FOOTWEAR SOLE MATERIAL MARKET ANALYSIS

Regional Analysis

• North America: U.S. and Canada
• Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
• Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
• Middle East & Africa : GCC, Israel  South Africa, North Africa Israel, and Central Africa  and Rest of Middle East

Global Footwear Sole Material Market– Regional Insights

Asia Pacific held the largest revenue share of 39.50 % in the global footwear sole material market in 2022, and is expected to maintain its dominance over the forecast period. Furthermore, Asia Pacific region is projected to be the fastest-growing region in the global Footwear Sole Material market during the forecast period. 60% of the world's population resides in Asia Pacific, which is experiencing a retail boom due to rapidly changing lifestyles and buying habits. Future growth in the footwear sector is expected to be amazing due to evolving fashion trends and shifting retail environments, which will also help the market for sole materials grow. Consumer purchasing patterns are significantly influenced by urbanization. Increased brand awareness and rising disposable income have led to a huge increase in footwear purchase. Moreover, footware sole material manufacturing industries in China, India, South Korea, Taiwan, and Japan along with rising demand from a variety of application industries are expected to drive the market growth during the forecast period.

 For instance, India produces 13% of the world's footwear, making it the second-largest producer behind China. India manufactures 2 million pairs of footwear, with nearly equal amounts of leather and non-leather shoes. After China and the United States, India is the third-largest consumer of footwear, with almost 1.66 pairs per person. In India, there are close to 15000 units producing footwear, with a US$ 6,713 million (Rs. 50,000 crores) annual revenue projection.