by The global 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:
Footwear sole materials are used in the manufacturing of footwear. Footwear sole materials provide shock absorption, traction, flexibility and abrasion-resistance properties. Common footwear sole materials include leather, polyvinyl chloride (PVC), thermoplastic polyurethane (TPU), rubber and others.
Market key trends:
One of the key trends in the footwear sole material market is the increasing demand for light-weight and comfort materials. Manufacturers are focusing on developing footwear sole materials that are lightweight, durable and provide superior cushioning and comfort. For example, thermoplastic polyurethane (TPU) is gaining popularity as a footwear sole material due to its lightweight and flexibility properties along with high durability. TPU provides cushioning and comfort to the wearer. The demand for light-weight and comfortable footwear is expected to drive the growth of TPU in the footwear sole material market during the forecast period.
SWOT Analysis
Strength: The footwear sole material market benefits from rising demand for sports and athletic shoes. Materials like rubber and polyurethane soles provide durability, traction, and shock absorption.
Weakness: Developing innovative and sustainable sole materials requires heavy R&D investments. Raw material price volatility can squeeze profit margins for manufacturers.
Opportunity: Growing popularity of outdoor and adventure activities boosts demand for performance footwear with advanced sole technologies. The market sees potential in developing lightweight and customized 3D printed soles.
Threats: Stiff competition from local and private label brands pressures established vendors to continuously upgrade product qualities at affordable prices. Strict environmental regulations on plastic waste management act as a challenges.
Key Takeaways
The global Footwear Sole Material Market Growth 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 among consumers.
North America dominates the footwear sole material market currently due to strong demand for running and casual shoes in the region. However, Asia Pacific is expected to rise as the fastest growing market in coming years supported by rapid economic development, growing middle class, and their increasing purchasing power in countries like China and India.
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. These companies are focusing on manufacturing innovative and sustainable sole materials to cater to the dynamic needs of end users. For instance, BASF has developed a novel shoe sole material called Elastollan that provides superior cushioning and bounce-back properties for sports shoes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
