Tanning Agents market: Overview & Dynamics
Tanning agents are extensively used in treating and strengthening the final leather produced. Of the tannings agents channeled in the market, Chromium sulfate is extensively utilized across the globe owing to the product availability. Price of chromium sulfate is comparatively lower compared to the natural tanning agents such as fish or animal oil.
In the past half-decade, diversified industries such as shoes, clothing furniture, and the automotive industry has driven the demand of leather cascading the effect to the tanning agents. According to Fact.MR estimates, market is set to grow at a nominal pace over the mid-term forecast period and is set to grow by higher single digit CAGR by the end of the 2030.
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Moreover, on the supply side manufacturers such as LANXESS are working towards reducing the price of the product by enhancing the technology to reduce the wastage in the form of effluents.
However, cosmetic industry based tanning agents market is expected to have a higher growth rate till 2030 credited towards shifting consumer needs towards the skin and health care essentials.
COVID-19 Impact Insights
COVID-19 or Novel corona virus has not only affected the movement of the people but also negatively affected the supply and trade. This has put the leash around the tanning agents market growth. Declination of the market could also be attributed to the leather market growth. In the Q2 of FY2020, leather market has declined by near 3% compared to the Q2 of FY2019. FY2020 has presented many challenges for the tanning agents market growth. Increasing in saving over spending is set to cascade the effect towards tanning agents consumption in leather industry.
Segmentation analysis of Tanning Agents Market
The global tanning agents market analysis is segmented into four Major types.
On the basis of Product Type, tanning agents market has been segmented as follows:
On the basis of Form, tanning agents market has been segmented as follows:
- Liquid form
- Solid form
On the basis of end-user application, the global tanning agents market is segmented as follows:
- Leather tanning
- Sun tanning
- Chemical intermediaries
- Cosmetic essentials
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On the basis of geographic regions, Tanning Agents market is segmented as
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Tanning Agents Market: Regional Outlook
From regional perspective, East Asia holds largest market share owing to the positioning of the majority of the leather manufacturers in the region. Followed by East Asia, South Asia & Oceania is set to grow at a rapid pace owing to the increasing demand for tanning agents in the region. India and Thailand possess the maximum potential in the region. South Asia & Oceania and East Asia together account for more than half of the global tanning agents market and are expected to grow at a higher single digit CAGR over the forecast period. Followed by South Asia & Oceania, Americas account for near 10% of the global tanning agents market. Europe account for over one-tenth of the global tanning agents market and is set to grow at a nominal pace over the forecast period. Market has low potential in Middle East & Africa region owing to the absence of major leather manufacturers in the region.
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