Tannin Market To Witness Significant Growth Due To Increasing Demand For Wood Adhesives And High Demand From Food & Beverages Industry Till 2025 | Million Insights
Global Tannin Market is anticipated to reach USD 3.39 billion by 2025. Tannin is an organic substance mainly present in tissues, yellowish or brownish bitter-tasting fruits, barks, leaves of several plants. It is also known as “Tannic Acid”. High content of tannin is present in plants. They protect them from growth regulation and predation. The fruits like organs, grapes, pecans, blueberries, strawberries, and cranberries are the rich source of tannin. Tannin are used in cuts and burns for lower the bleeding and healing, and in several applications.
The factors that propel the growth of the tannin industry include demand from food and beverages industry, advent of new technologies and R&D activities in automotive industry, and growing demand for wood adhesives. On the other hand, there are factors that may hamper the growth of the market including toxic properties of tannin on humans. Tannin Market is anticipated to grow at a significant CAGR of 6.7% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
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Tannin industry may be explored by source, product type, application, and geography. The market may be explored by source as Brown Algae, and Plants. The “Brown Algae” segment led the Tannin Market in 2016 and is anticipated to maintain its dominance by 2025.The key applications that could be explored in the market include Wine Production, Leather Tanning, Anti-corrosive Primers, Wood Adhesives, and Others. The “Leather Tanning” segment led the market in 2016 and is anticipated to maintain its dominance by 2025 due to increasing consciousness among customers concerning the benefits of tannin, and diverse applications in clothing, automotive seats, and furniture.
The market could be explored based on product type as Hydrolysable, Phlorotannins, and Non-hydrolysable. The “Hydrolysable” segment led the tannin industry in 2015 and is anticipated to maintain its dominance by 2025 owing to anti-bacterial properties.
North America accounted for the major share of the Tannin Market Size in 2015 and will continue to lead in the forecast period. The factors that could be attributed to the growth include the increase in leather and wine consumption in the region, and Demand for tannin in the medical industry. On the other hand, India and China are anticipated to establish a prominent share in the forecast period.
Some of the key players that fuel the growth of the tannin industry comprise W. Ulrich GmbH, Tannin Corporation, Laffort S.A., and S.A. Ajinomoto OmniChem. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Market Segment:
Source Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• Plants
• Brown Algae
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• Hydrolysable
• Non-hydrolysable
• Phlorotannins
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• Leather Tanning
• Wine Production
• Wood Adhesives
• Anti-corrosive Primers
• Others
Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• North America
• U.S.
• Europe
• Germany
• France
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Middle East & Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals-and-materials
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