Global Leather Chemicals Market - Segmented by Product Type, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The leather chemicals market is expected to register a robust growth rate between 2018 and 2023. These chemicals are generally applied to hides or skins to prevent the deterioration caused by the micro-organisms, as well as to improve the texture of leather, thus, making them fit for several applications. The market is driven by its increasing demand from the automotive industry, owing to its increasing usage in automotive upholstery.
Increasing Demand from Automotive Upholstery
Automotive is one of the major sectors, where demand for leather chemicals has been on the rise. This is particularly due to their requirement in the seat covers of vehicles, these chemicals are used to stabilize the raw hide and prevent further decay and foul odor. The increasing demand for automotive vehicles from the Asia-Pacific region has significantly contributed to the growing demand for coating agents from the automotive industries in the region. With the growing demand, the increased production of automotive vehicles is driving the market in the near future.
Footwear is One of the Largest End Users
The use of leather chemicals on leather for footwear application imparts dimensional stability and tolerance to heat and mechanical action; this leather is primarily used in shoe making. Increasing sports activities have significantly boosted the market for leather chemicals globally. Since 2007, sales of athletic wear has increased by 61%, globally. Further growth is expected in the end-user segment in the years to come. Furthermore, leading footwear brands are heavily investing in R&D in the recent years. Such factors are expected to help reinvent footwear manufacturing, which, in turn, is expected to boost the market for leather chemicals, which is expected to grow during the forecast period.
China to Lead the Leather Chemicals Market
China is the largest automotive market in the world. The automotive industry in China is mainly driven by domestic market demand. China is the largest automotive market in the world. The automotive industry in China is mainly driven by domestic market demand. The footwear industry in China is enjoying its perk of being, globally, the largest producer and consumer of footwear, partly due to the largest market size and rising standard of living in the country. Additionally, the textile industry in the country has witnessed an increase in demand for leather, owing to the rapid population expansion. The demand for leather from the textile industry is expected to grow. Therefore, considering the aforementioned factors, the demand for leather chemicals is expected to increase significantly in China during the forecast period.
Major Players: BASF SE (Stahl Holdings B.V.), Bayer AG, and Clariant, Lanxess, among others.
Notable Developments in the Market
September 2017: The Dow Chemical Company and E. I. du Pont de Nemours and Company successfully completed their planned USD 130 billion merger to form DowDuPont.
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