Rising Demand for Premium Leather Boosts Leather Chemicals Market Growth: Forecast to Reach $12.23B by 2028

The leather chemicals market size has grown strongly in recent years. It will grow from $8.87 billion in 2023 to $9.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to growing leather goods industry, demand for high-quality leather products, fashion industry trends, urbanization and lifestyle changes, leather recycling and sustainability, increase in leather exports, quality control and consistency.

The leather chemicals market size is expected to see strong growth in the next few years. It will grow to $12.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to development of new leather types, investments in leather processing facilities, customization in leather finishes, e-commerce growth in leather retail, bio-based leather chemicals, globalization of leather supply chains. Major trends in the forecast period include adoption of chromium-free tanning agents, leather recycling technologies, digitalization and smart manufacturing, customization and specialty chemicals, leather biotechnology, traceability and transparency, anti-microbial leather chemicals.

Market Overview -
Leather chemicals are a class of chemical compounds that enhance leather product quality, reduce water consumption during production, and create more efficient process formulations. Leather chemicals are used in tanning, dyeing, and retaining leather during its multiple uses. These leather chemicals have different functions and come in preservatives, cleansing and wetting agents, biocides, fat liquors, and dyes.

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Rising Demand For Premium Products Boosts The Leather Chemicals Market
The increased demand for premium products is expected to propel the leather chemicals market. The growing economy and purchasing power of consumers have increased the demand for high-end premium products. Premium products include high-end leather for footwear, apparel, and automotive products, which use leather chemicals for tanning, dyeing, and retaining across various stages of the leather production process. This demand for high-end premium products led to an increase in demand for the production of leather chemicals. For instance, in July 2023, According to ZipDo, a Germany based media company, the luxury fashion sector is projected to achieve a market volume of $429,762 million by the year 2025. Furthermore, in 2022, the online portion of the personal luxury goods market may account for 30% of the global total. Furthermore, in the luxury automotive sector, a press release by BMW (Bayerische Motoren Werke AG), a luxury vehicle company, showed an increase in the sales of premium luxury cars with a growth of 8.4%, with sales of 2,213,795 units showing a rise of 9.1% from 2021. Therefore, the increase in sales of premium products will drive the leather chemical market.

Competitive Landscape -
Major companies operating in the leather chemicals market report are Stahl Holdings BV, Clariant AG, TFL Ledertechnik GmbH, Pidilite Industries Limited, Balmer Lawrie & Co. Ltd., Arkema SA, Eastman Chemical India Pvt.ltd., Evonik Industries AG, Saudi Basic Industries Corporation, Dystar Singapore Pte Ltd., Elementis plc, Chemtan Company Inc., Lawrence Industries Limited, Schill Seilacher GmbH, TASA Group International, Zschimmer & Schwarz Co. KG, Indofil Industries Ltd., Papertex Specialty Chemicals Pvt. Ltd., Smit & Zoon BV, BASF SE, Cargill Inc., Koninklijke DSM NV, Lallemand Inc., Novus International Inc., A Schulman Inc., AllChem Corporation, Chemours Company, Dow Chemical Company, Hebei Yida Chemical Industry Co. Ltd., Lanxess AG, Solvay SA, Sumitomo Chemical Co. Ltd., Wacker Chemie AG

Technological Advancements Drive Innovation In The Leather Chemicals Market
Technological advancement is a key trend in the leather chemicals market. Over the past several decades, the advanced chemicals and solutions industry has played a critical role in industrial development. Extensive research in advanced chemicals, demand for high-performance coatings, and expanding production operations in developing economies are driving the technologically advanced chemical and solution market. The recent market is witnessing the demand for a bio-based leather chemical solution that provides more product functionality, less resource-intensive production, and more efficient use of natural resources. Major companies operating in the leather chemicals sector are focused on developing new bio-based leather chemical solutions to sustain themselves in the market. For instance, in June 2021, Stahl, a Netherlands-based specialty leather chemical manufacturing company, launched Stahl Ympact. It is a leather chemical solution made with renewable feedstocks. These chemical products are produced from biomass feedstock and carbon-captured CO2, which would assist tanneries in reducing their environmental footprint without sacrificing quality or performance.

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Key Segments -
The leather chemicals market covered in this report is segmented -
1) By Product: Biocides, Surfactants, Chromium Sulfate, Polyurethane Resins, Sodium Bicarbonate
2) By Process: Tanning And Dyeing, Beamhouse, Finishing Chemicals
3) By Application: Footwear, Upholstery, Leather Goods, Garments

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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