by Footwear sole material is used in the production of footwear to provide cushioning and protect the feet. Sole material such as polyurethane, ethylene vinyl acetate, and rubber are commonly used. These materials offer durability, traction, flexibility and enhance foot comfort. The global demand for various footwear products such as athletic shoes, casual shoes, and formal shoes has been increasing owing to changing lifestyles and rising incomes.
The global footwear sole material market is estimated to cross US$ 50 billion by 2023 and is projected to exhibit a CAGR of 6.6% during 2023 to 2030.
Market key trends:
Growth of sustainable footwear: Consumers are increasingly opting for eco-friendly and sustainable footwear owing to rising environmental concerns. Footwear companies are adopting sustainable materials such as natural rubber, organic cotton, and recycled plastics for soles. The demand for biodegradable and vegan footwear materials is growing rapidly. Sustainable soles made from innovative materials such as pineapple leaves fibers, algae foam and mushrooms are gaining popularity. The footwear sole material market is witnessing significant growth propelled by the rising preference for sustainable footwear among consumers and stringent environmental regulations regarding plastic waste
SWOT Analysis
Strength: Footwear sole materials such as rubber and polyurethane provides durability and slip resistance. These materials protect feet from various hazards.
Weakness: Natural rubber and leather materials are susceptible to degradation over time with use and environmental factors. Synthetic materials raise ecological concerns.
Opportunity: Advancements in material science is allowing manufacturers to develop lightweight, abrasion resistant and environment-friendly footwear sole materials. New technologies are enhancing performance.
Threats: Stringent regulations over toxic chemicals used in manufacturing synthetic materials increases production costs. Supply chain disruptions and price volatility of raw materials poses challenges.
Key Takeaways
The Global Footwear Sole Material Market Size is expected to witness high growth.
Regional analysis: Asia Pacific and North America regions will be driven by mass production and demand from major footwear manufacturers respectively. Countries such as China, India, US and Germany account for significant market share.
Key players operating in the footwear sole material market are Bridgestone, Continental, Michelin, Goodyear, Hankook, Pirelli, Cheng Shin Rubber, KUMHO Tire, ZC Rubber, Double Coin, Aeolus Tyre, Sailun Group, Cooper Tire & Rubber, Sumitomo Rubber Industries, Yokohama, Nokian Tyres, Toyo Tire & Rubber, Triangle Tire Group, JK Tyre & Industries, Carlisle, Trelleborg, and Fenner Plc. Advancements in material science and manufacturing technologies are allowing manufacturers to develop sustainable, high performance and lightweight footwear sole materials. End-use segments are driving demand for materials enhancing properties such as abrasion & cut resistance, flexibility, slip resistance and insulation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
