Leather Chemicals Market– Statistics And Analysis & Forecast To 2027Posted by Mrudula Anil Karmarkar on February 2nd, 2021 The global leather chemicals market size is projected to reach USD 13.2 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.3% from 2020 to 2027. Rapid urbanization, improving consumer lifestyle, and increasing disposable income are driving the leather consumption, which, in turn, is expected to drive the market. Drop in the leather demand is expected to hamper the demand for leather chemicals. India & China are the leading producers of leather and account for around 35% of the global leather production. Ongoing pandemic in both countries is expected to hamper the leather production and thus adversely impacting the demand for leather chemicals. The updated report will account for COVID-19 as a key market contributor. However, rising concerns among consumers regarding the environmental hazards associated with the use of these chemicals are anticipated to hamper the market growth. In addition, stringent regulations regarding the use of these chemicals in several countries are expected to negatively impact the market growth over the forecast period Industry players are now focused on developing greener alternatives using naturally sourced raw materials. The industry has adopted greener processes, such as wet white tanning, enzymatic unhairing process, complete waterborne finishing process, replacement of cancerous dyes and amines, and utilization of improved hide production. Government regulators and consumers both have been promoting “greener” sustainable products. The market players have been responding by implementing alternative green design by reducing intrinsic hazards and also taking into consideration the feasibility and potential of such processes. Industry players such as Stahl and Lanxess have been working towards more environment-friendly alternatives to leather production. The company’s growth plan has sustainability at its crux. Hence, the manufacturers without conceding on their product quality are shifting to eco-friendlier tanning substitutes. Leather Chemicals Market Report Highlights
Several research and development activities are undertaken by research institutions, key players, and organizations to develop sustainable and cost-effective products. Furthermore, market participants are entering into long-term contracts for ensuring an uninterrupted supply of raw materials as well as the distribution of final products. This is anticipated to benefit the manufacturers to gain a strong foothold in the market. In addition, chromium is considered to be carcinogenic in nature and may cause lung irritation when inhaled, thus proving to be hazardous to human life. The above-mentioned factors are expected to restrain market growth. The market is dominated by a relatively small number of companies with large production capacities. These players are looking towards adopting expansion strategies on account of increasing market penetration of leather chemicals in the production of footwear, automotive upholstery, home furnishing, and other accessory goods. This is expected to result in the steady growth of market players over the forecast period. Therefore, integration is likely to be a popular expansion strategy adopted by various companies operating in the market. The others segment held the largest share of 46.5% in 2020 and is expected to maintain its lead in the forthcoming years. Polyurethane resins emerged as the second-largest product segment in 2020 and are expected to witness the fastest growth in the forecast period. Polyurethane resins are used as a raw material for manufacturing an extensive range of finishing products, such as lacquers and dry coatings. They are used for developing organic solvent-free finish formulations, binders, basecoat, and topcoat. Apart from this, PU resins are used to manufacture synthetic leather owing to their high tensile strength, excellent elasticity, and abrasion and solvent resistance. Demand for PU resins is anticipated to ascend as PU-based leather is considered more environment-friendly in comparison with vinyl-based leathers. However, PU-based leather is more expensive than the two owing to the extensive manufacturing process involved. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1039/ibb The market is highly fragmented and competitive with the presence of well-established and long-term players occupying a major market share. Industry participants are adopting partnership strategies with raw material suppliers to increase capacity as well as improve cost efficiency in the production process. Moreover, the players are gradually turning towards developing green chemicals owing to consumer awareness regarding environmental hazards created by the use of these chemicals. Some of the prominent players in the leather chemicals market include:
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global leather chemicals market report on the basis of product, process, end-use:
o Biocides o Surfactant o Sodium Sulfide o Formic Acid o Others
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |