New York, NY -- (SBWire) -- 06/03/2019 --Market Size – USD 4.46 Billion in 2018, Market Growth - CAGR of 5.2%, Market Trends – Product launches and research for advanced pruritus therapeutics
The recent analysis by Reports and Data suggests that the market for PU sole (Footwear Polyurethane) is anticipated to have a market value of USD 6.71 billion. The study contains a detailed analysis of PU sole (Footwear Polyurethane), 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 (Footwear Polyurethane) 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 (Footwear Polyurethane) is very affordable making it look very attractive in the market, especially in the developing countries.
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The growing demand in the PU sole (Footwear Polyurethane) 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 (Footwear Polyurethane) 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 (Footwear Polyurethane) market.
The research based operations by manufacturers to find out safer and economic PU soiling methods and treatment. PU sole (Footwear Polyurethane) 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 (Footwear Polyurethane).
Further key findings 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.
- Although PU is a leading material for shoe sole productions with regard to ergonomics and microenvironment, leading shoe producers are experimenting with variations in different soles in order to cater to different functions of the shoe. For example, EVA sole is considered to have the best shock absorbing qualities.
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Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the PU sole (footwear polyurethane) market on the basis of type, raw materials, end use, and region:
Product Type (Revenue, USD Million; 2016–2026)
- Sports
- Leisure
- Work & Safety
- Slippers & Sandals
- Others
Raw Material (Revenue, USD Million; 2016–2026)
- Methylene Diphenyl Diisocyanate (MDI)
- Toluene Diphenyl Diisocyanate (TDI)
- Polyols
End Use (Revenue, USD Million; 2016–2026)
- Men
- Women
- Children
Regional Outlook (Revenue, USD Million; 2016–2026)
- North America
o U.S.
o Canada
- Europe
o Germany
o France
o UK
o Spain
o Italy
o Rest of the Europe
- Asia Pacific
o China
o India
o Japan
o Rest of Asia-Pacific
- Middle East & Africa
- Latin America
o Brazil
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PU Sole (Footwear Polyurethane) Market Opportunities and Forecast by 2026: Top Key Players- Sahi Kasei Corporation, BASF SE, Cellular Mouldings Coim Group, Covestro
High demand and supply for footwear, superior properties of PU sole, product launches, increasing strategic developments such as partnerships and agreements, favourable research funding scenario are key factors contributing to high CAGR of Pruritus Therapeutics during forecast period.