Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “PU Sole Footwear Polyurethane Market Information by Application, by Raw Material, and Region – Forecast till 2032”, The PU sole footwear polyurethane market will expand from USD 5.2 billion in 2023 to USD 9.6 billion by 2032, with a CAGR) of 7.80% during the projected period (2023 – 2032).
Market Synopsis
The expansion of the footwear market, which is fueled by shifting fashion and lifestyle trends, will benefit the PU Sole Footwear Polyurethane market. Shoes made of polyurethane have outstanding qualities like high mechanical strength, which makes them durable and sturdy. In a range of footwear designs, including casual, sports, formal, boots, slippers, and sandals, polyurethane (PU) soles are gaining popularity. The PU sole footwear polyurethane market is anticipated to expand as a result of the rising demand for PU soles in sports and leisure applications. Additionally, it is anticipated that greater awareness of the need for safety footwear will support the expansion of the PU sole footwear polyurethane market.
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Market Competitive Landscape:
The key companies in the PU sole footwear polyurethane industry are
- Asahi Kasei Corporation
- BASF SE
- Huntsman International LLC
- Dow
- Coim Group
- Wanhua
- The Lubrizol Corporation
- Covestro AG
- INOAC CORPORATION
- Trelleborg AB.
Market USP Covered:
Market Drivers:
The market has advanced due to the rise of young people’s fashionable and active lifestyles. The highly sought-after nylon Fabre is used to create cosy, reasonably priced jogging and trekking shoes. Among young people, casual clothes has become more stylish and well-liked. Fashionable running trainers are also made from nylon fibre. As a result of its durability and light weight, polyester footwear is also growing in popularity. As a result, both young people and older people have a need for footwear made of polyester. The expansion of the textile industry in developing nations is one of the factors fostering the market’s expansion rate. The market gains from the increase in young people’s, largely male, use of stylish, polyester-based casual footwear.
There is a growing need for fashionable footwear that can be worn to both formal and informal gatherings as the number of working women increases globally. Additionally, as disposable income rises, consumers are able to spend more on luxury goods, which is driving the growth of the footwear industry. The desire for brand-new, upscale, and modern shoes, slip-ons, and flip-flops is driving the rise of the footwear industry.
The number of people using various social networking sites has gone up in tandem with the increase in internet access. Due to this, the bulk of the industry’s big players intend to advertise their goods and services on these social media sites. Social media marketing is one of the key strategies used by many businesses and industries, including the market, to inform potential customers about the products they are offering. As a result, social media marketing is seen as a key strategy for the global footwear market to gain traction and, ultimately, success.
Market Restraints:
The worldwide appeal of footwear brands like Nike, Adidas, and Puma has led to the rise of counterfeit brands. In emerging economies where consumers are price-conscious, counterfeit brands are prevalent. This prevents the existing unique footwear companies from selling well in these countries.
COVID 19 Analysis
The COVID-19 epidemic years saw the largest-ever decline in the footwear industry as people’s need to leave their homes to go shopping was diminished by the lockdown, the new norm of Work from Home (WFH), and the deeper penetration of e-commerce. The effect destroyed almost 14% of the footwear market, and it is not anticipated that the market will reach 2019 levels before 2023.
24,016.88 million pairs of shoes were sold worldwide in 2019, however, that number fell to 20,399.93 million pairs in 2020. As a result, around 14% of the market was destroyed in a single year. This had a disastrous effect on the market for PU sole footwear polyurethane.
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Market Segmentation
By Application
Sports, formal, casual, boots, slippers, and sandals are among the application-based segments of PU Sole Footwear Polyurethane. The Casuals industry dominated with a revenue share of 37.68% of the whole market.
By Raw Material
Toluene diphenyl diisocyanate (TDI), methylene diphenyl diisocyanate (MDI), and polyols are the raw materials listed in the study.
Regional Insights
The largest share 45.80%, belongs to the North American market. In North America, the footwear industry has grown and become well-established. All market segments in the area, including those for athletic, casual, and fashionable footwear, are experiencing sustained demand for footwear. The North American market is led by the U.S., while Canada will attain the fastest rate of growth.
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