CHICAGO, October 25, 2018
CHICAGO, October 25, 2018 /PRNewswire/ --
According to the new market research report "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", published by MarketsandMarkets™, the PU Sole (Footwear Polyurethane) Market size is estimated at USD 4.55 billion in 2018 and is projected to reach USD 5.79 billion by 2023, at a CAGR of 4.9%. The use of polyurethane in footwear offers superior properties such as high mechanical strength, which makes shoes robust and durable. It can be used for different types of shoes such as sports, leisure, slippers & sandals, work, and safety. The key drivers for the market are the superior properties of polyurethane as shoe sole material and the increasing sale and production of footwear.
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"Slippers & sandals, the largest footwear type in the overall PU Sole (Footwear Polyurethane) Market."
The slippers & sandals segment is estimated to be the largest footwear in the overall PU Sole (Footwear Polyurethane) Market. The large market size for this segment is attributed to consumer preference towards slippers & sandals in the developing economies.
"Methylene diphenyl diisocyanate (MDI), the leading raw material for PU sole (footwear polyurethane)."
Methylene diphenyl diisocyanate (MDI) is a raw material for PU sole (footwear polyurethane). MDI is the most widely-used aromatic diisocyanate in footwear polyurethane, which primarily exists in three isomers, namely 2,2'- MDI, 2,4'-MDI, and 4,4'-MDI. 4,4'-MDI isomer is used in shoe sole formulation. In order to make polyurethane for footwear, MDI is reacted with polyols in the presence of other additives. MDI-based polyurethanes have applications in compact outsoles and unit soles. The properties of methylene diphenyl diisocyanate (MDI) such as high degree of stiffness and resilience is expected to drive the market for this segment.
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"Increasing footwear production and sales - the major driver of the PU Sole (Footwear Polyurethane) Market."
The APAC is estimated to be the largest and the fastest-growing market for PU sole (footwear polyurethane). The high growth rate of the market in the region is due to the increased production of footwear in countries such as China, India, Indonesia, and Vietnam. China is estimated to be the largest market for footwear polyurethane in the APAC region. Indonesia is estimated to be the fastest-growing market in the region as well as globally. The regional demand is expected to increase during the forecast period, owing to growing population and consumer spending. China is the leading manufacturer and consumer of footwear in APAC. The high demand for sports and casual footwear is expected to drive the demand for PU sole (footwear polyurethane) in the region.
The key companies profiled in the PU Sole (Footwear Polyurethane) Market research report are BASF SE (Germany), Covestro (Germany), DowDuPont (US), Huntsman (US), Wanhua Chemical Group (China), and Coim Group (Italy).
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