Global tannin market is anticipated to procure a valuation of more than USD 3,755 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
The robust rise in the demand for tannin from the leather industry is one of the major parameters driving the growth of the global tannin market. The product demand from the wine industry and the rapidly increasing disposable incomes, especially in the emerging economies, will also help escalate the industry expansion.
Driven by the improving standards of living, rising disposable incomes, and robustly changing lifestyles, the consumption of alcohol has increased considerably. The increase in incomes has also led to a surge in the demand for clothes, automobiles with highly luxurious leather interiors, shoes, and other luxury goods, which will help augment the global tannin market share.
The rising deployment of tannin in healthcare, wood adhesives, and other applications will supplement the growth of this market. Changing consumer demographics and new emerging markets will also provide a host of opportunities for the industry contenders.
Tannin is used across a spate of applications, including wood adhesives, leather tanning, and wine production. As per the report, the leather tanning segment is anticipated to dominate the global market over the forecast duration. The growth is mainly due to the rising demand for leather from the automotive and textile sectors. The process of leather tanning is inclusive of animal skin and hide treatment for leather production. The rising affordability for leather owing to increasing income levels will drive the expansion of the global tannin market from leather tanning.
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Geographically, the overall tannin industry is segregated into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. As per the report, Europe held a majority of the global market share in 2017. The presence of the highly established wine industry in the continent will drive the regional tanning market growth. The rising product demand from the automotive and leather industries will further fuel the adoption of tannin. Leather is majorly used in the automotive industry for designing luxurious car interiors.
As per the report, Asia-Pacific tannin market is anticipated to depict the highest CAGR during the projected duration, pertaining to the rising disposable incomes, growing population, and enhanced lifestyles in the emerging economies of the continent. A considerable upsurge in the demand for luxury leather goods has been observed in the region, which will further boost the APAC tannin market. Also, major industry players are expanding their presence in the developing countries such as China, India, Malaysia, and Indonesia, in order to leverage the rising number of growth opportunities offered by these countries.
Some of the key pointers highlighted in the report include:
- In 2017, leather tanning, in terms of revenue, emerged as the dominant segment in the global market.
- In 2017, Europe was the major shareholder in the worldwide tannin market.
- Asia Pacific tannin market is expected to grow with the highest CAGR over the predicted period.
The competitive landscape of the overall tannin market includes companies like Tannin Corporation, Zhushan County Tianxin Medical & Chemical Co., Ltd., Forestal Mimosa Ltd., Ever s.r.l., Ajinomoto OmniChem N.V., Laffort SA, Tanin Sevnica d.d., W. Ulrich GmbH, Tanac S.A., and S.A. Polson Ltd. These companies often form collaborations with other industry leaders to innovate and introduce novel products in the market to cater to the changing demands of consumers.