The footwear sole material market is estimated to be valued at US$ 22.89 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
Footwear sole materials are used in the manufacturing of shoe soles. Some common footwear sole materials include EVA, polyurethane, rubber, and PVC. EVA or ethylene-vinyl acetate foam is a lightweight yet durable material commonly used in the manufacturing of sport and casual footwear soles. Polyurethane provides excellent cushioning and shock absorption properties, and is commonly used in athletic and performance footwear. Rubber offers good traction, flexibility and durability and is widely used in boots, casual and outdoor footwear. PVC or polyvinyl chloride is a cost-effective material used in budget and children’s footwear. The rising demand for sports, casual and fashion footwear from millennials and Generation Z is expected to drive the demand for high performance and aesthetically appealing footwear sole materials over the forecast period.
Market Dynamics
The key drivers fueling growth of the Footwear Sole Material Market Growth include growing demand for lightweight and shock absorbing footwear from sports industries as well as increasing popularity of fashionable and stylish footwear among consumers. EVA and polyurethane footwear sole materials are increasingly being used by athletic footwear brands owing to their lightweight yet cushioned properties. Growing participation in sports and fitness activities worldwide is further propelling the demand for sports and lifestyle footwear incorporating advanced sole technologies. Rising disposable incomes in developing regions is also translating into higher consumer spending on branded casual and designer footwear featuring unique sole designs and materials.
SWOT Analysis
Strength: Nike Inc., Adidas AG and Bata Limited are the top players in the market with strong brand presence and recognition globally (explain in three sentence). Footwear sole materials provide durability, slip resistance and cushioning to shoes (explain in three sentence). Synthetic and rubber sole materials are widely used due to their cost effectiveness and lightweight properties (explain in three sentence).
Weakness: Overdependence on few raw material suppliers can impact the supply chain of sole material manufacturers (explain in two sentence). Frequent change in fashion trends negatively impact the demand for certain types of sole materials (explain in two sentence).
Opportunity: Growing health awareness and participation in sports and fitness activities is driving the demand for high-performance and comfortable footwear (explain in two sentence). Emerging economies in Asia Pacific and Middle East and Africa regions provide huge market potential for footwear sole materials (explain in two sentence).
Threats: Stringent environmental regulations regarding disposal of plastic wastes may increase compliance cost for manufacturers (explain in two sentence). Threat of substitutes such as graphene and carbon fiber pose competition to conventional sole materials (explain in two sentence).
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 consciousness and participation in sports and fitness activities globally. Consumers are increasingly preferring comfortable and performance enhancing footwear for various sports and fitness activities which is driving the demand for specialized footwear sole materials.
Regional analysis Regional analysis North America dominated the global footwear sole material market and accounted for revenue share of over 35% in 2022. However, Asia Pacific footwear sole material market is projected to witness fastest growth during the forecast period due to rapidly growing footwear industry in China, India and other Southeast Asian countries. China alone accounts for over 25% of the global footwear production and leads the market for footwear sole materials in the region.
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 and Adidas captured over 20% of the global market share in 2022. These companies are investing hugely in development of innovative performance and comfort focused footwear technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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