Luton, Bedfordshire, United Kingdom, March 10, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the PU Sole Footwear Polyurethane Market.
The global PU sole footwear polyurethane market size was USD 4.40 Billion in 2022 and is projected to reach USD 8.37 Billion by 2029, exhibiting a CAGR of 7.4% during the forecast period.
The PU Sole Footwear Polyurethane market is projected to gain from the expansion of the footwear industry, which is driven by changing fashion and lifestyle trends. The use of polyurethane in footwear provides exceptional features such as great mechanical strength, making the shoes sturdy and long-lasting. PU Sole Footwear Polyurethane are becoming more popular in a variety of footwear styles, including casual, sports, formal, boots, slippers, and sandals. The growing demand for PU soles in sports and leisure applications is expected to boost the global PU Sole Footwear Polyurethane market. Moreover, increased awareness about the need for safety footwear is projected to bolster the growth of the global PU Sole Footwear Polyurethane market.
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The Asia Pacific is accounted for 55% share of the PU sole footwear polyurethane market.
The key reason for the concentration of the global market in the Asia Pacific area is the region’s geographical advantage, such as low labour, costs, and easy access to resources. As a result, the region is the world’s biggest manufacturer of polyurethane/PU Sole for footwear. Emerging markets, particularly India, Japan, New Zealand, and China, are overcoming technology barriers and now provide substantial growth potential.
Growth Factors:
- Increasing demand from the footwear industry for lightweight, durable and comfortable shoes.
- The growing popularity of PU sole footwear among athletes and sports enthusiasts for its superior cushioning properties.
- Rising disposable income of consumers in developing countries, which is increasing in demand for premium quality PU sole footwear products.
- The proliferation of online retail channels, is making it easier for consumers to access a wider range of PU sole footwear products at competitive prices.
The growth of trendy lifestyles among the youth and athletic lifestyles has poised the growth of the market drives.
The rise of stylish lifestyles among the youth, as well as sporty lives, has propelled the market forward. The nylon Fabre, which is in high demand in the market, is used to make comfortable and cost-effective running and trekking shoes. Casual clothing has grown fashionable and popular among young people. Nylon fiber is also utilized to create fashionable running sneakers. Polyester footwear is also becoming more popular due to its lightweight and durability. As a result, there is a demand for polyester footwear among both the young and the elderly. One of the reasons contributing to the market’s growth is the development of the textile sector in developing countries. The market is growing due to an increase in the usage of fashionable casual footwear made of polyester among youths, primarily men.
Increasing demand for leather material help to grow the market.
Increase its registration among its target segments, increasing in an increase in the demand for footwear However, counterfeit brands have emerged as a result of high prices and the widespread appeal of footwear brands such as Nike, Adidas, and Puma. Counterfeit brands are common in emerging economies when customers are price-sensitive. The sale of existing unique footwear brands in these nations is hampered by this reason. With the rise in the number of working women around the world, there is a greater demand for trendy and stylish footwear that can be worn for both professional and casual events. Furthermore, the increase in disposable income allows people to spend more on luxury items, which is fueling the expansion of the footwear market. New fancy and contemporary footwear, shoes, slip-on, and flip-flops are in high demand, increasing the footwear market’s growth.
The increase has been witnessed in the number of users of various social media sites along with the rise in internet penetration demand which will create significant growth opportunities in the market.
Along with the rise in internet penetration, there has been an increase in the number of users of various social networking sites. Given this, the majority of the major players in the footwear industry plan to promote their products and services on these social media platforms. Various organizations and industries, including market, use social media marketing as one of their main techniques for spreading knowledge about their product offers among target clients. As a result, the worldwide footwear market sees social media marketing as a vital option for acquiring traction and, eventually, success.
Report Scope:
| Report Attribute | Details |
| Market Size in 2029 | USD 8.37 Billion by 2029 |
| CAGR | 7.4% (2023–2029) |
| Base Year | 2021 |
| Forecast Period | 2023–2029 |
| Historical Data | 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, Product, End-User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers |
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PU Sole Footwear Polyurethane Market Players
The PU sole footwear polyurethane market key players include Covestro, SWM International, 3M Company, Avery Dennison, DingZing Advanced Materials, Coveris Advanced Coatings, Mh&W International, American PolyFilm Inc., Huntsman International LLC, PAR Group, Permali Gloucester Ltd., Lubrizol Corporation. To increase their market position, these businesses have implemented a variety of growth tactics. These companies are using expansion, new product development, mergers and acquisitions, and collaboration as important growth strategies to improve their product portfolio and geographical presence in order to meet the rising demand for PU sole footwear polyurethane from emerging economies.
Browse the full report with Table of contents and List of Figures at
https://exactitudeconsultancy.com/reports/7218/pu-sole-footwear-polyurethane-market/
Key Market Segments: PU Sole Footwear Polyurethane Market
Global PU Sole Footwear Polyurethane Market By Raw Material, 2020-2029, (USD Million) (Thousand Units)
- Methylene Diphenyl Diisocyanate
- Toluene Diphenyl Diisocyanate
- Polyols
Global PU Sole Footwear Polyurethane Market By Application, 2020-2029, (USD Million) (Thousand Units)
- Casuals
- Boots
- Slippers & Sandals
- Sports And Formals
Trends in the Market
The worldwide PU Sole Footwear Polyurethane market is anticipated to grow as a result of the high demand for durable footwear. Additionally, the main factor anticipated to propel the worldwide PU Sole Footwear Polyurethane market is the rise in footwear production and sales. The development of the global PU Sole Footwear Polyurethane market is expected to be aided by polyurethane's better properties as a substance for shoe soles. The worldwide PU Sole Footwear Polyurethane market is anticipated to be driven by important factors like increasing discretionary income and accelerating urbanisation. The global PU Sole Footwear Polyurethane market is also expected to experience development due to changes in fashion and living patterns. In addition, the global PU Sole Footwear Polyurethane market is anticipated to grow as a result of technical advancements and increasing demand from developing nations.
The demand for sports shoes in a range of activities, including jogging, hiking, tennis, and golfing, is expected to be driven by the growing appeal of exercise activities and outdoor sports. Additionally, it is anticipated that increased athletics involvement by people of all ages throughout the globe will support product demand during the forecast era. Due to greater product use in hotels and resorts, on cruise ships, and other applications like home slippers and sandals, work & safety shoes, among others, the leisure application area is expected to experience rapid development. Shoes with PU soles are ideal for water-based recreational activities like bath spas or swimming pools because of their waterproofing qualities.
Key Question Answered
- What is the current size of the PU sole footwear polyurethane market?
- What are the key factors influencing the growth of PU sole footwear polyurethane?
- What are the major applications of PU sole footwear polyurethane?
- Who are the major key players in the PU sole footwear polyurethane market?
- Which region will provide more business opportunities for PU sole footwear polyurethane future?
- Which segment holds the maximum share of the PU sole footwear polyurethane market?
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