The global Textile and Leather chemicals market size is expected to reach USD 14.56 billion by 2028 at a CAGR of 7.5% over the forecast period, according to a latest report by Reports and Data. Global leather goods market revenue growth rate has been increasing rapidly as a result of increasing disposable income and increased demand for leather goods globally. Leather as a raw material for various products lasts longer, is comfortable, and more aesthetically appealing than products made using synthetic materials. Introduction of newer technologies and machinery for deployment in leather goods manufacturing has enhanced efficiency of various hide curing and tanning processes. This is also providing major advantages in production and output and is expected to drive growth of the leather chemicals market. Implementation of more stringent environmental regulations is resulting in an increasing number of leather chemicals manufacturers investing in technologies that enable compliance and also enable more efficient production. E-commerce distribution outlets have also opened up more opportunities for growth among players in the leather goods industry, as well as for the leather chemicals manufacturers.
However, usage of these chemicals require high volume of water for various processes, has high toxicity, releases carbon and waste, and high content of heavy metals and phthalates can pose a serious environmental hazard. These are some major factors expected to restrain market growth to some extent.
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Leather Chemicals Market: Drive factors
As of my last update in September 2021, I can provide you with some general drive factors that were influencing the leather chemicals market. Please note that the market conditions may have evolved since then, and it's essential to consult up-to-date sources for the latest information. Some key drive factors for the leather chemicals market include:
- Growing Demand for Leather Products: The global demand for leather products such as footwear, bags, apparel, and accessories has been steadily increasing. This demand has been driven by fashion trends, increasing disposable incomes in emerging economies, and a preference for high-quality and durable products.
- Industrialization and Urbanization: Rapid urbanization and industrialization in developing countries have led to an increase in leather production capacities and the expansion of the leather goods industry. This has boosted the demand for leather chemicals used in various stages of leather processing.
- Technological Advancements: Advances in chemical processing technologies have led to the development of innovative leather chemicals that enhance the quality, finish, and durability of leather products. Manufacturers are constantly introducing new and improved leather chemicals to meet consumer demands.
- Environmental Regulations: The leather industry has faced increasing scrutiny regarding its environmental impact. Stringent environmental regulations have pushed manufacturers to adopt eco-friendly and sustainable leather processing methods. This has led to a growing demand for green and bio-based leather chemicals.
- Consumer Awareness: With a rising focus on environmental and ethical concerns, consumers have become more conscious of the materials used in the products they purchase. As a result, there has been a growing demand for leather goods processed with environmentally friendly chemicals.
- Leather Recycling and Upcycling: Efforts to promote circular economy principles have led to increased interest in leather recycling and upcycling. This has created a demand for chemicals used in leather rejuvenation and recycling processes.
- Economic Growth in Emerging Markets: Emerging economies, particularly in Asia and Latin America, have witnessed significant economic growth and increased consumer spending power. As a result, the demand for leather products has risen in these regions, driving the need for leather chemicals.
- Fashion and Luxury Industry Trends: The fashion and luxury industries play a crucial role in driving the demand for leather products. The popularity of leather goods in high-end fashion and luxury brands has contributed to the growth of the leather chemicals market.
- RD Investments: Research and development activities by chemical manufacturers to develop advanced and cost-effective leather chemicals have positively impacted the market's growth.
These are some of the primary drive factors that were shaping the leather chemicals market as of 2021. For the most current information, it's recommended to refer to more recent industry reports, market analyses, and expert opinions.
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