Innovation and Technology Driving the PU Sole (Footwear...

Innovation and Technology Driving the PU Sole (Footwear Polyurethane) Market

Posted 2023-05-15 06:57:08

Polyurethane (PU) soles are widely used in the footwear industry due to their durability, flexibility, and lightweight nature. They offer excellent cushioning and shock absorption properties, making them popular for various types of footwear, including athletic shoes, casual shoes, and work boots.

The PU sole (footwear polyurethane) market size is estimated to be USD 4.2 billion in 2019 and projected to reach USD 5.9 billion by 2024, at a CAGR of 7.6%. The demand for PU soles in the footwear industry is influenced by factors such as consumer preferences, fashion trends, and overall economic conditions. The market for PU soles is generally driven by the growth of the footwear industry as a whole. Emerging economies with a rising middle class, such as China and India, have seen increased demand for footwear, which in turn boosts the demand for PU soles.

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Increasing footwear production and sales—the major driver of the PU sole (footwear polyurethane) market.

APAC is estimated to be the largest and the fastest-growing market for PU sole (footwear polyurethane). The high growth rate of the market in the region is due to the increased production of footwear in countries, such as China, India, Indonesia, and Vietnam. China is projected to be the largest market for PU sole (footwear polyurethane) in the APAC region. Indonesia is estimated to be the fastest-growing market in the region as well as globally. The regional demand is expected to increase during the forecast period, owing to growing population and consumer spending. China is the leading manufacturer and consumer of footwear in APAC. The high demand for sports and casual footwear is expected to drive the demand for PU sole (footwear polyurethane) in the region.

The key companies profiled in the PU sole (footwear polyurethane) market report are BASF SE (Germany), Covestro (Germany), DuPont (US), Huntsman (US), Wanhua Chemical Group (China), Coim Group (Italy), Lubrizol (US), Lanxess (Germany), Manali Petrochemical (India), and INOAC (Japan)

BASF (Germany) is a chemical company having presence in more than 80 countries. The company operates through six business segments, namely, chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. It has 13 operating divisions and 86 strategic business units. In January 2018, BASF established a new MDI synthesis unit in Geismar, Louisiana. The annual capacity of MDI production of the production facility will increase from 300,000 metric tons to 600,000 metric tons. This expansion enabled the company to enhance its presence in North America.

Covestro (Germany) manufactures high-tech polymer materials and also develops many other consumer products. The company operates through three major business segments, namely, polyurethanes; polycarbonates; and coatings, adhesives, and specialty. In June 2018, the company increased its Thermoplastic Polyurethane (TPU) production capacity at its West Virginia (US) plant. This expansion will increase Covestros annual production capacity of TPU by 25.0%, which in turn, will help the company to expand its footprint, globally.

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Casuals is the largest footwear segment in the overall PU sole (footwear polyurethane) market.

The casuals segment is projected to be the largest footwear in the overall PU sole (footwear polyurethane) market. The large market size for this segment is attributed to consumer preference for casuals in the developing economies because casual footwear offers a wide range of performance for outdoor activities. Loafers, sneakers and flats are some of the types of casual footwear available in the market.

Methylene diphenyl diisocyanate (MDI), is the fastest-growing raw material for PU sole (footwear polyurethane).

Methylene diphenyl diisocyanate (MDI) is a raw material for PU sole (footwear polyurethane). MDI is the most widely-used aromatic diisocyanate in footwear polyurethane, which primarily exists in three isomers, namely 2,2- MDI, 2,4-MDI, and 4,4-MDI. 4,4’-MDI isomer is used in shoe sole formulation. In order to make polyurethane for footwear, MDI is reacted with polyols in the presence of other additives. MDI-based polyurethanes have applications in compact outsoles and unit soles. The properties of methylene diphenyl diisocyanate (MDI), such as high degree of stiffness and resilience is expected to drive the market for this segment.