PU Sole Market - Forecast(2023 - 2028)

PU Sole Market Overview

PU Sole Market size is forecast to reach US$6.4 billion by 2027, after growing at a CAGR of 5.5% during 2022-2027. The excellent characteristics of polyurethane as shoe sole material, rising production of shoes with PU Soles in the growing economies, and growth in footwear sales are expected to drive the PU Sole Market. Light and abrasion-free polyurethanes such as polyester and polyether are used for hardwearing shoe soles, with good mechanical characteristics. The rising demand for PU Sole Market for trekking and sports shoes, fashion and business shoe, and security shoes, will drive the market growth. Polyurethane is manufactured in the presence of heat, by reacting an isocyanate prepolymer such as methylene diphenyl isocyanate, and a polyol component. The high stiffness and strength offered by methylene diphenyl diisocyanate-based PU Sole Market, along with the rising demand for casual footwear are evaluated to drive the PU Sole Market growth in the forecast period.

COVID-19 Impact

The textile & apparel industry was affected due to COVID-19 over 2020. Due to the nationwide lockdown, the production process of goods in this industry declined due to the non-functioning of the manufacturing plants. The economy of the sector got affected and resulted in stagnation of activities across the sector that use PU Sole. For instance, according to the European Parliament, production dropped by 15% for clothing and 7% for textile, and retail sales dropped by 9.4% for clothing and 9.7% for textile, due to the lack of interest for buying apparel in quarter three of 2020, thus effecting the PU Sole Market as well for shoe manufacturing. However, the overall turnover in the industry is estimated to bounce back to 15% in 2021, but it is not anticipated to return to pre-crisis levels. The market is forecasted to recover in the projected period (2022-2027), with the growing production and demand for PU Sole in various regions.

Report Coverage

The report: “PU Sole Market – Forecast (2022 - 2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the PU Sole market.

By Raw Material: Methylene Diphenyl Diisocyanate (MDI), Toluene Diphenyl Diisocyanate (TDI), Hexamethylene Diisocyanate (HDI), Isophorone Diisocyanate (IPDI), Polyols, and Others
By Application: Casuals, Boots, Slippers & Sandals, Sports, Formals, and Others
By Geography: North America (U.S.A., Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East and Africa)

Key Takeaways

• The Asia Pacific dominates the PU Sole market owing to the rising growth and increasing investments in the textile & apparel industry. For instance, according to Invest India, till March 2021, foreign direct investment (FDI) in the textiles and apparel industry has increased up to US$3.75 bn, from US$3.68 bn in December 2020.
• Rapidly rising demand for PU Soles in the footwear and sports industry, due to their high mechanical strength has driven the growth of the PU Sole Market.
• The rising demand for footwear due to an increasing economy has also been a critical factor driving the growth of the PU Sole Market in the upcoming years.
• However, disadvantages of PU Sole such as it is easy to break can hinder the growth of the PU Sole Market.
  

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PU Sole Market Segment Analysis – By Raw Material

The methylene diphenyl diisocyanate (MDI) segment held the largest share in the PU Sole Market in 2021. 4,4’-MDI isomer is being utilized in shoe sole formulation, to make polyurethane soles for footwear. Methylene diphenyl diisocyanate is one of the major chemical raw materials used in the polyurethane industry. MDI is used in the production of flexible polyurethane foams for living goods, bedding, industrial goods, shoe sole, TPU elastomers, and other applications. Isocyanate prepolymer such as MDI reacts with polyols in the manufacture of different types of polyurethane such as polyester and polyether, and the MDI-based polyurethanes offer applications in the unit sole and compact outsole in footwear such as casuals, slippers & sandals, boots, sports, and formals. MDI-based polyurethanes also offer a higher degree of resilience and stiffness. Thus, with such properties, the growing demand for the methylene diphenyl diisocyanate (MDI) segment is expected to drive the MDI-based PU Sole Market.

PU Sole Market Segment Analysis – By Application

The casuals segment held the largest share with 27% in the PU Sole Market in 2021 and is anticipated to grow at a CAGR of 6% during 2021-2026. Casual footwear provides a range of performance, with comfort and fashion, for outdoor activities. Flat soles, loafers, and sneakers are some of the commercially available types of casual footwear. Since, the soles play a major role in offering comfort, the sole material selection, is a key factor. The utilization of polyurethane insoles of footwear provides greater durability, flexibility, and comfort. The rising growth of PU Soles, in casuals, is driving the market growth. For instance, in 2021, BASF collaborated with Hotter to provide footwear that generates energy with every step taken, it is one of the world’s first expanded thermoplastic polyurethane (E-TPU). Initially designed for the world of sport, the partnership extends into casual and formal wear, marking a milestone in footwear technology. Thus, the rising usage of PU Soles in casual footwear will drive market growth in the forecast period.

PU Sole Market Segment Analysis – By Geography

Asia-Pacific region dominated the PU Sole Market with a share of 34% in the year 2021. The Asia Pacific region is predicted to continue its dominance in the market during the forecast period due to the increasing requirement for PU Soles in the footwear industry in developing countries such as China, Japan, India, and South Korea. China is expected to continue its dominance in the PU Sole market during the forecast period. This is due to the growth of the textile & apparel industry in the country. India and Taiwan are also predicted to grow their PU Sole market during the forecast period, with the rising growth of the footwear market. For instance, according to Invest India, the Indian footwear market is expected to grow at 8 percent CAGR to be US$ 11.8 Bn by 2025 and the per-capita consumption of footwear is predicted to increase from 2.33 pairs in 2022 to 2.94 pairs in 2025, that is 3,763 million pairs in 2024-2025. PU Soles are used in casuals, boots, sports, and formals, and polyurethane such as polyester offers good resistance against heat and abrasion to soles. Thus, the rising growth in the footwear market will drive the PU Sole Market growth in the forecast period.

PU Sole Market Drivers

Increasing Footwear Demand Will Drive the Market Growth

Footwear demand is increasing with the maintenance in orders and the commitment in completion of orders by the buyers and also, due to the global development of sports trends. The increasing demand for footwear is driving the market growth. For instance, according to the World Footwear, in 2020, the Indonesian Footwear Association recorded an annual growth of 8.97% in exports, and Indonesia’s limited imports increased by 21 percent. Also, in November 2021, footwear exports from Brazil to the US grew by 138.8% in volume and 210.6% in value, as compared to the previous year. Additionally, in the first eight months of 2021, French footwear exports increased by 19%, as compared to the same period of 2020. Thus, the rising growth in footwear demand is driving the market for PU Soles in footwear.

Surging Demand for Bio-Thermoplastic Polyurethane in the Footwear Industry Will Drive the Market Growth

Bio- thermoplastic polyurethane (TPU) is made with renewable-sourced materials such as isosorbide, polylactic acid, rapeseed oil, and others. Bio TPU's performance and benefits are the same as traditional petroleum-based TPU and sometimes it is even better. Its characteristics include superior chemical, high temperature and abrasion resistance, cold temperature flexibility, and outstanding mechanical strength. Therefore, due to these properties bio-based thermoplastic polyurethane is being utilized in the footwear industry. Surging demand for soles made from bio- thermoplastic polyurethane in footwear companies is driving the market growth. For instance, Nike uses bio- thermoplastic polyurethane (TPU) developed by Merquinsa, a subsidiary of Lubrizol Co., for soles in limited shoes. In 2019, Adidas launched its 100%-recyclable performance running shoe, each component is made from 100% recyclable TPU. Thus, the rising demand for bio-thermoplastic polyurethane in the footwear industry will drive market growth.

PU Sole Market Challenges

Disadvantages associated with PU Sole will hamper the market growth

PU Sole is a type of dense foam that offers for a longer period, good cushioning and shock absorption. However, PU Sole is dense and stiff, which makes it heavier in weight to wear, and is not as cushioned as shoes that use ethylene-vinyl acetate (EVA) sole. PU Sole is easy to break, it has poor ventilation, and its elongation is also poor. Thus, the disadvantages associated with the PU Sole will hamper the market growth.

PU Sole Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies players adopt in the PU Sole Markets. Major players in the PU Sole Market are:

1. BASF SE
2. Covestro
3. Dow
4. Huntsman
5. Wanhua Chemical Group
6. Coim Group
7. Lubrizol
8. Lanxess
9. Manali Petrochemical
10. INOAC

Recent Developments

• In October 2019, the Wanhua Chemical Group launched a new 3D-printed shoe material solution that will integrate high-quality and highly-flexible materials, which include WANFAB thermoplastic polyurethane (TPU) and Adwell waterborne adhesive.

Relevant Reports

Polyurethanes Market – Forecast (2021 - 2026)
Report Code: CMR 0074

Shoe Materials Market – Forecast (2021 - 2026)
Report Code: CMR 1372

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