Leather Chemicals Market: Segmented By Chemicals Type (Tanning & Dyeing Chemicals, Beam House Chemicals, and Finishing Chemicals): By End User (Footwear, Furniture, Automotive, Textile & Fashion, and Others): Global Analysis by Market size, share & trends for 2019-2020 and forecasts to 2030
170+ Pages Research Report Leather Chemicals Market to surpass USD 15.98 billion by 2030 from USD 8.00 billion in 2020 at a CAGR of 7.17% within the coming years, i.e., 2020-30.
Leather chemicals are a class of products used in the treatment of animal hides to make leather. Leather chemicals are used in various stages of leather processing, including tearing, tanning, and finishing, grease and water repellants, and drum dyeing. They are often defined as alloys that return to their original shape when deformed. The uses of leather chemicals as actuators have expanded the spectrum of various scientific fields. Other chemicals for leather include copper-magnesium, iron-manganese, silicon, and copper-aluminum-nickel alloys. Leather chemicals have two stable phases: the high-temperature phase called austenite and therefore the low-temperature phase called martensite. The first is symmetrical while the second is less symmetrical. or thermal.
The Leather Chemicals Market is predicted to project a notable CAGR of 7.17% in 2030.
The Leather Chemicals Market to surpass USD 15.98 billion by 2030 from USD 8.00 billion in 2020 at a CAGR of 7.17% within the coming years, i.e., 2020-30. The broad expansion, together with increased healthcare spending in the biomedical sector, should add to the demand for leather chemicals. The first successful application was the hydraulic clutch made of nitinol in military aircraft. Other applications such as bras, thermal and electrical actuators, and orthodontic arches have also seen remarkable growth for the Leather Chemicals Market in recent years. In addition, increasing demand for consumer electronics such as coffee makers, ovens, air conditioners, and refrigerators is expected to fuel growth in the Leather Chemicals Market.
Recent News and Development:
In September 2020 Evonik launched GuanAMINO®, its own product guanidinoacetic acid (GAA) to improve energy metabolism in livestock farming.
Tanning & Dyeing segment to grow with the highest CAGR during 2020-2030
The Leather Chemicals Market is segmented by Chemicals Type into Tanning & Dyeing Chemicals, Beam House Chemicals, and Finishing Chemicals. The Tanning & Dyeing segment had the highest revenue in 2020 and is expected to grow at a significant CAGR over the forecast period. The growth has been attributed to the ability of tanning and dyeing chemicals to improve the softness and flexibility of leather products. Chemicals are gaining importance due to their structural differences in the tanning process and they help improve the appearance of leather products and complement the growth of the Leather Chemicals Market.
Footwear Industry segment to grow with the highest CAGR during 2020-2030
The Leather Chemicals Market is segmented by End-use Industry into Footwear, Furniture, Automotive, Textile & Fashion, and Others. The Footwear segment had the highest sales and is projected to reach $ 2.4 billion by the end of the forecast period, driven by population growth and increased consumer demand for leather shoes. In addition, the shoe industry is an important employer in developing countries. The development of the shoe industry is likely to increase the number of jobs in the coming years.
Increasing adoption of chemicals in end-use industry and for pH neutralization
The Leather Chemicals Market is experiencing lucrative growth due to key factors such as the increase in the use of leather chemicals in end-user industries such as the footwear and textile industries. Aesthetically pleasing leather shoes and improved leather shoe manufacturing have increased the use of leather chemicals such as systems, polymers, dyeing aids, and fatliquoring agents. Leather chemicals offer properties such as improved mold resistance, softness, and adhesiveness, which is driving global demand. Other uses of leather chemicals such as chromium sulfate, formic acid. Sodium Bicarbonate and Degreaser are gaining in importance as these chemicals are increasingly used to neutralize pH, lower pH in re-chromatin, and bind the dyeing chemicals to the leather, which is the rapid growth of the Leather Chemicals Market.
Increasing per capita, fast-changing fashion, and regular innovation
Rising per capita income of individuals, growing influx of consumers, and the growth of the tourism industry are some of the main reasons that are driving increased demand for luxury goods and Leather Chemicals Market. The level of awareness of various luxury products continues to drive the demand for Leather Chemicals Market. Regular innovation and the changing design pattern of various leather and luxury products mean that the demand for Leather Chemicals Market is increasing. The growing trends in purchasing various leather products are contributing to the growth of the Leather Chemicals Market. The increase in the disposable income of people in North America and Europe is likely to lead people to invest more in purchasing luxury leather products such as clothing, shoes, and other items.
Environmental impact of chrome-tanned leather
The benefits of chrome-tanned leather and the increasing use of leather chemicals in end-user industries such as textiles and shoes are driving the growth of the global Leather Chemicals Market. Leather chemicals are curbing the growth of the leather chemicals market. Another major challenge facing the Leather Chemicals Market is finding an alternative to the hazardous chemicals used in leather processing.
Impact of the COVID-19 on the Leather Chemicals Market
The world market for leather chemicals has been severely affected by the outbreak of the COVID19 pandemic. The suspension of industrial activity affected the Leather Chemicals Market due to weak consumer confidence, store closures, and depletion of consumer incomes. Global GDP has changed consumer behavior and reduced demand for leather chemicals. To curb the spread of the coronavirus, the governments of several countries have imposed travel restrictions that severely affect the supply of raw materials for leather production. Labor shortages, interruptions in the supply chain, and delayed shipping hampered leather production. Since the pandemic, leather exports have declined and the use of chemicals in leather production has decreased.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Leather Chemicals Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. The Asia-Pacific region is expected to boost the Leather Chemicals Market, where India is expected to become a leader in the automotive industry by 2030, according to the IBEF, offering opportunities for electric and commercial vehicles. In addition, the Indian auto industry became the fourth largest in the world with an annual increase in sales of 8%. The growing automotive industry is expected to expand the Leather Chemicals Market for their market applications. Interior and exterior parts. China is the leading producer of pigskin and pigskin, which is an important raw material for making leather products. In addition, the leather industry is growing rapidly in countries such as Korea, Vietnam, Indonesia, and Taiwan. The growth is mainly due to low labor costs and the presence of large numbers of medium and small tanneries, which in turn fueled demand for other chemicals in the Asia Pacific region.
Leather Chemicals Market Segments:
|Market size value in 2020||USD 8.00 billion|
|Revenue forecast in 2030||USD 15.98 billion|
|Growth Rate||CAGR of 7.17% from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Basis, Chemicals Type, End-User, and Region|
|Region scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||Lanxess AG, Clariant AG, Solvay, Arkema SA, Eastman Chemical Company, Evonik Industries AG, Evonik Industries AG Stahl Holdings B.V., Elementis PLC, Indofil Industries Limited|
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