PU Sole Market - Forecast(2024 - 2030)

Report Code: CMR 51357 Report Format: PDF + Excel

PU Sole Market Overview

PU Sole Market size is forecast to reach US$6.4 billion by 2027, after growing at a CAGR of 5.5% during 2022-2027. The excellent characteristics of polyurethane as shoe sole material, rising production of shoes with PU Soles in the growing economies, and growth in footwear sales are expected to drive the PU Sole Market. Light and abrasion-free polyurethanes such as polyester and polyether are used for hardwearing shoe soles, with good mechanical characteristics. The rising demand for PU Sole Market for trekking and sports shoes, fashion and business shoe, and security shoes, will drive the market growth. Polyurethane is manufactured in the presence of heat, by reacting an isocyanate prepolymer such as methylene diphenyl isocyanate, and a polyol component. The high stiffness and strength offered by methylene diphenyl diisocyanate-based PU Sole Market, along with the rising demand for casual footwear are evaluated to drive the PU Sole Market growth in the forecast period.

PU Sole Market

COVID-19 Impact

The textile & apparel industry was affected due to COVID-19 over 2020. Due to the nationwide lockdown, the production process of goods in this industry declined due to the non-functioning of the manufacturing plants. The economy of the sector got affected and resulted in stagnation of activities across the sector that use PU Sole. For instance, according to the European Parliament, production dropped by 15% for clothing and 7% for textile, and retail sales dropped by 9.4% for clothing and 9.7% for textile, due to the lack of interest for buying apparel in quarter three of 2020, thus effecting the PU Sole Market as well for shoe manufacturing. However, the overall turnover in the industry is estimated to bounce back to 15% in 2021, but it is not anticipated to return to pre-crisis levels. The market is forecasted to recover in the projected period (2022-2027), with the growing production and demand for PU Sole in various regions.

Report Coverage

The report: “PU Sole Market – Forecast (2022 - 2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the PU Sole market.

By Raw Material: Methylene Diphenyl Diisocyanate (MDI), Toluene Diphenyl Diisocyanate (TDI), Hexamethylene Diisocyanate (HDI), Isophorone Diisocyanate (IPDI), Polyols, and Others
By Application: Casuals, Boots, Slippers & Sandals, Sports, Formals, and Others
By Geography: North America (U.S.A., Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East and Africa)

Key Takeaways

Figure: Asia-Pacific PU Sole Market Revenue, 2021-2027 (US$ Billion)

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PU Sole Market Segment Analysis – By Raw Material

The methylene diphenyl diisocyanate (MDI) segment held the largest share in the PU Sole Market in 2021. 4,4’-MDI isomer is being utilized in shoe sole formulation, to make polyurethane soles for footwear. Methylene diphenyl diisocyanate is one of the major chemical raw materials used in the polyurethane industry. MDI is used in the production of flexible polyurethane foams for living goods, bedding, industrial goods, shoe sole, TPU elastomers, and other applications. Isocyanate prepolymer such as MDI reacts with polyols in the manufacture of different types of polyurethane such as polyester and polyether, and the MDI-based polyurethanes offer applications in the unit sole and compact outsole in footwear such as casuals, slippers & sandals, boots, sports, and formals. MDI-based polyurethanes also offer a higher degree of resilience and stiffness. Thus, with such properties, the growing demand for the methylene diphenyl diisocyanate (MDI) segment is expected to drive the MDI-based PU Sole Market.

PU Sole Market Segment Analysis – By Application

The casuals segment held the largest share with 27% in the PU Sole Market in 2021 and is anticipated to grow at a CAGR of 6% during 2021-2026. Casual footwear provides a range of performance, with comfort and fashion, for outdoor activities. Flat soles, loafers, and sneakers are some of the commercially available types of casual footwear. Since, the soles play a major role in offering comfort, the sole material selection, is a key factor. The utilization of polyurethane insoles of footwear provides greater durability, flexibility, and comfort. The rising growth of PU Soles, in casuals, is driving the market growth. For instance, in 2021, BASF collaborated with Hotter to provide footwear that generates energy with every step taken, it is one of the world’s first expanded thermoplastic polyurethane (E-TPU). Initially designed for the world of sport, the partnership extends into casual and formal wear, marking a milestone in footwear technology. Thus, the rising usage of PU Soles in casual footwear will drive market growth in the forecast period.

PU Sole Market Segment Analysis – By Geography

Asia-Pacific region dominated the PU Sole Market with a share of 34% in the year 2021. The Asia Pacific region is predicted to continue its dominance in the market during the forecast period due to the increasing requirement for PU Soles in the footwear industry in developing countries such as China, Japan, India, and South Korea. China is expected to continue its dominance in the PU Sole market during the forecast period. This is due to the growth of the textile & apparel industry in the country. India and Taiwan are also predicted to grow their PU Sole market during the forecast period, with the rising growth of the footwear market. For instance, according to Invest India, the Indian footwear market is expected to grow at 8 percent CAGR to be US$ 11.8 Bn by 2025 and the per-capita consumption of footwear is predicted to increase from 2.33 pairs in 2022 to 2.94 pairs in 2025, that is 3,763 million pairs in 2024-2025. PU Soles are used in casuals, boots, sports, and formals, and polyurethane such as polyester offers good resistance against heat and abrasion to soles. Thus, the rising growth in the footwear market will drive the PU Sole Market growth in the forecast period.

PU Sole Market Drivers

Increasing Footwear Demand Will Drive the Market Growth

Footwear demand is increasing with the maintenance in orders and the commitment in completion of orders by the buyers and also, due to the global development of sports trends. The increasing demand for footwear is driving the market growth. For instance, according to the World Footwear, in 2020, the Indonesian Footwear Association recorded an annual growth of 8.97% in exports, and Indonesia’s limited imports increased by 21 percent. Also, in November 2021, footwear exports from Brazil to the US grew by 138.8% in volume and 210.6% in value, as compared to the previous year. Additionally, in the first eight months of 2021, French footwear exports increased by 19%, as compared to the same period of 2020. Thus, the rising growth in footwear demand is driving the market for PU Soles in footwear.

Surging Demand for Bio-Thermoplastic Polyurethane in the Footwear Industry Will Drive the Market Growth

Bio- thermoplastic polyurethane (TPU) is made with renewable-sourced materials such as isosorbide, polylactic acid, rapeseed oil, and others. Bio TPU's performance and benefits are the same as traditional petroleum-based TPU and sometimes it is even better. Its characteristics include superior chemical, high temperature and abrasion resistance, cold temperature flexibility, and outstanding mechanical strength. Therefore, due to these properties bio-based thermoplastic polyurethane is being utilized in the footwear industry. Surging demand for soles made from bio- thermoplastic polyurethane in footwear companies is driving the market growth. For instance, Nike uses bio- thermoplastic polyurethane (TPU) developed by Merquinsa, a subsidiary of Lubrizol Co., for soles in limited shoes. In 2019, Adidas launched its 100%-recyclable performance running shoe, each component is made from 100% recyclable TPU. Thus, the rising demand for bio-thermoplastic polyurethane in the footwear industry will drive market growth.

PU Sole Market Challenges

Disadvantages associated with PU Sole will hamper the market growth

PU Sole is a type of dense foam that offers for a longer period, good cushioning and shock absorption. However, PU Sole is dense and stiff, which makes it heavier in weight to wear, and is not as cushioned as shoes that use ethylene-vinyl acetate (EVA) sole. PU Sole is easy to break, it has poor ventilation, and its elongation is also poor. Thus, the disadvantages associated with the PU Sole will hamper the market growth.

PU Sole Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies players adopt in the PU Sole Markets. Major players in the PU Sole Market are:

  1. BASF SE
  2. Covestro
  3. Dow
  4. Huntsman
  5. Wanhua Chemical Group
  6. Coim Group
  7. Lubrizol
  8. Lanxess
  9. Manali Petrochemical
  10. INOAC

Recent Developments

  • In October 2019, the Wanhua Chemical Group launched a new 3D-printed shoe material solution that will integrate high-quality and highly-flexible materials, which include WANFAB thermoplastic polyurethane (TPU) and Adwell waterborne adhesive.

Relevant Reports

Polyurethanes Market – Forecast (2021 - 2026)
Report Code: CMR 0074

Shoe Materials Market – Forecast (2021 - 2026)
Report Code: CMR 1372

For more Chemicals and Materials related reports, please click here

1. PU Sole Market- Market Overview
    1.1 Definitions and Scope
2. PU Sole Market - Executive Summary
    2.1 Key Trends by Raw Material
    2.2 Key Trends by Application
    2.3 Key Trends by Geography
3. PU Sole Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. PU Sole Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. PU Sole Market – Industry Market Entry Scenario PremiumPremium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. PU Sole Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. PU Sole Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. PU Sole Market – By Raw Material (Market Size -US$ Million/Billion)
    8.1 Methylene Diphenyl Diisocyanate (MDI)
    8.2 Toluene Diphenyl Diisocyanate (TDI)
    8.3 Hexamethylene Diisocyanate (HDI)
    8.4 Isophorone Diisocyanate (IPDI)
    8.5 Polyols
    8.6 Others
9. PU Sole Market – By Application (Market Size -US$ Million/Billion)
    9.1 Casuals
    9.2 Boots
    9.3 Slippers & Sandals
    9.4 Sports
    9.5 Formals
    9.6 Others
10. PU Sole Market - By Geography (Market Size -US$ Million/Billion)
    10.1 North America
        10.1.1 USA
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 UK
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Netherlands
        10.2.6 Spain
        10.2.7 Russia
        10.2.8 Belgium
        10.2.9 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zeeland
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of APAC
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 Rest of the World
        10.5.1 Middle East
            10.5.1.1 Saudi Arabia
            10.5.1.2 UAE
            10.5.1.3 Israel
        10.5.1.4Rest of the Middle East
        10.5.2 Africa
            10.5.2.1 South Africa
            10.5.2.2 Nigeria
            10.5.2.3 Rest of Africa
11. PU Sole Market – Entropy
    11.1 New Product Launches
    11.2 M&As, Collaborations, JVs and Partnerships
12. PU Sole Market – Industry/Segment Competition Landscape Premium
    12.1 Company Benchmarking Matrix – Major Companies
    12.2 Market Share at Global Level - Major companies
    12.3 Market Share at Country Level - Major companies
    12.4 Market Share by Key Geography - Major companies
    12.5 Market Share by Key Application - Major companies
    12.6 Market Share by Key Product - Major companies
13. PU Sole Market – Key Company List by Country Premium Premium
14. PU Sole Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Pu Sole Market, By Raw Material Market 2023-2030 ($M)
2.Global Slip Additive Market, By Type Market 2023-2030 ($M)
2.1 Mdi Market 2023-2030 ($M) - Global Industry Research
2.2 Tdi Market 2023-2030 ($M) - Global Industry Research
2.3 Polyols Market 2023-2030 ($M) - Global Industry Research
2.4 Limitation Market 2023-2030 ($M) - Global Industry Research
3.Global Pu Sole Market, By Footwear Type Market 2023-2030 ($M)
3.1 Wire & Cable Market 2023-2030 ($M) - Global Industry Research
3.2 Leisure Market 2023-2030 ($M) - Global Industry Research
3.2.1 Construction Fitting Market 2023-2030 ($M)
3.3 Work And Safety Market 2023-2030 ($M) - Global Industry Research
3.4 Slipper & Sandal Market 2023-2030 ($M) - Global Industry Research
4.Global Pu Sole Market, By Raw Material Market 2023-2030 (Volume/Units)
5.Global Slip Additive Market, By Type Market 2023-2030 (Volume/Units)
5.1 Mdi Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 Tdi Market 2023-2030 (Volume/Units) - Global Industry Research
5.3 Polyols Market 2023-2030 (Volume/Units) - Global Industry Research
5.4 Limitation Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Pu Sole Market, By Footwear Type Market 2023-2030 (Volume/Units)
6.1 Wire & Cable Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Leisure Market 2023-2030 (Volume/Units) - Global Industry Research
6.2.1 Construction Fitting Market 2023-2030 (Volume/Units)
6.3 Work And Safety Market 2023-2030 (Volume/Units) - Global Industry Research
6.4 Slipper & Sandal Market 2023-2030 (Volume/Units) - Global Industry Research
7.North America Pu Sole Market, By Raw Material Market 2023-2030 ($M)
8.North America Slip Additive Market, By Type Market 2023-2030 ($M)
8.1 Mdi Market 2023-2030 ($M) - Regional Industry Research
8.2 Tdi Market 2023-2030 ($M) - Regional Industry Research
8.3 Polyols Market 2023-2030 ($M) - Regional Industry Research
8.4 Limitation Market 2023-2030 ($M) - Regional Industry Research
9.North America Pu Sole Market, By Footwear Type Market 2023-2030 ($M)
9.1 Wire & Cable Market 2023-2030 ($M) - Regional Industry Research
9.2 Leisure Market 2023-2030 ($M) - Regional Industry Research
9.2.1 Construction Fitting Market 2023-2030 ($M)
9.3 Work And Safety Market 2023-2030 ($M) - Regional Industry Research
9.4 Slipper & Sandal Market 2023-2030 ($M) - Regional Industry Research
10.South America Pu Sole Market, By Raw Material Market 2023-2030 ($M)
11.South America Slip Additive Market, By Type Market 2023-2030 ($M)
11.1 Mdi Market 2023-2030 ($M) - Regional Industry Research
11.2 Tdi Market 2023-2030 ($M) - Regional Industry Research
11.3 Polyols Market 2023-2030 ($M) - Regional Industry Research
11.4 Limitation Market 2023-2030 ($M) - Regional Industry Research
12.South America Pu Sole Market, By Footwear Type Market 2023-2030 ($M)
12.1 Wire & Cable Market 2023-2030 ($M) - Regional Industry Research
12.2 Leisure Market 2023-2030 ($M) - Regional Industry Research
12.2.1 Construction Fitting Market 2023-2030 ($M)
12.3 Work And Safety Market 2023-2030 ($M) - Regional Industry Research
12.4 Slipper & Sandal Market 2023-2030 ($M) - Regional Industry Research
13.Europe Pu Sole Market, By Raw Material Market 2023-2030 ($M)
14.Europe Slip Additive Market, By Type Market 2023-2030 ($M)
14.1 Mdi Market 2023-2030 ($M) - Regional Industry Research
14.2 Tdi Market 2023-2030 ($M) - Regional Industry Research
14.3 Polyols Market 2023-2030 ($M) - Regional Industry Research
14.4 Limitation Market 2023-2030 ($M) - Regional Industry Research
15.Europe Pu Sole Market, By Footwear Type Market 2023-2030 ($M)
15.1 Wire & Cable Market 2023-2030 ($M) - Regional Industry Research
15.2 Leisure Market 2023-2030 ($M) - Regional Industry Research
15.2.1 Construction Fitting Market 2023-2030 ($M)
15.3 Work And Safety Market 2023-2030 ($M) - Regional Industry Research
15.4 Slipper & Sandal Market 2023-2030 ($M) - Regional Industry Research
16.APAC Pu Sole Market, By Raw Material Market 2023-2030 ($M)
17.APAC Slip Additive Market, By Type Market 2023-2030 ($M)
17.1 Mdi Market 2023-2030 ($M) - Regional Industry Research
17.2 Tdi Market 2023-2030 ($M) - Regional Industry Research
17.3 Polyols Market 2023-2030 ($M) - Regional Industry Research
17.4 Limitation Market 2023-2030 ($M) - Regional Industry Research
18.APAC Pu Sole Market, By Footwear Type Market 2023-2030 ($M)
18.1 Wire & Cable Market 2023-2030 ($M) - Regional Industry Research
18.2 Leisure Market 2023-2030 ($M) - Regional Industry Research
18.2.1 Construction Fitting Market 2023-2030 ($M)
18.3 Work And Safety Market 2023-2030 ($M) - Regional Industry Research
18.4 Slipper & Sandal Market 2023-2030 ($M) - Regional Industry Research
19.MENA Pu Sole Market, By Raw Material Market 2023-2030 ($M)
20.MENA Slip Additive Market, By Type Market 2023-2030 ($M)
20.1 Mdi Market 2023-2030 ($M) - Regional Industry Research
20.2 Tdi Market 2023-2030 ($M) - Regional Industry Research
20.3 Polyols Market 2023-2030 ($M) - Regional Industry Research
20.4 Limitation Market 2023-2030 ($M) - Regional Industry Research
21.MENA Pu Sole Market, By Footwear Type Market 2023-2030 ($M)
21.1 Wire & Cable Market 2023-2030 ($M) - Regional Industry Research
21.2 Leisure Market 2023-2030 ($M) - Regional Industry Research
21.2.1 Construction Fitting Market 2023-2030 ($M)
21.3 Work And Safety Market 2023-2030 ($M) - Regional Industry Research
21.4 Slipper & Sandal Market 2023-2030 ($M) - Regional Industry Research

LIST OF FIGURES

1.US PU Sole Market Revenue, 2023-2030 ($M)
2.Canada PU Sole Market Revenue, 2023-2030 ($M)
3.Mexico PU Sole Market Revenue, 2023-2030 ($M)
4.Brazil PU Sole Market Revenue, 2023-2030 ($M)
5.Argentina PU Sole Market Revenue, 2023-2030 ($M)
6.Peru PU Sole Market Revenue, 2023-2030 ($M)
7.Colombia PU Sole Market Revenue, 2023-2030 ($M)
8.Chile PU Sole Market Revenue, 2023-2030 ($M)
9.Rest of South America PU Sole Market Revenue, 2023-2030 ($M)
10.UK PU Sole Market Revenue, 2023-2030 ($M)
11.Germany PU Sole Market Revenue, 2023-2030 ($M)
12.France PU Sole Market Revenue, 2023-2030 ($M)
13.Italy PU Sole Market Revenue, 2023-2030 ($M)
14.Spain PU Sole Market Revenue, 2023-2030 ($M)
15.Rest of Europe PU Sole Market Revenue, 2023-2030 ($M)
16.China PU Sole Market Revenue, 2023-2030 ($M)
17.India PU Sole Market Revenue, 2023-2030 ($M)
18.Japan PU Sole Market Revenue, 2023-2030 ($M)
19.South Korea PU Sole Market Revenue, 2023-2030 ($M)
20.South Africa PU Sole Market Revenue, 2023-2030 ($M)
21.North America PU Sole By Application
22.South America PU Sole By Application
23.Europe PU Sole By Application
24.APAC PU Sole By Application
25.MENA PU Sole By Application
26.Huntsman, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Covestro, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Dowdupont, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Basf Se, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Coim Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Wanhua Chemical Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Lubrizol, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Lanxess, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Manali Petrochemical, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Inoac Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)