The global tannin market size is expected to reach USD 3.78 billion by 2028, according to a new study by Polaris Market Research. The report “Tannin Market Share, Size, Trends, Industry Analysis Report, By Product (Hydrolysable, Non-Hydrolysable, Phlorotannins); By Application (Leather Tanning, Wood Adhesives, Wine Production, Others); By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rapid increase in the demand for the product from the leather industry majorly drives the growth of this industry. Growing demand from the wine industry and increasing disposable income especially in developing regions support the industry growth. Consumers are increasingly consuming alcohol owing to rising living standards, rising disposable income, and improving lifestyles.
The rising demand of luxury goods, automobiles with luxurious leather interiors, clothes, and shoes are expected to drive the industry during the forecast period. The growing use of the product in applications such as healthcare, and wood adhesives would further supplement the industry growth. New emerging markets and emerging consumer demographics would provide growth opportunities for the tannin market over the coming years.
Europe accounted for the majority of the revenue share in 2020. The highly established wine industry majorly drives the industry growth in the region. The increasing demand from the leather and automotive segment further augment the adoption of the product.
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Leather is used in the automotive segment to design luxurious interiors for cars. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to increasing population, rising disposable incomes, and improving lifestyles in developing countries of this region.
A significant increase in the demand for luxury leather goods, and the food manufacturing industry has been registered in the region, thereby boosting the tannin market. Leading global players are expanding their presence in developing nations of China, Japan, India, Indonesia, and Malaysia to tap the growth opportunities offered by these countries.
The product is used in various applications such as leather tanning, wine production, and wood adhesives among others. The leather tanning segment is expected to lead the industry during the forecast period owing to increasing demand of leather from textiles and automotive industries. The segment involves treating animal skins and hides for the production of leather. Rising disposable income, high standards of living, and growing demand for leather goods drive the growth of the industry.
The well-known companies profiled in the report include Forestal Mimosa Ltd., Tannin Corporation, Laffort SA, Tanac S.A., Tanin Sevnica d.d., Zhushan County Tianxin Medical & Chemical Co., Ltd., S.A. Ajinomoto OmniChem N.V., Polson Ltd., W. Ulrich GmbH, and Ever s.r.l. among others. These companies launch new products and collaborate with other industry leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.