NEW YORK, Sept. 7, 2020
- The main factor influencing the growth of the tannin market is projected to be rising demand from the leather production and winemaking industries.
- Market Size – USD 1.98 Billion in 2019, Market Growth - CAGR of 5.7%, Market Trends – High demand from developing nations.
NEW YORK, Sept. 7, 2020 /PRNewswire/ -- The global Tannin Market is forecast to reach USD 3.09 Billion by 2027, according to a new report by Reports and Data. A significant factor driving future growth has been increasing demand from the leather industry globally. Owing to the increased knowledge of the medicinal benefits of tannin-based drugs, the usage of tannin extracts in pharmaceuticals has increased. Due to its excellent antioxidant effects, tannins are widely used for wine processing. These are used to stabilize the wine's color and also to ensure structural stability. Both these conditions are projected to support wine consumption over the forecast era. Tannins include mucosal tissues that coagulate proteins and are beneficial for skin inflammation and pain-relieving. Tannin related drugs are used to heal skin cuts, bruises, sore teeth, burns, bronchitis, and minor illnesses. Tannin extracts are used in all three phases of the processing of leather, including planning, tanning, and crusting. In 2019, leather tanning became the growing product group owing to this demand, which is predicted to retain its domination in the coming years.
Due to its antibacterial properties, hydrolyzable tannins are sometimes used in the production of pharmaceuticals. The latest findings have found these tannins have positive effects on cancer. It is produced from hemlock wood, chestnuts, mangrove, and an oak tree. There is also an abundant supply of cranberries, almonds, walnut, apples, and oranges. These plants & fruits are readily available, and it is straightforward to extract. It is graded as compact, hydrolyzable, and phlorotannin. Hydrolyzable functions as a cancer killer according to study. Phlorotannin is used in pharmaceutical companies, as it has oxidizing effects and precipitates proteins. Anti-oxidation, station-protective, anti-cancer, and antidiabetic are the main products. Increasing demand for boots, purses, and bags attributable to improved economic standards may have a beneficial impact on the scale of the tannin industry. Increased competition for leather upholsteries in the automotive sector due to consumer propensity towards a better aesthetics of vehicles can act as another significant contributor to product demand.
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Rising demand for wood adhesives is expected to drive market growth due to compatibility with a large variety of substrates coupled with low production costs and faster cure time. It has a wide spectrum of use in wooden furniture, musical instrument, and flooring. Tannin is an important feedstock for the manufacture of wood adhesives, which stimulates the growth of the industry. Tannin's anti-inflammatory activity helps manage symptoms connected with painful gastrointestinal conditions, esophagitis, enteritis, and gastritis. The anti-inflammatory properties control gastritis, enteritis, inflammatory bowel disorders, and esophagitis. It provides immediate relief to sore throat, skin ulcer, tiredness, and hemorrhaging that can push its demand in the global pharmaceutical industry. Primers manufactured with tannin additives can endure harsh weather conditions and smooth the rusted steel surface, which can fuel the market for the product.
Due to antioxidant effects, Tannin also finds use in wine processing. It gives the wine a smooth texture to color stabilization. It aids in the fermentation and proper aging of the wine. The improvement in lifestyle has contributed to a growth in wine intake, thus leading to the wine demand on special occasions. Plants containing tannin comprises the quickly cultivated and procured eucalyptus, sainfoin, mangroves, and canaigre. Brown algae are typically present in water sources that include close shore lakes, rock pools, and tidal splash areas.
The COVID-19 impact:
While the COVID-19 epidemic is rising, manufacturers are gradually adapting their production and purchasing strategies to fulfill the challenges of a pandemic that has created market-based tannin needs. There will be a series of negative and positive disruptions over a few months as retailers and their suppliers respond to growing customer demands. Because of a lack of downwind demand, the effect of this pandemic would transform the global tannin industry, some manufacturing plants would either shut down or decrease their capacity. Others, however, stopped their output as a precautionary move to prevent the spread of the virus. For other nations, by looking at the severity of the crisis and the consequent behavior of the state officials themselves, customers are centered on becoming more important. Market dynamics in Asia Pacific countries have become chaotic in all of these situations, collapsing frequently and finding it impossible to stabilize.
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Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented into the global Tannin Market on the basis of sources, product, application, and region:
Sources Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Product Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
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