Footwear sole material is produced from various materials such as PVC, rubber, PU, vulcanized rubber, and leather. Footwear provide comfort and a wide range of performance for outdoor activities. PVC and rubber are two common materials used for the manufacturing of the shoes as they provide ideal synthetic materials over traditional leather. Moreover, they are a more cost-effective solution for the manufacturing of footwear such as shoes, boots, slippers, sandals, and sneakers.
Global footwear sole material market is estimated to account for around US$ 21.97 Billion in terms of value in the year 2022 and it predicted to grow at a CAGR of 4.2 % during the forecast period (2023-2030).
Driver
- Growth in the global population
Growth in the global population is projected to augment the market growth of the footwear sole materials. The rising population base rate has created a demand for consumer goods such as footwear. According to the United Nation, from an estimated 7.7 billion people worldwide in 2020 the medium-variant projection indicates that the global population could grow to around 8.5 billion in 2030 and 9.7 billion in 2050.
Opportunity
- Rising demand for eco-friendly footwear
Rising demand for eco-friendly footwear due to growing environmental concerns is expected to provide potential growth opportunities to the market of footwear sole. For instance, in April 2020, Adidas has launched environmentally friendly 100% recyclable running shoes. The new sneaker is part of Adidas’s attempt to address the grave environmental threat posed by plastic, which increasingly clogs landfills and suffuses our oceans.
Restraint
- Emerging counterfeit products
Emerging counterfeit products is one of the prime factor expected to hinder the market growth of the footwear sole material. The local manufacturer tends to use low-quality for manufacturing of footwear and soles which are produced in order to take advantage of the high price of the original brand. This is expected to hamper the market growth of the footwear sole material.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/footwear-sole-material-market-3848
Key Takeaways:
On the basis of the distribution channel, the shoe stores segment dominated the global footwear sole material market in 2019 with a 56.0% of market share in terms of value, followed by retail stores and others.
On the basis of the gender type, the men segment dominated the global footwear sole material market in 2022 with a 53.0% of market share in terms of value, followed by women and others.
Major players operating in the global Footwear Sole Material market include Nike Inc., Adidas AG, Bata Limited, Puma SE, Columbia Sportswear Company, The Dow Chemical Company, Huntsman Corporation, and BASF SE
Market Trends
Increasing e-commerce industry due to rapid urbanization and branded footwear industry is benefiting from the e-commerce sale as it increases the visibility of products is expected to fuel the market growth of footwear sole materials over the forecast period. Moreover, the e-commerce industry is projected to favor the market growth of the footwear industry in terms of low cost and high-profit margins.
Few Recent Developments
Adidas AG
- In April 2019, Adidas has launched environmentally friendly 100% recyclable running shoes. The new sneaker is part of Adidas’s attempt to address the grave environmental threat posed by plastic, which increasingly clogs landfills and suffuses our oceans.
Bata Limited
- In March 2019, Bata plans to expand its customer base and reach more shoppers across the country through these multi-brand footwear outlets.
Columbia Sportswear
- In August 2020, Columbia Sportswear has launched the SH/FT Collection – its newest footwear line inspired by today’s rapid urbanization and the growing movement to seek balance outdoors. The SH/FT Collection is designed for a new generation seeking experiences outside by allowing them to move more seamlessly from pavement to path.
- In January 2020, Columbia Sportswear has launched a joint venture with Swire Resources Ltd. This partnership in the Washington County outdoor footwear and apparel brand expects to boost profitability in China.
Huntsman
- In February 2020, Huntsman have developed an innovative polyurethane midsole material for the safety and military shoe market, which has been tested and qualified by uvex for use in its uvex 1 G2 safety shoes.
