Market Overview: The global market for PU sole (footwear Polyurethane) was valued at USD 4.98 Billion in 2020 and is projected to reach USD 7.47 Billion by 2028, growing at a CAGR of 5.2%. PU sole, made from footwear polyurethane, is highly sought after in footwear production due to its lightweight, abrasion-resistant, and long-lasting mechanical properties. Shoes made from this material boast exceptional practicality and water-resistance. Polyurethane, a petroleum resin and thermosetting polymer, ensures sturdy soles, making it a preferred choice for trekking shoes, safety shoes, and everyday footwear. The PU sole market is characterized by several key players, and its growth is attributed to changing consumer preferences, a rising disposable income, and the continuous demand for innovative and durable footwear in the fashion industry.
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Market Trends:
1. Increased disposable income worldwide has fueled a shift in consumer preferences towards high-quality and durable footwear, driving the demand for PU sole materials.
2. Key players are engaged in research activities to enhance polyurethane treatment systems, leading to more cost-effective solutions and improved molding properties.
3. Polyurethane stands out as the superior material for manufacturing soles, offering shock absorption, durability, and water resistance, making it ideal for safety shoes and other footwear.
4. China, India, and Vietnam have captured significant market shares by capitalizing on their youth population, high disposable income, and investments in the footwear industry.
5. Strategic mergers among market players have been observed to leverage market share and technical expertise, resulting in increased competitiveness.
6. Health and environmental concerns associated with polyurethane treatment pose challenges for the market, leading to regulations and a need for safer manufacturing practices.
7. The report highlights several prominent companies, including Asahi Kasei Corporation, BASF SE, Cellular Mouldings Coim Group, Covestro, Dowdupont Euro Foam Group, Huntsman Manali Petrochemicals, Rogers Corporation VCM Polyurethanes, and Wanhua Chemical Group.
Market Segmentation: The report covers market segmentation based on product type, raw materials, end use, and region.
- Product Types: Slippers and sandals hold approximately 40% of the PU sole market share, driven by their ease of wear and consumer preference for ergonomic comfort.
- Raw Materials: Methylene Diphenyl Diisocyanate (MDI) is the most commonly used raw material, comprising around 57% of the market share. It offers flexibility and is considered less polluting.
- End Users: Men constitute a significant share of PU sole consumers (about 51%), primarily using the material for safety shoes, athletic shoes, and trekking shoes.
- Regional Outlook: Asia Pacific dominates the market with around 53% of the share, driven by industries in India, China, Vietnam, and Indonesia, and a growing consumer demand. Latin America presents untapped opportunities, accounting for only 5% of the market share.
Key Coverage of the Report:
- Regional and country-wise assessment for the period 2016-2028, using 2016-2017 as historical data, 2020 as the base year, and 2019-2028 as forecast years for PU sole (footwear polyurethane).
- Competitive analysis of the PU sole market, including key industry players.
- Analysis of demand and supply gaps.
- Market share analysis of key industry players.
- Strategic recommendations for new entrants in the PU sole market.
- Market forecasts for at least 6 years for all mentioned segments and regional markets.
- Examination of market trends, drivers, constraints, opportunities, threats, challenges, and recommendations.
- Profiling of companies, including strategies, financials, and recent developments.
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