New York, NY Dec 31 2019 : According
to a new study published by Polaris Market Research the worldwide Tannin Market is
anticipated to reach around USD 3,755 million by 2026. In 2017, the leather
tanning application dominated the global market, in terms of revenue. In 2017,
Europe accounted for the majority share in the global tannin market.
The rapid increase in the demand of tannin from leather
industry majorly drives the growth of this market. Growing demand from wine
industry, and increasing disposable income especially in developing regions
support the market growth. The 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 is expected to drive the market during the
forecast period. The growing use of tannin in applications such as healthcare,
and wood adhesives would further supplement the market growth. New emerging
markets, and emerging consumer demographics would provide growth opportunities
for tannin market in the coming years.
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Europe accounted for the majority of the market share in
2017. The highly established wine industry majorly drives the market growth in
the region. The increasing demand from the leather and automotive segment
further augments the adoption of tannin. 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 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.
Tannin 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 market during the
forecast period owing to increasing demand of leather from textiles and
automotive industries. Leather tanning involves treating of 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 market.
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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 market leaders to innovate
and launch new products to meet the increasing needs and requirements of
consumers.
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