Market Trends of Leather Chemicals Industry
This section covers the major market trends shaping the Leather Chemicals Market according to our research experts:
Textile Industry to Witness Higher Potential Growth
- Leather chemicals are generally applied on skins to prevent the deterioration caused by microorganisms and improve the texture of leather by making leather suitable for further applications.
- Leather is used for various applications, such as clothing and fashion in the textile and footwear industries, in interiors for the automotive industry, etc.
- The application of leather in the textile industry is on the rise, owing to the changing preferences toward the fashion-oriented generation.
- The world population is increasing annually, leading to a rise in the textile industry. The global population is anticipated to reach 8.1 billion by 2025, impacting the textiles market's growth. China is the world's leading producer and exporter of raw textiles and garments.
- In 2021, China accounted for over 41% of the world's textile exports, followed by the European Union and India. In December 2022, approximately 3.47 billion m of clothing fabric was produced in China. Monthly textile production volume was consistently above three billion m.
- According to IBEF, the Indian textiles industry is expected to reach USD 250 billion. India's textiles industry contributed 15% to the export earnings of India and is estimated to rise further in the upcoming years.
- India's textile and apparel exports (including handicrafts) stood at USD 44.4 billion in FY22, a 41% increase YoY. The Indian textile and apparel industry is expected to grow at 10% CAGR and reach USD 190 billion by 2025-26. India includes a 4% share of the global trade in textiles and apparel.
- Moreover, according to the National Council of Textile Organizations in the United States, the shipment value for US textiles and apparel was estimated at around USD 77.9 billion. US fiber, textiles, and apparel exporters were USD 28.6 billion. It is expected to rise further in the upcoming years.
- Through the forecast period, such factors are expected to drive the market for leather chemicals in the textile industry.
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India to Dominate the Market in Asia-Pacific Region
- India is expected to become a leader in the automotive industry by 2030, providing opportunities for electric and commercial vehicles. The rise in demand is due to an increase in middle-class income and young population growth.
- Moreover, the Indian automotive industry became the fourth largest in the world, with sales increasing by 8% annually. The increasing automotive industry is expected to increase the market for leather chemicals for its applications in the interior and exterior parts.
- According to the Indian footwear industry report, footwear production is crossing approximately 22 billion pairs annually, accounting for around 9.6% of the global output contribution. India is the world's third-largest footwear consumer, followed by China and the United States. The domestic market consumes about 90% of the footwear produced in India, and the country exports the rest.
- The United States is India's largest importer of leather and leather products, accounting for 25.19% of the country's total leather exports from April-August 2022. Germany and the United Kingdom accounted for 10.86% and 9.71% of the exports during the same period.
- In India, the export of leather, leather products, and footwear for April-August 2022 touched USD 2,377 million against the performance of USD 1,831 million in April-August 2021, recording a growth of 29.81%.
- The factors above are expected to drive market growth for leather chemicals in the country.
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