellent physical and mechanical properties. These chemicals are used during the pre-tanning process of leather manufacturing and help in the removal of impurities and unwanted materials present in raw hides or skins.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Leather Chemicals Market Forecast Report (2023-2030).
Global Leather Chemicals Market Segmentation
By Product Type
- Tanning & Dyeing Chemicals
- Beamhouse Chemicals
- Finishing Chemicals
- Other Products
By Application
- Footwear
- Furniture
- Automotive
- Garments
- Other Applications
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 8.2 Billion |
| Revenue Forecast by 2030 | USD 12.8 Billion |
| CAGR | 5.7% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Stahl International B.V., Lanxess AG, Bayer AG, Elementis PLC, Texapel, Chemtan Company Inc., Lawrence Industries Ltd., BASF SE, W. R. Grace & Co., Dow Inc. |
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