PU Sole Footwear Polyurethane Market Size was valued at USD 4.9 Billion in 2022. The PU Sole footwear polyurethane market industry is projected to grow from USD 5.2 Billion in 2023 to USD 9.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast period (2023 - 2032). Increased sports and fitness activities, a growing footwear business, rising need for lightweight, comfortable shoes, technical breakthroughs, environmental sustainability, and cost-effectiveness, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for footwear is directly impacted by the continually growing world population. There is more money available for shoe purchases as more individuals join the workforce and the middle class grows. The demand for shoes across many categories, such as athletic, casual, and formal footwear, is driven by this increase in consumer purchasing power. To accommodate a wider range of consumer tastes and keep up with rising demand, footwear makers require dependable and adaptable materials like PU soles.
Additionally, the development of the footwear sector is greatly influenced by fashion trends and shifting consumer tastes. Consumers today are increasingly concerned with their looks and fashion, looking for footwear that matches their personalities and follows the most recent fashion trends. Footwear companies rely on materials that are simple to mould and create into a variety of forms and styles in order to produce trendy and fashionable shoes. The adaptability and customisation possibilities that footwear producers require to produce one-of-a-kind and aesthetically pleasing items are provided by PU soles. This supports the market expansion and the rising demand for fashionable footwear.
In addition, technological developments have transformed the production of footwear and fueled the industry's expansion. Complex footwear patterns and intricate embellishments are now more easily produced thanks to new production methods like computer-aided design (CAD) and computer numerical control (CNC) machining. These technologies enable producers to produce shoes with higher comfort and performance qualities by precisely moulding PU soles. The demand for PU soles is increased as a result of these technological developments drawing footwear manufacturers looking for innovative materials to set their products apart from the competition.
Additionally, the footwear business has been greatly impacted by the growth of e-commerce. Customers can easily access a broad choice of footwear options from various brands and manufacturers thanks to online buying sites. Due to the increased competition, footwear manufacturers are being forced to improve the features and quality of their products in order to stand out in the online marketplace. PU soles give footwear brands a competitive edge thanks to their resiliency, comfort, and versatility. Customers are actively seeking out PU soles while shopping online as a result of their increased awareness of the advantages they offer.
Due to growing environmental concerns, the footwear industry has also seen a transition towards eco-friendly and sustainable materials. Consumers are becoming more aware of how their purchases, particularly footwear, affect the environment. In comparison to materials like PVC or rubber, PU soles offer an advantage in this regard because they are recyclable, which reduces waste and environmental contamination. PU soles are being used in footwear by brands that place a high priority on sustainability in order to appeal to buyers who care about the environment. This supports the greater sustainability movement and helps the PU sole market expand.
As a result, the market for PU soles is significantly influenced by the expanding footwear sector. The demand for footwear is rising as a result of a number of factors, including the expanding world population, shifting fashion trends, technological improvements, the rise of e-commerce, and the need for sustainable materials. With its strength, adaptability, customizability, and sustainability attributes, PU soles excellently meet the changing demands of the footwear industry. The market is expanding as a result of rising consumer demand for PU soles, which is being fuelled by footwear makers' efforts to keep up with customer needs and remain competitive. Thus, driving the PU Sole footwear polyurethane market revenue.
The PU Sole Footwear Polyurethane Market segmentation, based on application includes sports, formal, casual, boots, slippers, and sandals. With a share of the market's revenue of 37.68%, the Casuals sector dominated. Casual footwear is described as shoes that are worn every day for both comfort and style. Additionally, these shoes provide a broad spectrum of performance for outdoor activities. Commercially available examples of casual footwear include loafers, trainers and flat soles.
Figure 1: PU Sole Footwear Polyurethane Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The PU Sole Footwear Polyurethane Market segmentation, based on Raw Material, includes polyols, toluene diphenyl diisocyanate (TDI), and methylene diphenyl diisocyanate (MDI). With 45.68% of market sales, the Methylene Diphenyl Diisocyanate (MDI) segment dominated the market. In the creation of shoe soles, the 4,4'-MDI isomer is utilised. In the presence of other additives, MDI is reacted with polyols to create polyurethane soles for footwear.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America PU Sole Footwear Polyurethane Market dominated this market in 2022 (45.80%). The footwear industry is developed and well-established in North America. The demand for footwear in the region is steady across all market sectors, including athletic, casual, and fashionable footwear. Further, the U.S. PU Sole footwear polyurethane market held the largest market share, and the Canada PU Sole footwear polyurethane market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL PU SOLE (FOOTWEAR POLYURETHANE) MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe PU Sole footwear polyurethane market accounts for the second-largest market share. Europe is renowned for its emphasis on fashionable footwear and fashion-forward attitude. European shoppers strongly value footwear that is both fashionable and aesthetically pleasing. Further, the German PU Sole footwear polyurethane market held the largest market share, and the UK PU Sole footwear polyurethane market was the fastest growing market in the European region
The Asia-Pacific PU Sole Footwear Polyurethane Market is expected to grow at the fastest CAGR from 2023 to 2032. China, India, and Vietnam are important manufacturing hubs for the footwear industry, making the Asia Pacific area a vital hub for the sector. Moreover, China’s PU Sole footwear polyurethane market held the largest market share, and the Indian PU Sole footwear polyurethane market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the PU Sole footwear polyurethane market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, PU Sole footwear polyurethane industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global PU Sole footwear polyurethane industry to benefit clients and increase the market sector. In recent years, the PU Sole footwear polyurethane industry has offered some of the most significant advantages to medicine. Major players in the PU Sole footwear polyurethane market, including Many companies, including Asahi Kasei Corporation, BASF SE, Huntsman International LLC, Dow, Coim Group, Wanhua, The Lubrizol Corporation, Covestro AG, INOAC CORPORATION, Trelleborg AB, CELLULAR MOULDINGS, Rogers Corporation, MarvelVinyls, BASF SE, Unisol India, bkinds.in, LANXESS, VCM Polyurethanes Pvt. Ltd. are attempting to increase market demand by investing in research and development operations.
Chemical products are manufactured and sold by Asahi Kasei Corp (Asah Kasei). The company's product line consists of acrylonitrile, styrene, diagnostic tools, foam insulation panels, foundation systems, polymers, functional additives, membrane filtration systems, ion-exchange membranes, medical devices and sensors. It also comprises methyl methacrylate, polyethylene, polystyrene and polymers. Also available are prescription medicines. The industries of chemicals and fibres, electronics, healthcare, and construction all use Asahi Kasei products. Under the Duranol, Sepacell, Polydurex, Ceolus, Aciplex, and Hipore brands, it sells these goods. North America, Central and South America, Europe, Asia, and Oceania are all operationally present for the company. The headquarters of Asahi Kasei are in Tokyo, Japan's Chiyoda-ku.
BASF SE (BASF) is a multinational chemical corporation engaged in the production, marketing, and sale of chemicals, polymers, crop protection products, and performance goods. The company offers a wide range of products including solvents, adhesives, surfactants, fuel additives, electronic chemicals, pigments, paints, food additives, fungicides, and herbicides. BASF serves various industries such as construction, furniture and wood, agricultural, electronics and electrical, paints and coatings, automotive, home care, nutrition, chemicals, and others. The company conducts research and development in collaboration with international clients, partners, and scientists, and is supported by a global network of production sites spanning North America, Europe, Asia Pacific, South America, Africa, and the Middle East. BASF is headquartered in Ludwigshafen, Germany.
January 2023: The expansion of BASF's PU sole manufacturing facility in Nanjing, China, was announced. The plant's capacity will grow by 50% after the expansion, which is scheduled to be finished by the end of 2023.
February 2023: Leading polyurethanes maker Hexion Inc. was purchased by Huntsman Corporation. Huntsman's position in the PU sole market is anticipated to improve as a result of the acquisition.
March 2023: A collaboration between Toray Industries and BASF to create innovative PU soles for footwear was revealed. The collaboration is anticipated to lead to the creation of soles that are lighter, more robust, and more pleasant.
2022 saw the development of a groundbreaking production innovation - a line of sneakers with plant-based soles - with the assistance of footwear experts at Huntsman, Inc. (KEEN). The Advanced Concepts Team at KEEN developed the Field to Foot (F2F) sneakers using a specifically designed bio-based polyurethane solution from Huntsman that includes a by-product from agricultural operations. With a bio content of between 35% and 51%, the polyurethane system emits less carbon dioxide than easily accessible petroleum-based substitutes, which are now the standard in the footwear industry.
PU Sole footwear polyurethane Application Outlook
PU Sole footwear polyurethane Raw Material Outlook
PU Sole footwear polyurethane Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 4.9 Billion |
| Market Size 2023 | USD 5.2 Billion |
| Market Size 2032 | USD 9.6 Billion |
| Compound Annual Growth Rate (CAGR) | 7.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Raw Material, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Asahi Kasei Corporation, BASF SE, Huntsman International LLC, Dow, Coim Group, Wanhua, The Lubrizol Corporation, Covestro AG, INOAC CORPORATION, Trelleborg AB., CELLULAR MOULDINGS, Rogers Corporation, MarvelVinyls, Airysole Footwear Pvt Ltd, BASF SE, Unisol India, bkinds.in, LANXESS, VCM Polyurethanes Pvt. Ltd., NEVEON Holding GmbH, Era Polymers Pty Ltd., and Perstorp, among others. |
| Key Market Opportunities | Technological Advancements |
| Key Market Dynamics | Rising Demand for Comfortable and Lightweight |
PU Sole Footwear Polyurethane Market Highlights:
Frequently Asked Questions (FAQ) :
The PU Sole Footwear Polyurethane Market size was valued at USD 4.9 Billion in 2022.
The global market is projected to grow at a CAGR of 7.80% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Asahi Kasei Corporation, BASF SE, Huntsman International LLC, Dow, Coim Group, Wanhua, The Lubrizol Corporation, Covestro AG, INOAC CORPORATION, Trelleborg AB., CELLULAR MOULDINGS, Rogers Corporation, MarvelVinyls, Airysole Footwear Pvt Ltd, BASF SE, Unisol India, bkinds.in, LANXESS, VCM Polyurethanes Pvt. Ltd., NEVEON Holding GmbH, Era Polymers Pty Ltd., and Perstorp, among others.
The Casuals category dominated the market in 2022.
The Methylene Diphenyl Diisocyanate (MDI) had the largest share in the global market.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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