The Tanning Agents Market is expected to register a CAGR of greater than 6% during the forecast period.
COVID-19 negatively impacted the market in 2020. However, the market is now estimated to reached pre-pandemic levels and is expected to grow steadily.
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COVID-19 negatively impacted the market in 2020. However, the market is now estimated to reached pre-pandemic levels and is expected to grow steadily.
Key Highlights
- The rapid increase in demand for high-quality leather is expected to drive market growth during the forecast period.
- High operational costs and stringent environmental regulations are anticipated to hinder the market's growth.
- An increase in investment in R&D to develop alternate tanning technologies will likely create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Tanning Agents Market Trends
Leather Tanning - The Fastest Growing Segment by Application
- The fastest-growing application in the tanning agents market is the leather-tanning application. Leather tanning involves treating the skins and hides of skins to produce leather. The process produces soft, durable, and flexible material.
- Various materials are used in the tanning process of leather. Most are iron, aluminum, titanium, zirconium, and chromium. Chrome tanning is widely employed due to its high tensile strength and high-temperature shrinkage property.
- Leather-tanned products are widely used in various end-user industries, such as the footwear and packing industry.
- According to the Department for Promotion of Industry and Internal Trade (India), in the fiscal year 2021, leather footwear contributed to around USD 1.5 billion of India's leather exports. That year, total leather exports were around USD 3.7 billion, thus, supporting the market growth during the forecast period.
- Furthermore, according to the Travel Goods Association, retail sales of personal leather items in the United States increased by over 80% from 2020 to 2021, from USD 1.9 billion to approximately USD 3.4 billion. Thus, positively increasing the growth of the market.
- Owing to all these factors, the market for tanning agents will likely grow worldwide during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific dominated the global market. With growing footwear and personal care industries in countries like China, India, Japan, and South Korea, the consumption of tanning agents is increasing.
- Personal care is one of the fastest-growing sectors in countries like China and India. For example, the Indian electronics industry is one of the fastest-growing industries globally.
- India's personal care and cosmetics sector is expected to grow continuously, with increasing shelf space in retail stores and boutiques. It will, thus, support the growth of the market.
- The domestic electronics manufacturing sector is expanding at a steady rate, owing to favorable government policies such as 100% foreign direct investment (FDI), no requirement for industrial licenses, and the technological transformation from manual to automatic production processes.
- According to a Ministry of Economy and Industry report, the country's beauty and personal care (BPC) industry was expected to reach more than USD 10 billion by 2021, driving the market's growth.
- Furthermore, China is the world's largest producer of footwear. Almost 54.1% of the footwear produced worldwide in 2021 was produced in China. China manufactured more than half of the world's shoes in 2021. Hence, positively increasing the market growth.
- Due to all such factors, the region's tanning agents market is expected to grow steadily during the forecast period.
Tanning Agents Industry Overview
The tanning agents market is partially consolidated in nature. Some of the major players in the market include BASF SE, LANXESS, Merck KGaA, Leather International, and CLARIANT, among others (in no particular order).Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size in Value)
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- ANGUS Chemical Company
- BASF SE
- Chemtan Company, Inc.
- CLARIANT
- Ecopell GmbH
- LANXESS
- Leather International
- Merck KGaA
- SCHILL+SEILACHER GMBH
- Silvateam S.p.a.
- TRUMPLER GmbH & Co. KG
- Viswaat Chemicals Limited
- VOLPKER SPEZIALPRODUKTE GMBH
- Smit & Zoon
Methodology
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