Albany, NY, March 13, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market report titled "Leather Chemicals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020." According to the report, the leather chemicals market was valued at US$ 5.43 Bn in 2013 and is likely to reach US$ 8.19 Bn by 2020, expanding at a CAGR of 6.1% between 2014 and 2020.
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Leather chemicals play an important role in the production of leather. They are used to enhance the properties of raw leather. Leather chemicals are used widely in the leather industry, as these enhance leather's durability, heat resistance, and water resistance. Global demand for leather chemicals is primarily driven by growth in the automotive interiors, and footwear industries. This is anticipated to remain the major driver for the leather chemicals market in the near future. Stringent regulations imposed by various governments regarding the usage of leather chemicals are projected to offer key challenges for market participants.
Tanning & dyeing chemicals, with market share of over 40%, was the dominant segment in the leather chemicals market in 2013. Tanning is the process of chemical treatment of animal hide or skin. Various chemicals such as calcium hydroxide, cyanides, sodium hydrosulfite, and dimethylamine are used in the tanning & dyeing process. Demand for leather chemicals is estimated to increase significantly in the next few years due to recent growth in automotive, apparel and footwear industries across the globe.
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In terms of volume, Asia Pacific accounted for approximately 40% share of the global leather chemicals market in 2013, followed by Europe and North America. Asia Pacific is estimated to be the fastest growing region in terms of demand for leather chemicals technologies. This can be ascribed to growth in the automotive, apparel, and footwear industries in the region. Asia Pacific is a key market for producers of leather chemicals due to the recent economic growth coupled with increasing disposable income in the region. This has encouraged various manufacturers to establish new facilities in Asia Pacific. Europe is another major region with strong demand for leather chemicals. The region has several tanneries that process raw leather. In terms of volume, the market for leather chemicals products in Europe is likely to expand at a healthy growth rate between 2014 and 2020.
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Major participants in the leather chemicals market include BASF SE, Stahl Holdings b.v., Clariant International Ltd., Bayer AG, TFL Ledertechnik GmbH & Co. KG, Lanxess AG, Elementis plc, Heim Leather Chem GmbH, Schill + Seilacher GmbH, DyStar Singapore Pte Ltd., Rock Chemie Co., and Wei Tai Leather Co., Ltd.
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Leather Chemicals Market - Product Segment Analysis
- Tanning & dyeing chemicals
- Beamhouse chemicals
- Finishing chemicals
Leather Chemicals Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
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Source:Transparency Market Research