According to a research report titled ‘Global Leather Chemicals Market Size study, by Product (Biocides, Surfactants, Chromium Sulfate, Polyurethane Resins, Sodium Bicarbonate and Others), by Process (Tanning & Dyeing, Beamhouse and Finishing), by End-use (Footwear, Upholstery, Garments and Leather Goods), and Regional Forecasts 2021-2027’, available with Market Study Report, global leather chemicals market was valued at USD 8.08 billion in 2020 and is projected amass USD 13.23 billion by the end of forecast period 2021-2027, registering a CAGR of 7.3% throughout.
 

Report findings state that the increasing demand for chemicals from textile and home furnishing industry is a key factor influencing worldwide leather chemicals market growth. Moreover, rise in use of leather chemicals for pH neutralization and reduction of pH levels in rechroming procedures is enhancing the industry revenue.
 

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Moreover, government decisions in favor of the leather industry are positively impacting the overall market outlook. For instance, in 2017, the Indian government reduced goods and services tax (GST) on leather garments, products, and leather chemicals from 28% to 18%. In 2018, the government again reduced the GST on job work for production of leather footwear & goods from 18% to 5%.
 

Furthermore, ongoing research activities on eco-friendly and bio-based products are expected to propel the global leather chemicals market demand in the upcoming years. Surging demand for recycled polyester staple fiber is also creating several new opportunities for businesses operating in this domain.
 

For the uninitiated, leather chemicals are used to process raw material hides into finished goods. These chemicals are responsible for providing texture, color, smoothness, and pattern to leather products.
 

Despite the positive industry outlook, rising concerns about environment protection, and stringent rules regarding use of leather chemicals are likely to hamper the overall market development in the ensuing years.
 

Elaborating on the regional front, North America, Latin America, Asia Pacific, and Europe are generating significant contributing to the overall leather chemicals market remuneration. Expert analysts cite that Asia Pacific currently captures majority of the market share owing to lower labor costs and abundance of raw materials in the region.
 

Meanwhile, Europe market is anticipated to register a rapid growth rate during the forecast period. This can be attributed to the region’s dominion over consumer appliances, footwear, and automobile industries.
 

Key contenders in global leather chemicals market are Pulcra Chemicals GmbH, Indofil Industries Ltd., Schill+Seilacher GmbH, Zschimmer & Schwarz Chemie GmbH, Lawrence Industries Ltd., Chemtan Company Inc., Elementis plc, Bayer AG, Lanxess AG, and Stahl International B.V.