PU Sole (Footwear Polyurethane) Market

Key players adopted expansion and new product developments as the key strategies to enhance growth in PU Sole (Footwear Polyurethane) Market

The PU sole (footwear polyurethane) market size is estimated to be USD 4.55 billion in 2018 and is projected to reach USD 5.79 billion by 2023, at a CAGR of 4.9%. Polyurethane is used in footwear soles to provide the perfect combination of ergonomics, microclimate, and comfortable experience. The superior properties of polyurethane as shoe sole material, growth in footwear sales, and increasing production in the growing economies are expected to drive the footwear polyurethane market

Polyurethane used as footwear soles is more durable than any other sole material. Polyurethane provides comfort, durability, good fit, and affordability, which are the properties expected in good footwear. Polyurethane soles have excellent mechanical properties and provide good resistance to abrasion. It also helps in keeping water out to some extent. The moldability and ease of processing make it easy for designers to produce it on a large scale.

The leading players in the global PU sole (footwear polyurethane) market include BASF SE (Germany), Covestro (Germany), DowDuPont (US), Huntsman (US), Wanhua Chemical Group (China), and Coim Group (Italy). These players account for a significant market share. The companies adopted expansion and new product developments as the key strategies to enhance growth in the market.

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BASF is a chemical company having presence in more than 80 countries. The company operates through six business segments, namely, chemicals, performance products, functional materials & solutions, agricultural solutions, oil & gas, and others. It has 13 operating divisions and 86 strategic business units. In January 2018, BASF established a new MDI synthesis unit in Geismar, Louisiana. The annual capacity of MDI production of the production facility will increase from 300,000 metric tons to 600,000 metric tons. This expansion enabled the company to enhance its presence in North America. Covestro manufactures high-tech polymer materials and also develops many other consumer products. The company operates through three major business segments, namely, polyurethanes; polycarbonates; and coatings, adhesives, and specialty. In October 2016, the company introduced a waterborne polyurethane technology in its newly-launched product INSQIN. This product enables a broader application scope and reduction in manufacturing costs.

Related Reports:

PU Sole (Footwear Polyurethane) Market by Footwear Type (Sports, Leisure, Work & Safety, Slippers & Sandals), Raw Material (Methylene Diphenyl Diisocyanate, Toluene Diphenyl Diisocyanate, and Polyols), and Region - Global Forecast to 2023

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Report Code
CH 6711
RI Published ON
10/25/2018
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