Albany, NY -- (SBWIRE) -- 02/16/2019 -- Global Leather Chemicals Market: Snapshot
The global leather chemicals market has been growing at a phenomenal pace in the past few years. The soaring demand for leather in the footwear and apparel industry is the primary growth driver for the global market. Leather chemicals are used to process, protect, and polish the finish foods. The unprecedented demand for high-quality leather is projected to create a huge demand for leather chemicals in the near future. The report by TMR predicts that rising disposable income and growing fashion industry will also be responsible for the growth in opportunities for the leather chemicals market.
Growing demand for automotive upholstery has also been anticipated to be a key element fueling the growth of the global leather chemicals market in the coming years. Increasing sales of automobiles and expenditure on their beautification has drastically spurred the demand for leather chemicals in the automotive industry. According to Transparency Market Research, in 2013, the global market for leather chemicals was valued at US$5.43 bn. Analysts anticipate the market will register a CAGR of 6.10% during the forecast period to reach a valuation of US$8.19 bn by the end of year 2020.
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Tanning and Dyeing to Remain the Leading Chemicals in the Global Leather Chemicals Market
The products available in the global leather chemicals market are finishing chemicals, tanning and dyeing chemicals, and beamhouse chemicals. The report predicts that the tanning and dyeing chemicals segment will hold a major share in the global market as it plays an essential role in defining the aesthetics of the product. A high demand for tanning and dyeing will be seen in countries such as Brazil, India, and China. Meanwhile, beamhouse operation chemicals will also be in high demand as they play an integral role in the production process.
The key chemicals under this segment are well regulating agents, biocides, soda ash, chromium sulfate, and formic acid. The flourishing automotive industry, footwear and apparel industry are expected to raise the demand for beamhouse chemicals in the coming years.
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Asia Pacific to Remain Key Regional Market as Footwear and Apparel Industry Flourishes in Developing Countries
From a geographic point of view, the global leather chemicals market has been segmented into Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa. Europe and Asia Pacific have held a significant share in the global market for leather chemicals in the past few decades. Analysts anticipate that Asia Pacific will continue to lead as the developing countries of India and China boast a proliferating leather processing market.
The rise of footwear industry in developing parts of Asia Pacific, which is being supported by fashion-conscious youth and rising disposable income is expected to integral to the regional market. The Asia Pacific leather chemicals market will also be driven by the growing automotive industry, which uses leather to a large extent.