The Footwear Sole Material Market is estimated to be valued at US$ 22.89 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The footwear sole material market comprises rubber, polyurethane, PVC and thermoplastic rubber as key materials. Sports and athletic shoes dominate product demand owing to need for enhanced cushioning, flexibility, durability and traction. Advancements in material science have led to development of microcellular rubber and polyurethane blends that mimic natural motion of feet while providing protection. Growing running and workout culture contributes significantly to material consumption globally.
Market Dynamics:
The footwear sole material market is driven by two key factors. Firstly, increasing health consciousness and fitness trends have boosted sales of athletic shoes significantly over the years. Various studies have linked regular exercise to reduced risk of chronic diseases, improved mood and weight management. This has encouraged more people to take up running, walking and various sports. Secondly, advancements in sole material technology allows mimicking of natural walking motion more efficiently. New rubber and thermoplastic formulations deliver superior shock absorption and energy return properties. They also last longer than traditional materials. Growing popularity of eco-friendly and vegan footwear poses opportunities for plant-based material innovators in the industry.
Segment Analysis
The Footwear Sole Material Market Growth is dominated by the rubber material segment, which accounts for over 35% share of the global market. Rubber material provides excellent abrasion resistance and flexibility as compared to other materials such as plastic and leather. This makes rubber the preferred choice for manufacturing soles for sports shoes and casual/athletic footwear.
PEST Analysis
Political: Footwear sole material manufacturers have to adhere to various environmental regulations regarding material selection and production processes across countries.
Economic: The global economic slowdown during the COVID-19 pandemic negatively impacted the demand for footwear and footwear sole materials in 2020. However, recovery is expected going forward.
Social: Changing fashion trends and active lifestyles are increasing consumer demand for comfortable and durable footwear, driving the need for innovative sole materials.
Technological: Advancements in material science are enabling footwear companies to develop lightweight, toxin-free, and performance-enhancing sole materials. 3D printing technology is also being explored for custom soles.
Key Takeaways
The global footwear sole material market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing health awareness. The Asia Pacific region dominates the market currently due to the large presence of footwear manufacturers and availability of raw materials at competitive prices.
Regional analysis
The Asia Pacific region accounts for over 40% share of the global footwear sole material market currently. China, India, Indonesia, and Vietnam are the major footwear producers in the region. Availability of low-cost raw materials and labor has made Asia Pacific an attractive destination for sourcing footwear and its components.
Key players
Key players operating in the footwear sole material market are Nike Inc., Adidas AG, Bata Limited, Puma SE, Columbia Sportswear Company, The Dow Chemical Company, Huntsman Corporation, and BASF SE. Nike dominates the sports shoe category while Adidas and Puma have strong presence in the sports/athletic segments. Bata and Columbia cater to the casual and outdoor footwear segments.
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