In terms of region, Asia pacific is the most promising growth regions in leather chemicals market. With growing domestic industry and relatively inexpensive manufacturing and labor costs has resulted in Asia Pacific being dominant exporter of final products. Countries such as China, India, and Vietnam are major producers due to the presence of numerous small to medium scale manufacturers.
European countries are also anticipated to gain substantial ground in value chain primary due to presence of major fashion and automobile brands. With major luxury apparel brands such as LVMH and Kering, market for leather is on the rise. European brands are also witnessed with high emphasis on quality and luxury, with higher per capita incomes and high standards of living, leather of different qualities and tans are being offered in luxury cars and accessories and are anticipated to be the key major player in demand for leather chemicals industry.
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Leather Chemicals Market is expected to reach USD 11.42 billion by 2026. Rising use of leather in automobile and garment segment will induce significant growth potential in the industry landscape.
Some major findings of the leather chemicals market report include:
- Large and rising market in Asia set to be catalyst for international growth
- Rising environmental concerns to drive demand for non-chrome tanning (vegetable tanning)
- Rising international trade and rapidly increasing garment market
- Strategic mergers and acquisition by industry participants to expand regional presence. Major players include Lanxess, Arkema, Evonik industries, Dupont Chemicals, Solvay, SABIC, Clariant, and Eastman Chemicals.
Leather chemicals market are experiencing upsurge in demand owing to multitude of contributing factors. As chemical demand is directly conjugated with leather production and consumption, a trend of largescale adoption in garments and footwear is one of the reasons. Internationally, increasing household income and rapid urbanization has enabled this commodity to be incorporated into more and more markets such as automobile and some niche markets such as accessories segment.
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Rapid industrialization and rise in global trade along with incremental rise in fast fashion are going to be growth engines by 2026. Major brands are also promoting the demand for leather and subsequently for leather chemicals thereby increasing the overall leather chemicals market.
The rapid and significant growth in upholstery leather for furniture, aero planes, and especially for automobiles has been one of the main developments in the business over past 15 years. European Union and the U.S. are prime producers of leather upholstery for automotive and aviation sector. Also, the sales of leather-upholstered automobiles in China is close to 100% in the premium segments.
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