by Footwear sole materials are used in the manufacturing of shoe soles to provide comfort, durability, stability and cushioning. Some commonly used footwear sole materials include polyurethane, rubber and thermoplastic rubber. Polyurethane sole materials are lightweight and provide cushioning and shock absorption. They are used in sports and casual shoes. Rubber sole materials offer good wear resistance and traction. Thermoplastic rubber, which is a blend of rubber and plastic, provides flexibility and durability. Sports shoes, casual shoes, slippers and sandals utilize different types of footwear sole materials.
The global Footwear Sole Material Market is estimated to be valued at US$ 22.89 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing demand for lightweight and comfortable footwear materials is expected to drive the growth of the footwear sole material market over the forecast period. Polyurethane footwear sole materials are gaining popularity due to their lightweight properties which enhance comfort and performance. Moreover, increasing participation in sports and fitness activities has fueled the demand for breathable and shock absorbent footwear materials. Rising health consciousness has also led consumers to prefer shoes made with lightweight and cushioned materials for leisure and recreational activities. Furthermore, innovations in footwear sole technologies have led to development of materials which provide enhanced cushioning and stability. Rising disposable income in developing economies is also supporting the growth of footwear industry which in turn is catalyzing the demand for footwear sole materials. However, fluctuations in raw material prices remains a key challenge for market players.
Segment Analysis
The footwear sole material market can be segmented into midsoles and outsoles. The midsole segment dominates the market and accounts for over 60% share due to growing demand for cushioning and comfort in footwear. Advancements in midsole technology have led to the development of lightweight and high-performance cushioning materials like polyurethane and ethylene-vinyl acetate which provide enhanced comfort and support to the foot.
PEST Analysis
Political: There are no significant political influences on the footwear sole material market.
Economic: Growing disposable incomes and spending on fashion and lifestyle products are driving demand for innovative and high-quality footwear in developing nations.
Social: Changing preferences towards comfortable and lightweight footwear for sports and outdoor activities is increasingadoption of advanced midsole and outsole materials.
Technological: Developments in material sciences are leading to new formulations of polyurethane, rubber and EVA that improve cushioning, support, and durability characteristics of footwear soles. 3D printing technologies are also enabling customization of midsoles.
Key Takeaways
The global Footwear Sole Material Market Demand is expected to witness high growth over the forecast period driven by increasing sports and casual footwear consumption. The global footwear sole material market is estimated to be valued at US$ 22.89 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.
North America dominates the market currently due to high affordability of premium footwear brands and the presence of major footwear manufacturers. However, Asia Pacific is expected to see the fastest growth on account of rising health awareness, disposable incomes and trend adoption in India and China.
Key players: Key players operating in the footwear sole material market are ClaroNav, Stryker, Brainlab AG, Parsis, Northern Digital Inc., Heal Force, Medtronic, Synaptive Medical, Bramsys Indústria e Comércio Ltd. Innovation and partnerships play a critical role in gaining market share. For instance, ClaroNav partners with hospitals to offer image-guided navigation systems for orthopedic surgeries using augmented reality. Medtronic focuses on developing advanced biocompatible polymers and computer-assisted technologies for orthopedic implants. The overall competitive landscape remains fragmented with the widespread presence of global and regional players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
