PU Sole Footwear Polyurethane Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
PU Sole Footwear Polyurethane Market Analysis
The Polyurethane Market For Footwear Applications Market is estimated to reach USD 2.34 Billion by the end of this year and is projected to reach USD 3.08 Billion in the next five years, registering a CAGR of 5% during the forecast period.
The COVID-19 pandemic has disrupted manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the market started recovering in the past two years by restoring the market's growth trajectory.
- The major factors driving the market studied are the rise in footwear sales and production growth.
- On the flip side, the rising environmental concerns regarding the usage of polyurethane materials are hindering the market's growth.
- The surging demand for comfortable footwear will likely act as opportunities in the future.
- Asia-Pacific region represents the largest market and is expected to be the fastest-growing market over the forecast period due to the consumption in countries such as China, India, and ASEAN Countries.
PU Sole Footwear Polyurethane Market Trends
The Rise in Athletic Footwear Production and Consumption
- Polyurethane is a lightweight material, which makes it ideal for slippers and sandals. The lightweight nature of polyurethane helps to reduce fatigue on the feet and legs, making it easier to wear footwear for extended periods.
- In 2022, the global footwear market registered at USD 381.9 billion as compared to 346.54 million in 2021 at a growth rate of 4.76%. The increase in the usage of athletic shoes is driving the market for footwear across the globe.
- Asia & Pacific is the largest market which is responsible for over 85% of global footwear production. The athletic footwear brands like Nike Adidas, Puma, etc. have manufacturing bases in China, and Vietnam.
- However, Nike and Adidas has shifted its manufacturing facilites from China to Vietnam and other countries in the past decade. Vietnam, for example, now produces more than twice as many Adidas shoes as China does.
- North America and Europe regions are the largest consumer of footwear in the world. In the North American region, footwear production is very low, as the region contributes 1.4% to global footwear production.
- In United States the number of people participating in sports activities is increasing thereby driving the market for Athletic footwear. For instance accoriding to Physicial Activity Council the sports participation rates of 6 plus age group people in various sports like fitness sports, outdoor sports, team sports increased to 67.4%, 55%,and 23.2% in 2022 as compoared to 67.3%, 53.9%, 22.4% in the previous year. These trends will increase the usage of athletic shoes in the country.
- Thus, the rise in the growth of footwear production and consumption is likely to drive the polyurethane market for footwear applications during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is one of the largest markets for footwear in the world. As of 2022, Asia & Pacific accounts for more than 88% of the world's footwear production. China, India are the largest manufacturers and consumers of footwear in the region.
- China is one of the largest consumers and manufacturers of footwear in the world. It is known that nine out of ten pair's shoes are produced in Asia, with China being the largest market in the region.
- Similarly, in India, the market for footwear registered a positive growth rate in recent times. The penetration of international brands, coupled with urbanization has driven the footwear market in the country. The government has focused on the footwear industry under the 'Make in India' initiative.
- Indian footwear manufactured (about 90%) is fulfilled to meet the local demand. The Indian footwear industry is estimated to grow at 4.5% in the coming years. Under the sports footwear category, running shoes are the most consumed category with a 1.5X spike compared to the previous year. Bata, one of the leading footwear brands in the country, has set out a plan to open new 500 franchise stores by the end of the year 2023.
- The Japanese footwear industry amounted to USD 29 billion in 2021. The average volume per person in the footwear market is expected to amount to 5.62 pairs in the country. These trends are excepted to drive the market for polyurethane in the country.
- All the above mentioned factors are driving the market demand for polyurethane used in footwear industry in the Asia-Pacific region.
PU Sole Footwear Polyurethane Industry Overview
The polyurethane market for footwear applications market is partially fragmented in nature. The studied market's major players include BASF SE, Covestro AG, Dow, Huntsman International LLC, and LANXESS.
PU Sole Footwear Polyurethane Market Leaders
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BASF SE
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Covestro AG
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Dow
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Huntsman International LLC
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LANXESS
*Disclaimer: Major Players sorted in no particular order
PU Sole Footwear Polyurethane Market News
- In Dec 2022, BASF and Australia's leading footwear provider Berkat Safety announced the launch of KAMU safety boots. Made with BASF's Thermoplastic Polyurethane (TPU) and Expanded Thermoplastic Polyurethane (E-TPU) materials, the safety boots provide long-term comfort, energy return, lightweight cushioning, and superior slip resistance.
- In Oct 2022, BASF SE announced the opening of a new Polyurethane Application Development Laboratory in Mumbai, India. The new laboratory will have state-of-the-art applications equipment in an approximately 2,000 sq meter space. The lab, excepted to be opened by 2024, will strengthen collaboration with Indian customers from high-growth industries, including Footwear, consumer appliances, and Others.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 The Growth in the Production and Sales of Footwear
4.1.2 Superior Properties of Polyurethane as Shoes Sole Material
4.1.3 The rising demand for Athletic Footwear
4.2 Restraints
4.2.1 High Cost of Polyurethane Soles used in Footwear applications
4.2.2 Increasing Environmental Concerns
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Material
5.1.1 PU Foam
5.1.2 PU Adhesives
5.1.3 Others
5.2 Application
5.2.1 Athletic Footwear
5.2.2 Leather Footwear
5.2.3 Sneakers
5.2.4 Textile & Other Footwear
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Asahi Kasei Corporation
6.4.2 BASF SE
6.4.3 Coim Group
6.4.4 Covestro AG
6.4.5 Dow
6.4.6 Era Polymers Pty Ltd
6.4.7 Huntsman International LLC
6.4.8 INOAC CORPORATION
6.4.9 Kasodur
6.4.10 LANXESS
6.4.11 Manali Petrochemicals Limited
6.4.12 Rogers Corporation
6.4.13 The Lubrizol Corporation
6.4.14 Trelleborg AB
6.4.15 Wanhua
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 The surging demand for comfortable footwear
PU Sole Footwear Polyurethane Industry Segmentation
Polyurethane materials are commonly preferred in the footwear industry as it meets the main criteria to produce soles, slippers, and insoles. Polyurethane Market for Footwear Applications is segmented by material, application, and geography. By polyurethane material, the market is segmented into PU foam, PU adhesives, and others. By application, the market is segmented into Athletic Footwear, Leather Footwear, Sneakers, Textile & Other Footwear. The report also covers the market size and forecasts for the polyurethane materials market in 15 countries across major regions. Each segment's market sizing and forecasts are based on revenue (USD Billion).
| Material | |
| PU Foam | |
| PU Adhesives | |
| Others |
| Application | |
| Athletic Footwear | |
| Leather Footwear | |
| Sneakers | |
| Textile & Other Footwear |
| Geography | |||||||
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Frequently Asked Questions
What is the current PU Sole Footwear Polyurethane Market size?
The PU Sole Footwear Polyurethane Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in PU Sole Footwear Polyurethane Market?
BASF SE, Covestro AG, Dow, Huntsman International LLC and LANXESS are the major companies operating in the PU Sole Footwear Polyurethane Market.
Which is the fastest growing region in PU Sole Footwear Polyurethane Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in PU Sole Footwear Polyurethane Market?
In 2024, the Asia Pacific accounts for the largest market share in PU Sole Footwear Polyurethane Market.
What years does this PU Sole Footwear Polyurethane Market cover?
The report covers the PU Sole Footwear Polyurethane Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the PU Sole Footwear Polyurethane Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
PU Sole Footwear Polyurethane Industry Report
Statistics for the 2024 PU Sole Footwear Polyurethane market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. PU Sole Footwear Polyurethane analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
PU Sole Footwear Polyurethane Market Report Snapshots
