The global market for footwear polyurethane is projected to be valued at USD 6.61 billion by 2025, expanding at a CAGR of 7.3% over the forecast period. Rising income level of the middle-class population, the subsequent growth in consumer spending capacity, and inclination for high-quality products are projected to augment the global footwear polyurethane demand over the forecast period.
Adroit Market Research report on the global footwear polyurethane market gives a holistic view of the market from 2015 to 2025, which includes factors such as market drivers, restraints, opportunities, challenges, and regulatory overview. The market has been studied for historic years from 2015 to 2018, with the base year of estimation as 2019 and forecast from 2020 to 2025. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market competition with Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives, and overall revenue. Prominent players operating in the global composite resin market have been studied in detail.
The global footwear polyurethane market is segmented by raw material and product type. On the basis of raw material, the market is categorized into methylene diisocyanate (MDI), toluene diisocyanate (TDI) and polyols. On the basis of application, the global footwear polyurethane market is majorly segmented into slippers & sandals, boots, casuals, formals, and sports footwear. On the basis of region, the global footwear polyurethane (PU sole) market is categorized into key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Footwear polyurethane (PU sole) is widely used by the footwear manufacturers, owing to its excellent abrasion properties. High durability along with high flexibility for making different shoe designs is one of the key factors due to which footwear polyurethane is highly preferred by the footwear manufacturers. By type, methylene diisocyanate (MDI) dominated the footwear polyurethane market in 2019 and is further projected to maintain its dominance over the coming years. Due to its chemical properties, methylene diisocyanate (MDI) offers high flexibility to design shoes of different types along with giving a high aesthetic appeal to the final product.
By Application, slippers & sandals, and casual footwear are projected to show the fastest growth on account of growing consumer inclination for durable casual footwear.
Asia Pacific dominated the global footwear polyurethane demand in 2019, owing to the strong macroeconomic factors such as the rise in the middle-income population and increasing inclination towards superior quality footwear.
The global footwear polyurethane (PU sole) market is a highly competitive market with the presence of numerous international and local players. Huntsman Corporation, BASF SE, Lubrizol, The Dow Chemical Company, LANXESS AG, Wanhua Chemical Company, Covestro, COIM Group are examples of some of the major manufacturers of footwear polyurethane that account for a significant position in the global market. Due to high competition and increasing consumer demand for different styles & shapes, manufacturers are focused on creating product differentiation in order to cater to changing consumer preferences and sustain market competition.
Key segments of the global footwear polyurethane market
Raw Material Overview, 2015-2025 (Kilo Tons) (USD Million)
- Methylene Diisocyanate (MDI)
- Toluene Diisocyanate (TDI)
Application Overview, 2015-2025 (Kilo Tons) (USD Million)
- Slippers & Sandals
Regional Overview, 2015-2025 (Kilo Tons) (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa