by The footwear sole material plays a vital role in enhance comfort, cushioning and support to the feet during walking, running and other activities. Footwear sole materials such as EVA, PVC, PU, rubber and thermoplastic are widely used in midsoles, outsoles and insoles of various footwear including sports shoes, casual shoes, boots and sandals. The growing preference for comfortable and lightweight footwear that offers cushioning, shock absorption and flexibility is propelling the demand for innovative 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 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for comfortable and lightweight footwear has propelled the development of highly advanced footwear sole materials in the market. Materials such as EVA and thermoplastic provides superior cushioning and shock absorption properties along with lightweight structure compared to conventional materials such as rubber and PVC. These advanced materials conform well to the shape of foot during diverse activities such as walking, running and other sports. The innovative soles made from such materials ensures flexibility and stability to the footwear. This has significantly driven their adoption among footwear manufacturers in developing premium performance and luxury footwear.
SWOT Analysis
Strength: Footwear sole material companies have strong R&D capabilities that allow continuous product innovation. An increased focus on sustainability and eco-friendly materials is also a strength.
Weakness: Over-reliance on few raw materials like plastic and rubber makes companies vulnerable to price fluctuations. Distribution challenges also exist for selling specialized footwear sole materials.
Opportunity: Growing popularity of activity-based and casual footwear offers scope to develop niche and customized soles. Advancements in material science can facilitate development of lightweight, durable and performance-oriented soles.
Threats: Stiff competition among existing players. Possible rise in raw material costs exerts pricing pressure. Alternative shoe manufacturing technologies pose a threat.
Key Takeaways
The Global Footwear Sole Material Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 6.6% over the forecast period 2023 to 2030.
Regional analysis comprises: The Asia Pacific region has emerged as the largest market for footwear sole materials owing to rapid industrialization and strong presence of major shoe manufacturers. China alone accounts for over 30% of global footwear production. India is also a key market expanding at over 8% annually.
Key players related content comprises: Key players operating in the footwear sole material market are enhancing product portfolios and conducting R&D activities to develop advanced materials for specialized application segments like sports shoes and casual wear. Notable industry players also pursue strategies like new product launches, collaborations and acquisitions to gain competitive advantage.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
