Leather Tanning Machinery Market to grow at a CAGR of 3.52% during 2024-2028
The Leather Tanning Machinery Market is expected to grow at a CAGR of 3.52% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 16.25 thousand. In response to the rising demand for luxury leather goods, particularly leather handbags, and the varying buying power of consumers, brands are adopting strategic product offerings. Kering's Gucci, for instance, has implemented a tiered approach to its product assortment in China. In less affluent tier 2 cities, the brand prioritizes the display of comparatively affordable leather goods and accessories, while major markets, such as Beijing and Shanghai, feature a wider range of high-end leather products to cater to customers with greater spending power. This approach allows Gucci to expand its reach while maintaining a balance between affordability and luxury.
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Technavio analysts predict that the Light leather tanning machinery subsegment will lead the Type segment during 2024 and 2028 The global leather tanning machinery market in 2023 is predominantly driven by the segment for light leather tanning machinery. Light leather tanning machinery is a crucial component in the production of light-colored leather from heavy hides. This machinery category encompasses smaller, more compact machines specifically designed for processing thinner and softer leather. The increasing preference for fashionable, comfortable, and trendy leather apparel, such as jackets, overcoats, handbags, and accessories, fuels the demand for light leather tanning machinery. Furthermore, the emergence of budget-friendly, stylish, and comfortable leather goods, including bracelets, necklaces, gloves, travel bags, belts, and others, will continue to bolster the demand for this machinery segment throughout the forecast period.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish durability of leather products translating into product value for customers
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The Leather Tanning Machinery market is a significant sector in the global leather industry, supplying equipment for the conversion of raw hides and skins into tanned hides. The process involves several stages, including soaking, liming, dehairing, bating, and finishing. Wet blue leather, which is produced during the liming stage, is then passed through machinery for chroming, coloring, and finishing to create the final product. Furniture industry is a major consumer of leather, utilizing tanned hides for upholstery and other applications. The protein structure of the leather is altered during the tanning process, making it durable and resilient. Animals are the primary source of raw hides and skins, with common sources being cattle, sheep, and goats. Leather Tanning Machinery is essential for tanneries, which process the hides and skins into tanned hides. The machinery used includes drum tanning machines, vat tanning machines, and finishing machines. The tanning process also includes various chemicals, with chromium being a commonly used tanning agent. The leather produced is used in various industries, including garments, leather goods, footwear, and furniture. The leather tanning machinery market is expected to grow due to increasing demand for leather in various industries and the continuous development of advanced machinery for efficient and eco-friendly leather production.
Technavio's market analysis encompasses the Leather Tanning Machinery Market as a segment of the expansive Global Industrial Machinery Market. This market segment comprises businesses involved in the production of industrial machinery and components, encompassing presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. The Global Industrial Machinery Market's size is determined by the consolidated revenue generated by manufacturers of machinery and components utilized in industrial settings. The Global Industrial Machinery Market's expansion is underpinned by several key drivers. Primarily, the increasing industrial output in process and discrete industries is leading to substantial capacity additions. This trend is fueled by the burgeoning demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in rapidly developing economies.
The Leather Tanning Machinery Market is experiencing significant growth, fueled by the durability of leather products translating into product value for customers. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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