The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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Global Bio Based Leather Market: Introduction
Bio based material is in its nascent stage with research and developments going on to widen its use significantly due to its renewable and eco-friendly characteristics. Bio-based products are expected to grow significantly in the latter half of the forecast period. Bio based leather is composed of polyester polyols, produced from bio-based succinic acid and 1, 3-propanediol. Bio based leather fabric has 70 percent renewable content, delivers improved performance and safety for the environment.
Bio based leather provides better scratch resistance and has a softer surface as compared to other synthetic leathers. Bio based leather is phthalate-free leather, owing to this, it has approval from various governments, shielded from stringent regulations and accounts for major share in the global synthetic leather market. Primary applications of bio based leather are in footwear, bags, wallets, seat cover, and sports equipment, among others.
Global Bio Based Leather Market: Dynamics
Inclination towards the adoption of green products coupled with increasing government regulations on polymer-based products/leathers is anticipated to propel the global bio based leather market over the forecast period. With the increase in fashion consciousness, people are more aware of the type of footwear to wear on different occasions. Further, a healthy economy and easy availability of credit, people are willing to try different things concerning luxury goods and automobiles, which can also be seen in the consumer confidence index. Catering to this demand for leather-based products, the global bio based leather market is booming at a significant growth rate.
On the flip side, an issue with a poor foundation in many developing nations. Import duties have constantly kept higher for chemicals other than their counterparts in developing nations, against the possibility of deferrals in a conveyance from ports. So the high cost of bio based leather manufacturing due to such barriers – taxes, import duties, port obligation, etc. is expected to hinder the global bio based leather market by end of the forecast period.
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Environment-friendly products are being continually developed by corporate groups. Greener products are becoming an integral research & development focus area, which has emerged as a key trend for the global bio based leather market
Global Bio Based Leather Market: Segmentation
The global bio based leather market can be segmented on the basis of application, sales channels, and regions. On the basis of applications, the global bio based leather market can be segmented as mentioned below:
- Footwear & Furnishing
- Seat Covers & Head Rests
- Door Panels
- Dashboards & Rear Shelves
- Steering Cover
- Other Interior Trim
- Bags & Wallets
On the basis of sales channels, the global bio based leather market can be segmented as mentioned below:
Global Bio Based Leather Market: Regional Outlook
Numerous regulation on synthetic leather in European economies is projected to act as a positive influencing factor for the Europe bio based leather market over the forecast period. New end-users who are willing to get into the goods & luxury market in different countries is expected to create opportunities for bio based leather manufacturer to cater to high volume demand for luxury goods. Furthermore, countries such as India, China, U.S., and Germany are the most important destination markets for key producers of bio based leather
Moreover, the Middle East & Africa and Latin America regions are anticipated to grow with a moderate CAGR during the forecast period.
Global Bio Based Leather Market: Industry Participants
The global bio based leather market is highly consolidated market due to the relatively low presence of small bio based leather manufactures. Few key players are identified across the value chain of the global bio based leather market which is –
- BioAmber Inc.
- Flokser A.?.
- DuPont Tate & Lyle Bio Products
- Parexel International
- Natural Fiber Welding
- Atlas Hessen Biotech
- and among others.
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