PU sole Market Size and Trend 2022 - 2028 | Booming Worldwide with Top Key Players- Covestro, BASF SE, Rogers Corp
Reports And Data
The Global PU sole Market Size USD 4.98 Billion in 2020, Growth - CAGR of 5.2% Trends - Product launches and research for advanced pruritus therapeutics
NEW YORK CITY, NEW YORK, UNITED STATES, May 19, 2022 /EINPresswire.com/ -- The recent analysis by Reports and Data suggests that the market for PU sole Market is anticipated to have a market value of USD 7.47 Billion. The study contains a detailed analysis of PU sole, which is considered to be the most superior design for sole of shoes considering the fact that it is non-abrasive, light weight, water and fire resistant and possess shock absorbing qualities. It is used in all types of footwear. PU sole makes the footwear very durable, and is being adopted in the fashion industry excessively, it was previously used for trekking and as trekking shoe. The PU sole is very affordable making it look very attractive in the market, especially in the developing countries.
The growing demand in the PU sole market due to the developments and upgradations in fashion industry coupled with the high income earning sections of the society has been able to serve as a force which has pushed up the demand for PU sole in the market. Also, footwear companies are involving themselves to create sustainable customer base by providing shoes with improved ergonomics and microclimate which has augmented the PU sole market. The research based operations by manufacturers to find out safer and economic PU soiling methods and treatment. PU sole is presently identified as the most desirable material for sole production which gives a competitive advantage over all other sole markets. Hence, it is seen as a very favourable zone to channelize investments, especially in the developing regions. However, there are a few obstacles like safety regulations against human health hazards and rising environmental concerns, availability of substitutes and volatile raw material costs which hampers the growth of PU sole.
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Top Companies: 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
Some Key Highlights from the Report:
Although in the product segment of slippers and sandals have the highest market share, leisure footwear which comprises of daily use fashionable footwear such as loafers and sneakers is growing at a very high CAGR in the PU sole (Footwear Polyurethane) market
It was found that the market for PU sole (Footwear Polyurethane) is growing at a swift rate because of the change in taste and preference among the consumers. The different styles and trends in the footwear industry has been exploited by PU sole manufacturers
After Asia- Pacific, Europe is found to have the highest CAGR of about 5.3%. This can be attribute to the rise in footwear industry in Europe owing to upgradation of fashion and need for safety footwear. The investments are very high in this given area
Toluene Diphenyl Diisocyanate (TDI) accounts for only a small part of the sole production market with respect to raw materials used, i.e. almost 12%. This is because it has very high vapour pressure a lot higher than MDI and hence crosses the OSHA permissible exposure limits
The PU sole is preferred more in developing economies like China and India rather than the US. This is because of its affordability and durability. Also. There is a second hand market for pre used soles which is an added advantage to use these soles. Hence China is the major producer of PU soles.
BASF SE a company based in Germany has expanded its production throughout Asia and has set up research labs all over the region. This is to increase its regional presence and exploit the high foot wear demands in Asia. Its prime focus is to improve methods for soiling of polyurethane.
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Product Type (Revenue, USD Million; 2020–2028)
Sports
Leisure
Work & Safety
Slippers & Sandals
Others
Raw Material (Revenue, USD Million; 2020–2028)
Methylene Diphenyl Diisocyanate (MDI)
Toluene Diphenyl Diisocyanate (TDI)
Polyols
End Use (Revenue, USD Million; 2020–2028)
Men
Women
Children
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The global PU sole market is segmented into:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
What are the dominating factors that are influencing the growth of the industry?
In the forecast period, which market segment is expected to rise the most?
What are the risks and challenges that the industry is facing?
In the coming years, which area is projected to dominate the market?
Who are the major players in the market? What kind of strategic business plans have they made?
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