by 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 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The footwear sole material market comprises materials used in the sole of various footwears such as shoes, sneakers, slippers and sandals. Key sole materials include EVA foam, polyurethane, rubber and others. EVA foam provides shock absorption, cushioning and comfort, making it a popular choice.
Market key trends:
One of the key trends in the footwear sole material market is growing demand for EVA foam. EVA foam is lightweight, resilient and provides excellent shock absorption. Furthermore, it can be engineered to have tailored properties as per the application. Due to its superior performance and the ability to manufacture economically on a large scale, EVA foam has emerged as the fastest growing segment in the footwear sole material market. The material is increasingly being used in the soles of sports shoes, casual shoes and other footwear varieties. The market for EVA foam in footwear industry is expected to witness substantial gains over the forecast period.
Segment Analysis
The global footwear sole material market is segmented by material type into polyvinyl chloride (PVC), thermoset rubber, thermoplastic rubber, leather, and others. The thermoplastic rubber segment dominated the market in 2022 and is projected to maintain its dominance over the forecast period. Thermoplastic rubber provides maximum durability, flexibility, and traction. They do not break or crack like other materials and therefore find wide application in athletic shoes, casual shoes, and boots.
Key Takeaways
The global footwear sole material market is expected to witness high growth, exhibiting a CAGR of 4.2% over the forecast period, due to increasing demand for sports and casual footwear worldwide.
Regional analysis
Asia Pacific dominated the global market in 2022 and is expected to continue its dominance during the forecast period. China, India, Japan, and Southeast Asian countries are major footwear producers and consumers in the region. The availability of raw materials and lower production costs have made Asia Pacific an attractive destination for footwear sole material manufacturers.
Key players
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. Nike and Adidas captured over 30% of the global footwear market share in 2022. Their strong distribution network and aggressive marketing campaigns have helped them strengthen their position in the market.
The global footwear sole material market size was valued at US$ 22.89 Mn in 2023. North America is projected to witness the highest CAGR during the forecast period owing to the increasing health and sports awareness.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
