ALBANY, N.Y.--(BUSINESS WIRE)--According to a recent market research report published by Transparency Market Research, the global leather chemicals market is expected to grow at a CAGR of 6.1% during the period between 2014 and 2020. The report, titled “Leather Chemicals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, estimates the market to be worth US$8.19 billion by 2020. The leather chemicals market was valued at US$5.43 billion in 2013.
The report points out that the rapidly growing automotive apparel industry has boosted the growth of the global leather chemicals market. Growth of the global footwear industry has also driven the demand from the leather chemicals market. However, the report mentions that stringent environmental regulations may negatively impact the global leather chemicals market. This has led manufacturers to developing less harmful substitute chemicals. The overall market has a huge opportunity to grow with the introduction of these less harmful substitutes for leather chemicals.
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On the basis of product type, the global leather chemicals market has been segmented into beamhouse chemicals, tanning and dyeing, and finishing chemicals. In 2013, tanning and dyeing chemicals accounted for more than 40% of the market and were the leading product segment of the market.
Geographically, the report segments the leather chemicals market into four key regions: Europe, Asia Pacific, North America, and Rest of the World. Asia Pacific dominated the overall market in 2013, closely followed by Europe. During the forecast horizon, rapid growth of the footwear and automotive industries in Asia Pacific is expected to propel the market in the region.
Some of the key players in the global leather chemicals market are BASF SE, Bayer AG, and Clariant International Ltd.
Transparency Market Research (TMR) is a U.S.-based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.