The growth of the leather chemicals market is directly proportionate to the development of the automotive and footwear industries, states Transparency Market Research in its latest report. The report, titled “Leather Chemicals Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, indicates that recording a 6.1% CAGR during the forecast period, the global leather chemicals market is anticipated to rise from US$5.43 billion in 2013 to US$8.19 billion by 2020.
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Leather chemicals are used in different stages of leather production and help enhance features such as water resistance, appearance, flexibility, and heat resistance. The rapidly developing footwear and automotive markets around the world are the primary forces driving the growth of the leather chemicals market. The introduction of less harmful chemical substitutes holds significant potential for growth, according to the report. However, strict environmental regulations may restrain the leather chemicals market over the course of the forecast period.
On the basis of product, the market for leather chemicals is divided into beamhouse chemicals, tanning and dyeing chemicals, and finishing chemicals. Tanning and dyeing chemicals held the largest share of the leather chemicals market in 2013, accounting for a 40% share of the overall market. Chemicals such as cyanides, calcium hydroxide, and amines are used to protect leather from decomposing and it also increases the durability of the material. With surging demand for leather products such as garments and handbags from the emerging economies of Brazil, India, and China, the market for leather tanning and dyeing chemicals is bound to grow.Beamhouse operation chemicals such as swell regulating agents, biocides, chromium sulfate, soda ash, and formic acid are used in the process of leather production. As the demand for leather from end-use industries such as apparel, footwear, and automotive increases, so does the demand for beamhouse chemicals.
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Geographically, the leather chemicals market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2013, Asia Pacific dominated the global leather chemicals market, followed by Europe, with a 40% share in terms of volume. Growth in footwear and automotive industries in APAC has been the primary factor boosting the leather chemicals market in the region.