BURNABY, British Columbia, July 10, 2014 /PRNewswire/ --
Growing domestic and export demand for leather products coupled with favorable government policies to drive leather chemicals market in India during next five years
As per a recently published TechSci Research report, "India Leather Chemicals Market Forecast & Opportunities, 2019", the country's leather chemicals market revenues are projected to reach INR2,800 crore (USD465 million) by 2019. Increasing demand for leather products is positively influencing the leather chemicals market in India. Chemicals required at different stages of leather processing, i.e., beamhouse, tanning and finishing, are expected to witness growing demand over the next five years. However, the major factor determining a leather chemical's success in the Indian market over the coming years would be its compliance with international regulations like ISO, REACH, etc. European countries, which account for majority of Indian leather exports, are known for complying with their prevailing regulatory norms. Consequently, Indian leather manufacturers are increasingly using chemicals that comply with the existing European norms, which continues to boost the domestic demand for leather chemicals in the country.
In India, the leather industry is among the top ten foreign exchange earners. The industry was valued at around USD18 billion, with exports standing at around USD4.2 billion in 2013. The leather industry has witnessed a CAGR of around 15% over 2009-13 and this growth trend is expected to continue in coming years, thereby continuing to augment leather chemicals demand in the country. Presently, few of the major players involved in leather chemicals market in India include BASF, Stahl Holdings and TFL.
"In India's leather chemicals market, the finishing chemicals segment is projected to witness the highest growth during the next five years. This can be majorly attributed to the government's favorable policy measures to boost exports of finished leather products. Anticipated growth of these specialty chemicals is expected to significantly influence the leather chemicals market during the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
"India Leather Chemicals Market Forecast & Opportunities, 2019" has analyzed the potential of the leather chemicals market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intended clients with cutting-edge market intelligence and help them in making sound investment evaluations. The report also identifies and analyzes the emerging trends along with the essential drivers and key challenges faced by the leather chemicals industry in India.
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