Footwear Polyurethane Market by Raw Materials (Methylene Diisocyanate (MDI), Toluene Diisocyanate (TDI), Polyols), Application (Sports, Leisure, Work & Safety, Slippers & Sandals, Others) and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) Global Forecast 2018 to 2028.

Indian footwear industry outlook:

India is one of the biggest potential markets for global footwear manufacturers given its population size and strong economic prospects in long term future outlook. Apart from being one of the largest potential markets, the country is also the second-largest producer of footwear after China. Leather-based footwear is the major product manufactured and further exported across the globe. Therefore, manufacturers offering PU soles shoes have high growth opportunities in the country

India’s export for different categories of footwear (USD Million)

Source: Adroit Market Research, 2020

Key facts about Indian Footwear Industry

According to government published document on Indian footwear industry for MSMEs of footwear industry-

• India is the second-largest global producer of footwear after China, accounting for 13% of global footwear production of 16 billion pairs
• India produces 2 billion pairs of different categories of footwear constituting an almost equal percentage of leather and non-leather footwear
• India is the third-largest footwear consumer after China and USA with consumption of nearly 1.66 pairs while average global consumption is 3.0 pairs
• There are nearly 15000 units engaged in manufacturing footwear in India with a total turnover estimated at USD 6.15 billion including USD 4.16 billion for domestic market and USD 2.34 billion for exports

The global footwear polyurethane market is segmented based on raw material and type. Based on raw material, the market is categorized into methylene diisocyanate (MDI), toluene diisocyanate (TDI) and polyols. Based on application, the global footwear polyurethane market is segmented into slippers & sandals, boots, casuals, formals, sports footwear.

Based on product type, methylene diisocyanate (MDI) dominated the global footwear polyurethane market. Methylene diisocyanate (MDI) provides high versatility to the footwear manufacturers due to its chemical properties. To make footwear polyurethanes, methylene diisocyanate (MDI) with polyols in the presence of other additives. Due to the versatile chemistry, they can be used for a wide variety of shoes and boots. Along with high flexibility and durability, footwear made with methylene diisocyanate (MDI) also allows the footwear manufacturers to add aesthetic appeal to the final product. Footwear polyurethane is widely used in various parts of the shoe design. Footwear polyurethane is widely used in outsole and midsole. Furthermore, polyurethane is also used as an adhesive, foam inserts, air-bags and as gels for extra comfort and support. Owing to these factors, methylene diisocyanate (MDI) is widely adopted by footwear manufacturers.

On the basis of application, casual footwear and slippers & sandals are projected to witness the fastest growth in demand for the footwear polyurethane market. A gradual shift of polyurethane usage from heavy-duty shoes to regular shoes has led to impressive growth in the footwear polyurethane market. This factor, coupled with growth in spending for good quality footwear is also a major factor to propel the growth of the footwear polyurethane market over the forecast period.

On the basis of region, the global footwear polyurethane (PU sole) market is categorized into key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Asia Pacific led the global footwear polyurethane demand in 2019 and it’s further projected to maintain its dominance over the forecast period. The region houses several developing economies with major global growth engines such as India and China. These two countries account for one-third of the world population and therefore the demand for footwear is quite high in the region. Furthermore, despite being among the largest producers of footwear, most of the production goes into domestic consumption and still demand is generated from the end-users. Therefore, the region further has the highest potential for growth for the polyurethane footwear market.

Another factor driving the demand for footwear polyurethanes is the rising disposable incomes of the middle-class buyers as well as an increase in willingness to spend high for quality and durable footwear. This is also one of the key factors to augment the demand for footwear polyurethane market over the forecast period. Asia Pacific, followed by North America and Europe are the major end-users market for footwear polyurethanes. On the contrary, a rise in the middle-class population and growing urbanization in the Middle East & Africa is set to offer high opportunities for growth for the footwear polyurethane market over the forecast period.