Allied Market Research recently published a report, titled, "Leather Chemicals Market by Chemicals Type (Tanning & Dyeing Chemicals, Beam House Chemicals, and Finishing Chemicals) and End User (Footwear, Furniture, Automotive, Textile & Fashion, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global leather chemicals industry was pegged at $7.5 billion in 2019, and is estimated to hit $11.0 billion by 2027, registering a CAGR of 6.4% from 2020 to 2027.
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.
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· 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.
The tanning and dyeing chemicals segment held the lion's share
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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The automotive segment to manifest the highest CAGR of 6.9% through 2027
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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Asia-Pacific, followed by Europe and North America, dominated the market
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.
Major Market Players
· Lanxess AG
· Clariant AG
· Arkema SA
· Evonik Industries AG
· Eastman Chemical Company
· Stahl Holdings B.V.
· Saudi Basic Industries Corporation
· Elementis PLC
· Indofil Industries Limited
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