Dublin--(BUSINESS WIRE)--"PU sole (polyurethane for footwear) market, by raw material (diphenylmethane diisocyanate, toluene diisocyanate and polyol), application (leisure, boots, slippers and sandals, sports and formal wear) )", and the Regional-Global Forecast to 2024" report has been added to the product of ResearchAndMarkets.com.
The market size of PU soles (polyurethane for footwear) in 2019 is estimated to be US$4.2 billion, and is expected to reach US$5.9 billion by 2024, with a compound annual growth rate of 7.6%.
The high growth is attributed to the growth of the footwear industry, which is characterized by changing fashion and lifestyle trends. The use of polyurethane in footwear provides excellent properties, such as high mechanical strength, which makes the shoes strong and durable. PU soles (polyurethane for footwear) are increasingly used in various footwear, such as sports shoes, casual shoes, boots, dress shoes, slippers and sandals.
The leading companies in the global PU sole (polyurethane for footwear) market include BASF SE (Germany), Covestro (Germany), DuPont (U.S.), Huntsman (U.S.), Wanhua Chemical Group (China), Coim Group (Italy), Lubrizol ( United States), Lanxess (Germany), Manali Petrochemical (India) and INOAC (Japan).
Leisure-the largest application in the entire PU sole (shoe polyurethane) market.
The casual wear segment is expected to become the largest footwear in the entire PU sole (polyurethane for footwear) market. The huge market size of this segment is attributable to consumers' preference for casual wear in some countries (including China and India). The demand for PU soles is growing because casual shoes can be used every day and also provide a wide range of performance in outdoor activities. Loafers, sports shoes and flat shoes are some casual shoes on the market.
Methylene diphenyl diisocyanate (MDI) raw material is the fastest growing part of the entire PU sole (shoe polyurethane) market.
Diphenylmethane diisocyanate (MDI) is the raw material for PU soles (shoe polyurethane). MDI is the most widely used aromatic diisocyanate in PU soles (shoe polyurethane), mainly in the form of three isomers, namely 2,2'-MDI, 2,4'-MDI and 4,4'-MDI . 4,4'-MDI isomers are used in shoe sole formulations. To make polyurethane for footwear, MDI reacts with polyols in the presence of other additives. MDI-based polyurethane can be used for compact outsoles and unit soles. The characteristics of MDI, such as high stiffness and elasticity, are expected to drive the development of this market segment.
The Asia-Pacific region is the largest and fastest growing market for PU soles (polyurethane for footwear).
The Asia-Pacific region is expected to become the largest and fastest growing market for PU soles (polyurethane for footwear). The high growth rate of the regional market is due to increased footwear production in countries such as China, India, Indonesia and Vietnam. China is expected to become the largest market for PU soles (polyurethane for footwear) in the Asia-Pacific region. Indonesia is expected to become the fastest growing market in the region and even in the world.
Due to the increase in population and consumer spending, regional demand is expected to increase during the forecast period. China is the leading footwear manufacturer and consumer in the Asia-Pacific region. The high demand for sports shoes and casual shoes is expected to drive the demand for PU soles (polyurethane for footwear) in the region.
6 PU sole (polyurethane for footwear) market, by raw material-forecast to 2024 (in millions of dollars and KT)
7 PU sole (polyurethane for footwear) market, by application-forecast to 2024 (in millions of dollars and KT)
8 PU Sole (Shoe Polyurethane) Market by Region-Forecast to 2024 (in millions of dollars and KT)
8.5 Rest of the world (RoW)
9.6.1 Market share/capability of major players/drivers of operational growth
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call 353-1-416-8900