LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global tannin market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The growing demand for tannin from the leather manufacturing and winemaking industries is the key driving factor for the market growth. The growth in these industries is attributed to the rising disposable income of consumers. In addition, the high demand for wood adhesives is also fostering the market for tannin.
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The top three emerging market trends driving the global tannin market according to Technavio research analysts are:
- Development of new technologies and R&D activities in automotive industry
- Growing demand for wood adhesives
- Demand from food and beverages industry
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Development of new technologies and R&D activities in automotive industry
The use of tannin in the automotive segment is directly proportional to the use of leather. The high-quality leather used in the automotive segment for car upholstery is manufactured using tannin. Therefore, the increasing use of leather in the automotive industry augurs well for the growth of the tannin market.
According to Mohd Shakeel Iqbal, a lead analyst at Technavio for specialty chemicals research, “Companies are making significant investments in R&D activities and are striving toward the development of an environment-friendly leather manufacturing processes. The development of new technologies which are at par with the needs of the automotive industry is expected to foster growth in the global tanning market.”
Growing demand for wood adhesives
The global tannin market is expected to grow during the forecast period because of the growth in the wood adhesives market. The growing number of construction activities along with increasing consumer spending on building refurbishment and renovation will drive the wood adhesives market in the next five years. Tannin is used as an essential feedstock to manufacture wood adhesives that are used in wooden furniture, flooring, windows, doors, and in musical instruments as well.
The growing demand for wood adhesives is also attributed to the compatibility of wood adhesives with a wide range of substrates, low production cost, and faster curing time. The regions where the demand for wood adhesives is growing are the Americas, APAC, and Europe. Thus, with the growing use of wood adhesives, the consumption of tannin is also expected to grow during the forecast period.
Demand from food and beverages industry
The demand for tannin in the food industry is growing in Europe as well as in APAC. Tannins are extensively used in red wines. Wine is made from the skins, seeds, and stems of grapes. Tannins are added to the wine during the winemaking process. They help in a long and graceful aging potential and add softer and more elegant flavor to the wine. Tannins derived from Oak trees enhance the smell and taste of the wine by adding unique notes of vanilla and licorice. Tannins also act as natural preservatives and prevent oxidation and spoiling in wines.
“The increasing consumption of tannin in the food and beverages industry is expected to fuel the growth in the global tannin market. Apart from wine, tannin is used by several companies as food preservatives. Companies are using new procedures to process tannin from different sources to facilitate higher shelf life to the food products. This is also expected to foster the demand for tannin in next five years,” says Shakeel.
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