Leather Chemicals Market Value to Hit $10bn by 2024 | BASF, LANXESS, Bayer, Clariant, and 11 Other Companies Profiled
According to research report by Global Market Insights, Inc., The automotive application segment in leather chemicals market is anticipated to witness around 5% CAGR to 2024 due to rising leather demand for interiors (dashboard, seat covers, etc.) in personal cars.
SELLBYVILLE, Del., Oct. 9, 2018 /PRNewswire-PRWeb/ -- Finishing leather chemicals market will experience growth at over 5% during the forecast timeframe. It plays a crucial in the industry by enhancing the features (smoothness, durability, weather resistant, wear & tear resistance) of leather products. Organic finishing which is free from solvents will lead to a sprouting product market demand. Luxury goods are on the rise which will accelerate the growth of the product industry.
Global leather chemicals market share for footwear accounted for more than half of the industry volume in 2016. Escalating global footwear sales primarily due to upgrading consumer lifestyle along with increasing customer spending power over the past few years is analyzed to be the major factor propelling business growth.
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The application of leather chemicals in automotive sector is anticipated to grow at a decent growth rate of approximately 5% to 2024 due to rising leather demand for interiors (dashboard, seat covers, etc.) in personal cars.
Tanning & dyeing leather chemicals market in 2016 valued at more than USD 2 billion. These include chemicals essentially required in the early stages of leather processing. It includes low sulphide unhairing agents, aldehyde tanning agents, chromium sulphate, fungicides and formic acid. They play a vital role in the business. For example, formic acid lowers the pH value of skin and fungicides helps in preventing fungal growth in skin/hide.
Global Leather chemicals market is predicted to value a revenue of over USD 10 billion by 2024. Rapidly changing fashion trends are expected to trigger the demand for the product. The consumer awareness about the luxury products has led to a sprouting demand for the product. The wide use of the product for treating animal hides to produce leather is one of the key drivers for the market growth. Focus on premium quality leather textures is likely to drive the market demand. Leather chemicals are used in several end-use industries such as furniture, automobiles, garments, which will lead to a rising curve in its demand.
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North America leather chemicals market in 2016 was more than USD 1 billion. The regional growth was mainly due to favoring regulations towards PPE use in manufacturing industries. Furthermore, massive customer base for leather shoes and gloves in the region will complement business growth by 2024.
Asia Pacific leather chemicals market share in 2016 accounted for a major industry chunk. This massive regional industry size is mainly due to robust leather production in China and India. For instance, India and China holds over 40% of the global leather export.
Key Industry Players -
Lanxess
Clariant
BASF SE
Bayer AG
Elementis PLC
Indofil Industries Ltd.
Balmer Lawrie Co. Ltd.
Zschimmer Schwarz Co KG
Schill Seilacher GmbH Co.
Lawrence International
Chemtan Company
DyStar
Stahl International BV
TASA Group International
TEXAPEL
Browse key industry insights spread across 102 pages with 146 market data tables & 10 figures & charts from the 2018 report Leather Chemicals Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/leather-chemicals-market
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