Technological advances in the field of wireless technologies has enabled Leather product manufacturers to integrate wearable technology into their products. Leading fashion designers are partnering with technology firms to produce trendy wearable’s and luxury products as the market is adopting this concept broadly. For instance, Ralph Lauren introduced the ‘Ricky Smart Bag’ made from luxury leather that enables users to charge their phone by lifting one of the flaps that activates an internal light.
LEATHER AND ALLIED PRODUCTS MARKET TO GROW TO $542 BILLION BY 2020 ACCORDING TO THE BUSINESS RESEARCH COMPANY.
The global leather and Allied Products Manufacturing market is expected to $542 billion in 2020. The Americas was the largest region in the leather and allied products manufacturing market in 2016, accounting for $182 billion or 43.4% market share. This can be attributed to high disposable income, thereby fueling the demand for leather products.
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The chart below shows the year-on-year growth of the global leather and allied products manufacturing market during 2016 - 2020.
According to The Business Research Company’s Manufacturing Consultant, Abdul Wasay, leather product manufacturers are using alternative raw materials to produce leather. For instance, fish skin, which is considered to be a waste by the fishing industry, is increasingly being used to make leather products. Fish leather is available in many varieties through different fish species and finishes that can be applied to different kinds of products. The Fish Leather Co. exclusively produces fish leather. Other alternatives of leather are derived from fruit palm, mushroom and pineapple.
Among big and small players in the leather and allied products manufacturing industry Nike emerged as the largest company with revenues of $20 billion for the financial year ending May 2016, Nike’s growth strategy aims at building strategic partnerships focus on strengthening its position in global apparel and footwear market.
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Leather and Allied Product Manufacturing establishments are engaged in tanning or curing of hide into leather and using it in the manufacture of footwear, handbags, purse and other leather products. It also includes the manufacture of similar products with substitute materials such as plastics, rubber or textiles.
The leather and allied product manufacturing industry can be categorized into the following
Leather and Hide Tanning and Finishing comprises establishments that are engaged in tanning, currying, finishing hides and skins, having other process hides and skins on a contract basis and dyeing or dressing furs.
Footwear Manufacturing involves manufacturing of all footwear products except orthopedic extension footwear.
Women's Handbag and Purse Manufacturing facilities are engaged in manufacturing women’s purses and handbags with materials other than precious metal.
All Other Leather Good and Allied Product Manufacturingestablishments are engaged in manufacturing leather products except footwear, purse and handbags from purchased leather or leather substitutes such as fabrics and plastics.
Leather And Allied Products Manufacturing Global MarketBriefing is a detailed report giving a unique insight into this market. The report is priced at $1000 for an individual user. To use across your office the price is $1500 and $2000 if you wish to use across a multinational company.
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