Leather Chemicals Market Size to Grow USD 7001.7 Million by 2028 at a CAGR of 4% | Valuates Reports
BANGALORE, India, Oct. 4, 2022 /PRNewswire/ -- The Global Leather Chemicals Market is Segmented by Type (Syntans, Fatliquors, Finishing Agent), by Application (Clothing Leather, Automobile Leather, Furniture Leather, Heavy Leather): Global Opportunity Analysis and Industry Forecast, 2021-2028. It is published in Valuates Reports under the Chemicals Industry Category.
Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Leather Chemicals market is projected to reach USD 7001.7 Million by 2028 from an estimated USD 5533.6 Million in 2022, at a CAGR of 4.0% during 2023 and 2028.
Major factors driving the growth of the Leather Chemicals market are:
It is projected that rising consumer demand for high-end goods will fuel the growth of for leather chemicals market. The demand for consumer goods is anticipated to increase along with rising disposable income and population in developing nations, propelling the Leather Chemicals market.
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TRENDS INFLUENCING THE GROWTH OF THE LEATHER CHEMICALS MARKET:
As the world's population and consumer spending power rise in developing nations, so does the need for footwear. People now desire a wide variety of footwear in a wide variety of styles, which is altering the footwear industry's dynamics. The increasing use of leather in the footwear industry is expected to fuel the growth of the leather chemicals market. Furthermore, due to the younger generation's shifting preferences for fashion, the use of leather in the textile sector has been increasing recently. This trend is expected to augment the leather chemicals market growth.
The rapidly expanding upholstery industry, which is used in furniture, cars, and airplanes, has historically been and will continue to be a major driver of leather demand. In expensive furnishings and vehicles, it is widely used. Upholstery is luxurious, durable, and simple to maintain. It is currently offered in small vehicle types from prestigious manufacturers. Processing the product with the product and additives improves high-performance products. Over the course of the forecast period, the aforementioned reasons are anticipated to promote product usage in the automobile industry, fueling the market for leather chemicals.
During the forecast period, it is anticipated that factors like rising operational costs and tight environmental controlling techniques will restrain the growth of the leather chemicals market.
LEATHER CHEMICALS MARKET SHARE:
With a 35% market share, the Asia Pacific region held the largest market for leather chemicals. It's followed by Europe with a market share of around 32%. The abundance of raw materials and the large concentration of product makers are credited with driving up demand. The availability of cheap labor is one of the main drivers of market expansion in Asia and the Pacific. The country imports significant amounts of footwear and high-end consumer products, which limits the product's penetration in the domestic market.
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TOP COMPANIES IN THE LEATHER CHEMICALS MARKET:
The top companies in the leather chemicals market are BASF, Lanxess, TFL, Sisecam, Dow Chemical, Stahl, Trumpler, Elementis, DyStar, Schill+Seilacher, Zschimmer & Schwarz, Brother Enterprises, Sichuan Decision Chemical, Dowell Science & Technology, etc. The top 3 companies occupied about 22% leather chemicals market share.
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