Top Emerging Trends Of Leather Chemicals Market Progress Forecast 2030 |Grand View Research, Inc.

Posted by Mrudula Karmarkar on August 9th, 2022

The global leather chemicals market size is expected to reach USD 13.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% over the forecast period. The demand is attributed to the increase in demand for premium products and increasing consumption of the product from end-use industries such as automotive, apparel, and footwear. Demand for the product is predicted to rise in a wide range of applications, including jackets, wallets, upholstery, shoes, and belts, due to changing consumer lifestyles and increased disposable income. Leather is used in Personal Protection Equipment (PPE), such as shoes and gloves, and plays an important part in the construction industry.

Increasing disposable income in developing economies, combined with expanding population, is predicted to enhance demand for consumer goods, fueling the product market. Because of the rising use of finishing chemicals in Europe, the industry is expected to develop. Product manufacturers have integrated their manufacturing and distribution channels to improve market accessibility. The major factor driving the demand for leather in the past as well as in the coming years is the rapidly growing upholstery industry, which finds application in airplanes, furniture, and automobiles. It is liberally used in high-quality furniture and in high-end automobiles. upholstery is easy to clean, durable, and has a luxurious appeal. Premium brands are already offering upholstery to a number of small vehicle models. Another developing area for upholstery is airplane interiors in which high-performance leather makes it a suitable choice for engineers, designers as well as cost controllers.

The demand for footwear is increasing on account of expanding population and rising consumer spending capacity in the developing regions of the world. The dynamics of the footwear industry have changed with individuals preferring multiple as well as different types of footwear. The product is used to provide dimensional strength as well as tolerance to high temperatures and mechanical action to footwear, thus making it more durable. Thus, the thriving footwear industry is also expected to boost productivity growth over the forecast period.

The demand for the product is anticipated to be driven by increased demand for premium products. Increasing disposable income along with the rising population in developing economies is expected to boost demand for consumer products, driving the product industry. The fast-developing upholstery sector, which finds application in airplanes, furniture, and automobiles, has been a major driver of leather demand in the past and will continue to be in the future. It can be found in abundance in high-end furniture and automobiles. Upholstery is easy to maintain, long-lasting, and opulent. It is already available in small vehicle models from premium brands.

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Another developing area for upholstery is airplane interiors in which high performance leather makes it a suitable choice for engineers, designers as well as cost controllers. High performance product are enhanced by processing the product with the product and additives. The above-mentioned factors are expected to increase the consumption of the product in automotive industry, thus propelling the growth of the market for leather chemicals over the forecast period. The demand for footwear is increasing as the world's population grows and consumer spending power grows in developing countries. Individuals now want diverse as well as different styles of footwear, changing the dynamics of the footwear sector. 

Leather Chemicals Market Report Highlights

• The polyurethane resins segment accounted revenue share of more than 22.0% in 2021. The growth is attributed to the increase in its utilization in leather processing
• The tanning and dyeing process is anticipated to witness the highest CAGR of 6.7% from 2022 to 2030 in terms of revenue owing to its various operations such as pickling, degreasing, tanning, dyeing, and drying
• The footwear application segment dominated the market and accounted for a revenue share of more than 49.0% in 2021. The demand is anticipated to grow with an increase in the consumption of leather in manufacturing footwear
• The upholstery segment is anticipated to witness a CAGR of 6.5% over the forecast period. The growth is anticipated to extensive coating application, and use of soft leather in the automotive and furniture industry
• Rising consumption of finishing chemicals in Europe is expected to foster market growth. The product manufacturers have integrated their production and distribution channels for improved market accessibility 

The market for leather chemicals is highly competitive with the big international brands focusing on the development of long-term relationships with the end-users. With the further increase in the footwear, upholstery, and garments sector, the competition is anticipated to increase in the coming years. Companies such as Bayer AG, Lanxess AG, Elementis plc, and Chemtan Company Inc. have a high degree of integration across the value chain as they are also engaged in the production of caprolactam. These companies have established themselves as key manufacturers and focus on research and development for novel uses of the product. Some of the prominent players in the leather chemicals market include:

• Stahl International B.V
• Lanxess AG
• Bayer AG
• Elementis plc
• Texapel
• Chemtan Company Inc.
• Lawrence Industries Limited