Asia Pacific region is expected to grow at a robust pace owing to the massive production of leather in India and China. The leather chemicals market growth in North America is attributed to the rising demand for leather apparels and shoes. Finishing chemicals are consumed at a large scale in Europe, owing to the rise in demand of leather apparels, which is expected to boost market growth.
The application of leather chemicals in the automotive sector is anticipated to grow at a decent growth rate of approximately 5% up to 2024. Leather Chemicals Market is likely to be characterized by numerous mergers and acquisitions between major industry players. An increase in the number of strategic moves such as this will stimulate leather chemicals market growth positively. leather chemicals industryis projected to hit a targeted revenue margin of over USD 10 billion by 2024.
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Leather Chemicals Market size is propelled by the rising demand of leather products over the forecast period. The increase in the per capita income of the people has stimulated the growth of the product market. Changing consumer patterns have led to an increase in demand of leather products such as belts, apparels, footwear, etc., which will accelerate the market growth. Leather chemicals are used in several end-use industries such as furniture, automobiles, garments, which will lead to a rising curve in its demand.
Rapidly changing fashion trends are also 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 leather chemicals market growth. Focus on premium quality leather textures is likely to drive the leather chemicals market demand.
The up-gradation of colorfastness standards of dyes has led to an increased demand for the product. The product offers high coloring quality which will fuel the leather chemicals market growth. The finishing chemicals segment is estimated to experience gains of over 5% during the forecast timespan. Strict emission & environmental norms and organic leather has spurred the demand for leather chemicals.
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The regional segmentation covers:
- Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
- North America Region (U.S., Canada, Mexico)
- South America Region (Argentina, Brazil, Columbia, Rest of South America)
- Asia-Pacific Region (China, South Korea, Japan, Southeast Asia, India, Rest of Asia-Pacific)
- The Middle East & Africa Region (UAE, Saudi Arabia, Nigeria, South Africa, Egypt, Rest of MEA)
The product market is highly fragmented with several small scale and large scale manufacturers. The key companies operating in leather chemicals market are 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, etc.
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