As per a comprehensive research report published by Global Market Insights, Inc., Leather chemicals market size will touch the $11.42 billion mark by 2026.
Leather chemicals market has accumulated colossal proceeds on account of their usage in garments, footwear, and belts in recent years. Several advantageous properties of leather chemicals, including weather resistance, durability, and wear & tear resistance have significantly induced product demand in various industries.
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Automotive industry is also anticipated to contribute significantly to leather chemicals market growth owing to the massive demand for leather in vehicle interior, such as seat covers, dashboards, etc. It is estimated that leather chemicals industry share from automotive industry will expand at a CAGR of 5% over the forecast period.
Top Key Players is leading the Leather Chemicals Market
- Elementis PLC
- Clariant AG
- DuPont de Nemours, Inc.
- Eastman Chemical Company
- Asahi Kasei Corporation
- Evonik Industries AG
- Saudi Basic Industries Corporation (SABIC)
Tanning and dyeing leather chemicals segment to see noticeable growth in the coming year. These chemicals play a vital role in the initial stages of leather processing. They consist of aldehyde tanning agents, low sulfide unhairing agents, chromium sulfate, formic acid, and fungicides. Fungicides are essential to avert fungal growth in skin/hide while formic acids are helpful in lowering the pH value of the skin. Such benefits provided by these chemicals are likely to push the growth of leather chemicals market.
Finishing leather chemicals are used to improve product features, such as durability, weather resistance, smoothness, and wear & tear resistance.
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Considering the end user backdrop of the market, the footwear segment held more than 50% of the global leather chemicals industry volume in 2018. Consumer lifestyle is transforming along with rising disposable income, which has augmented footwear sales across the globe. For instance, in 2017, the overall shoe production reached over 15 billion pairs. Heightened sale of leather footwear is likely to offer an impetus to leather chemicals market growth in the near future.
Furthermore, the construction industry is likely to boost leather chemical industry outlook owing to the increasing construction expenditure in BRIC countries. The construction industry exhibits a high demand for superior quality leather with great smoothness, high gloss, and fine finish. Leather is utilized in personal protective equipment (PPE), such as shoes and gloves.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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