New York, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Portable Leather Polishing Machine Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Portable Leather Polishing Machine Market Size:
The global portable leather polishing machine market is estimated to grow at a notable CAGR over the forecast period. Growing demand for high-end luxurious products is estimated to boost the market which is quite popular among the urban high-class population. Leather is extensively used in manufacturing various kinds of products including belts, bags, footwear, and jackets.
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Leathers are most preferred by high income group people since they can afford it. As per the latest statistics, the spending capacity per individual in China for 2020 stood at roughly USD 1156.70. Also, the income level of high-income population toppled over 7.5 billion in 2020. Further growing urban population and the increase in disposal income is expected to boost the growth of the market for the forecast period. Nearly 7 out of 10 people in the world will reside in cities by 2050, with the urban population more than tripling from its current level. Additionally, it is anticipated that increased use of leather-based interior decorating, particularly in the refurbishment of old furniture, will increase demand for portable leather polishing equipment.
Global Portable Leather Polishing Machine Market: Key Takeaways
- Asia Pacific region is anticipated to hold the largest market share.
- Centrifugal machine segment to hold the largest share.
- Europe to witness noteworthy growth.
Growing Demand in Textile Industry to Boost Market Growth
The growing demand for leather is expected to boost the demand for textile industry which is further expected to fuel market growth for portable leather machine. This industry plays a prominent role in transforming countries into industrialization-manufacturing led economy. Textile industry is indulged in manufacturing various materials such has fabric, yawn, and leather. Their technique of producing non-woven fabric is shifting the attention of market towards it, hence leading to a boost in its growth. Increasing birth rate and geriatric population are also expected to favour market expansion owing to their high consumption of hygienic products. World Population Prospects 2019 (United Nations, 2019) predicts that by 2050, 1 in 6 of the world's population will be over 65, up from 1 in 11 in 2019.
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Further, government support in promoting textile industry is expected to help the market grow over the forecast period, also leading to a growth in leather polishing machine market. More funds and schemes are launched by government to encourage more private equity and provide employment to the workers. Huge sums of money were provided by the government in programs including Integrated Textile Parks (SITP) (US$ 186 million) and Technology Upgradation Fund Scheme approximately (US$ 962 million) from 2015–16 to 2019–20 to promote private equity and create jobs. Owing to which the textile industry is expected to grow further. By 2025–2026, the Indian textile and apparel market is projected to be worth USD 200 billion by 2026.
Global Portable Polishing Machine Market: Regional Overview
The global portable polishing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
High Demand for High-End Fashion Products to Drive Growth in the Europe Region
High-end fashion is considered to be one of the most expensive and high-quality items. Most of the luxurious brand are established in Europe. France, Belgium, Spain, and UK are the major hubs for luxurious fashion products. Owing to the existence of wealthy middle and merchant class population the demand for luxurious brand is more in European region. The average wealth in Europe has increased by almost 50% over the past 10 years, with Switzerland leading the way with an increase of approximately USD 2.05 trillion, or a doubling of net wealth, during that time.
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Presence of Major Leather Treatment Companies to Favour Growth in the Asia Pacific Region
On the other hand, Asia Pacific is expected to hold the largest share for the forecast period owing to the existence of major leather treatment companies in the region. In December 2021, BASF introduced Elastollan, a high-performance and environmentally friendly drop-in solution for applications involving premium synthetic leather in Singapore.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Portable Leather Polishing Machine Market, Segmentation by Type
- Machine with Laps
- Wet-Blasting Machines
- Centrifugal Machines
Centrifugal machines segment is estimated to hold the sustainable market share over the forecast period owing to the growing usage of centrifugal machines in textile and accessory industry. Centrifugal machine is used in separating components of mixture on the basis of their size and density. They are easy to use and operate, and hence their demand is more for leather polishing. Most companies are working to improve the functional properties of centrifugal machines. Besides working for thin and small components, manufacturers such as ActON is offering upgraded centrifugal machines that can work perfectly in processing both small as well as long components of upto 160 mm. These machines are designed to minimize processing times by almost 40% as opposed to conventional methods.
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Global Portable Leather Polishing Machine Market, Segmentation by End-User
- Textile
- Consumer Goods
- Industrial
- Others
Consumers goods segment is anticipated to hold the notable share for the forecast period owing to increasing demand for consumer products, inclusive of luxurious products in the market. The luxury goods industry has been growing substantially in the historical years. In 2020, the luxury industry in the US was worth over USD 60 billion, followed by China which was worth USD 40 billion in the same year. Leather is most demanded by high-class people. Owing to its rich quality and increasing brand value they are most preferred by them. The quality life of population is also improving therefore they are demanding more of superior quality goods. Rise in demand for consumer products such as footwear, belts, wallets, jackets and increasing fashion accessories among men and women are expected to boost the market.
Furthermore, people have become more fashion conscious which is also anticipated to boost the market. These luxurious goods are known to increase self-esteem and confidence of an individual hence they spend more on these goods.
Global Portable Leather Polishing Machine Market, Segmentation by Operation
- Automatic
- Semi-Automatic
Few of the well-known market leaders in the global portable leather polishing machine market that are profiled by Research Nester are Foshan YXH Tube Mill & Mould Co., Ltd., WAND, Inc., Demaksan Deri Insaat Asansor Makina San. ve Tic. Ltd. Sti., Garg Machines, Blue Level GmbH, HARMAN International, Anduril Industries Inc., Bharat Engineering Works PVT. LTD., Leather Repair Company, TFL Ledertechnik GmbH and other market players.
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Recent Developments in the Global Portable Leather Polishing Market
- February 10, 2022: HARMAN International has completed its acquisition of Apostera, a German automation technology business.
- June 1, 2021: The organic leather chemicals (OLC) business of LANXESS was successfully acquired by TFL Ledertechnik GmbH, a top supplier of specialised chemicals on the international market.
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