The footwear sole material market comprises materials used in manufacturing shoe soles including rubber, polyurethane, and other synthetic materials. Shoe soles provide traction, cushioning, impact resistance and durability. They support the foot during locomotion and protect it against injury. Rising demand for comfortable and lightweight footwear from sports and athletics has led to increasing use of materials like thermoplastic polyurethane (TPU) and ethylene-vinyl acetate (EVA) in shoe soles.
The Global the Footwear Sole Material Market Trends is estimated to be valued at US$ 26.37 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the footwear sole material market are F. Hoffmann-La Roche AG, Merck Group, Bristol Myers Squibb, GlaxoSmithKline, AstraZeneca, Novartis, Janssen Pharmaceuticals, among others. The growing demand for sports and athletics footwear from millennials and generation Z populations provides major growth opportunities in the market. Technological advancements in materials like responsive soles that can adapt to surfaces and self-adapting cushioning are expanding application areas for footwear sole materials.
Key players operating in the footwear sole material market are F. Hoffmann-La Roche AG, Merck Group, Bristol Myers Squibb, GlaxoSmithKline, AstraZeneca, Novartis, Janssen Pharmaceuticals, among others.The key opportunities in the market include growing demand for lightweight, flexible and durable shoes from runners and athletes. Production of soles with enhanced traction, cushioning and slip resistance also provide opportunities. Technological advancements in materials like use of graphene and carbon nanotubes promise shoes soles with improved strength, resilience and self-cleaning properties.
Market drivers
The main driver for the footwear sole material market is the rising participation in sports and fitness activities among young population globally. Life style changes towards more active lifestyle have increased the demand for high performance athletic shoes providing cushioning and comfort during workouts. Innovation in material science has led to development of soles with customized cushioning and traction for different sports. Growing production of fashionable casual and sports shoes by major brands also supports market growth. Greater focus on technological advancements ensuring user comfort stimulates product demand.
Current challenges in Footwear Sole Material Market
The footwear sole material market is facing challenges due to rising prices of raw materials like rubber and plastics. The volatility in raw material prices affects the production cost and profit margins of sole material manufacturers. Also, stringent environmental regulations regarding the disposal of plastic and rubber waste generated from the industry pose compliance challenges. Furthermore, growing popularity of online shopping has increased competition in the market. Footwear brands are focusing on new marketing strategies and product differentiation to attract customers.
SWOT ANALYSIS
Strength: Footwear sole materials like rubber and plastics provide durability, cushioning and traction properties. This makes them suitable for different types of footwear.
Weakness: Manufacturing polymeric sole materials involves the use of non-renewable raw materials like petroleum. It also generates waste that is difficult to dispose of.
Opportunity: Rising health consciousness and popularity of outdoor activities has increased demand for sports shoes and casual footwear. This offers scope for innovating lightweight and high-performance sole materials.
Threats: Strict environmental norms can increase production costs. Easy availability of alternatives like natural rubber also threatens synthetic polymers.
In terms of value, the North America region dominates the footwear sole material market owing to a large footwear industry and consumer demand in the US and Canada. Europe is another major market for footwear sole materials due to established shoe manufacturing in countries like Italy, Spain and Germany.
The Asia Pacific region is expected to be the fastest growing market during the forecast period. This is attributed to rising living standards, fashion trends and increased domestic consumption in developing economies like China, India and Vietnam. Significant investments by international brands are also boosting sole material demand across Asia Pacific.
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1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.