New York
City, 25 January 2019: The Report 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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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.
Competitive Landscape and Key Vendors:
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.
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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