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Leather Chemicals Market Growth & Trends
The global leather chemicals market size is projected to reach USD 13.2 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.3% from 2020 to 2027. Rapid urbanization, improving consumer lifestyle, and increasing disposable income are driving the leather consumption, which, in turn, is expected to drive the market.
However, rising concerns among consumers regarding the environmental hazards associated with the use of these chemicals are anticipated to hamper the market growth. In addition, stringent regulations regarding the use of these chemicals in several countries are expected to negatively impact the market growth over the forecast period
Industry players are now focused on developing greener alternatives using naturally sourced raw materials. The industry has adopted greener processes, such as wet white tanning, enzymatic unhairing process, complete waterborne finishing process, replacement of cancerous dyes and amines, and utilization of improved hide production.
Government regulators and consumers both have been promoting “greener” sustainable products. The market players have been responding by implementing alternative green design by reducing intrinsic hazards and also taking into consideration the feasibility and potential of such processes. Industry players such as Stahl and Lanxess have been working towards more environment-friendly alternatives to leather production. The company’s growth plan has sustainability at its crux. Hence, the manufacturers without conceding on their product quality are shifting to eco-friendlier tanning substitutes.
Several research and development activities are undertaken by research institutions, key players, and organizations to develop sustainable and cost-effective products. Furthermore, market participants are entering into long-term contracts for ensuring an uninterrupted supply of raw materials as well as the distribution of final products. This is anticipated to benefit the manufacturers to gain a strong foothold in the market.
Leather Chemicals Market Report Highlights
- Rising consumption of leather among the end-use industries, including automobile, footwear, and garments, is expected to drive the market over the forecast period
- Negative perceptions towards leather chemicals as hazardous substances are expected to push manufacturers toward using green chemistry
- The major demand for leather chemicals is observed in the footwear industry. They are used to provide dimensional strength as well as tolerance to high temperatures and mechanical action to footwear, thus making it more durable
- Europe is expected to witness significant growth in the years to come owing to the developed standards of living and higher consumer spending capacity.