FOOTWEAR SOLE MATERIAL MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global Footwear Sole Material market was valued at US$ 21.97 Billion in 2022, exhibiting a CAGR of 4.2 % in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 31.95 Billion by 2030.

Footwear sole material used to manufacture the bottom part of the shoes and is produced from various materials rubber, plastic, and petrochemical-derived products. Footwear sole materials provide comfort and fashion and allow to perform various outdoor activities. Polyurethane is the most common material used in the manufacturing of sole because it offers excellent flexibility and durability. Moreover, the footwear sole also provides a high level of stiffness and resilience.

Global Footwear Sole Material Market- Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 outbreak had negatively impacted the global Footwear Sole Material market, owing to the strict lockdown and stringent regulations, followed by the government, and thus, there was a decrease in demand for Footwear Sole Material. Moreover, the production process of the Footwear Sole Material is disrupted due to social distancing and lack of manpower. The market had been impacted by political and economic developments in addition to the pandemic. For instance, the industry was impacted by international trade disputes, alterations in governmental regulations, and variations in exchange rates. Although, the growing demand for Footwear Sole Material after COVID-19 is expected to witness significant market growth during the forecast period.

Figure 1. Global Footwear Sole Material Market, By Material Type, 2022

Global Footwear Sole Material Market - Growth Drivers

• Increase in the disposable income of the middle-class family

Increase in the disposable income of the middle-class family is projected to drive the market growth of footwear sole materials over the forecast period. Increasing industrialization and urbanization across the developing region have led to the rise of disposable income, which in turn, is projected to fuel the demand for footwear over the forecast period.

• Increasing participation of consumers in sports and fitness-related activities

Increasing participation of consumers in sports and fitness-related activities due to increasing health-conscious people is projected to augment the market growth of the footwear sole material. Shifting preferences of consumers towards outdoor activities such as hiking, running, and cycling is also contributing to the growth of the footwear sole material.

Global Footwear Sole Material Market- Restraints

• Slow adoption rate of the advanced technologies

Slow adoption rate of the advanced technologies for the production of the footwear sole is expected to restrict the market growth over the forecast period. High cost and technical issues are some of the major factors inhibiting the adoption of advanced technology thus hampering the market growth. Moreover, the increasing demand of the non athaletic applications across the globe is expected to boost the demand of the gootware sole material market in the upcoming forecast period.

• Negative environmental effects when shoe soles are discarded

The materials used to make the shoes have an unbreakable connection to the environmental effects of shoe degradation in landfills. When disposed of in landfills, numerous petroleum-based compounds used to make athletic shoes, such as EVA, severely pollute the environment and cause water bodies to become contaminated. The footwear might take up to thousands of years to naturally decay when disposed of in landfills. Athletic shoe midsoles made of EVA show little to no biodeterioration after 12 years of contact with damp soil. Furthermore, the increasing demand of the bio- based materials is expected to increase  the demand of the gootware sole material market in the upcoming forecast period.

Global Footwear Sole Material Market- Opportunities

• The market of footwear is penetrating into women segments

The market of footwear is penetrating into women segments owing to the rising number of women participating in outdoor activities. This is expected to open new doors of opportunity to the market of the footwear sole. Moreover, an increasing number of working women is also expected to augment the market growth.

Figure 2. Global Footwear Sole Material Market, By Region, 2022

• Growing demand for therapeutic footwear around the globe

Growing demand for therapeutic footwear around the globe for the patient suffering from chronic diseases such as arthritis, diabetes, and knee problems is estimated to accelerate market growth. Growth in the medical footwear industry is expected to positively impact market growth over the forecast period.

Global Footwear Sole Material Market- Trends

• Growing demand for trendy and comfortable shoes especially among the young population

Growing demand for trendy and comfortable shoes especially among the young population is expected to be a major trend in the market. Shifting preferences for buying footwear as per the occasion is another major trend in the market. Athletic, Casuals, fashionable, formals, and traditional are the some of the footwear gaining huge demand.

• Increasing consumption of bio-based materials

Global shoe consumption is continuously increasing, and both the production and disposal of shoes have an influence on the environment. The fact that materials such as leather, rubber, polyvinyl chloride, and polyurethane end up in landfills has a substantial negative influence on the environment. One of the first groups to embrace footwear that is both animal- and environment-friendly is the vegan and vegetarian community. At first, eco-shoes tended to be unsightly, of poor quality, and hard to come by. However, there have been significant developments in bio-based, biodegradable, and recycled footwear. Numerous well-known shoe brands have introduced bio-based soles for footwear on the market. For instance, KEEN Inc. introduced its patented manufacturing process in 2021, which uses agricultural waste to create plant-based soles without the use of chemical solvents. Additionally, sportswear manufacturer PUMA developed a new sugarcane-based midsole in 2021. As part of its aim to make its entire product range more sustainable, the company this spring debuted new footwear models made from recycled materials. Better Foam, which will be utilised in footwear goods this summer, has 35% bio-based components made from sugar cane.

Global Footwear Sole Material Market- Segmentation

By material type, the global Footwear Sole Material market is segmented into leather, rubber, plastics and others. The leather segment held the largest market share in 2022, and is further projected to exhibitthe highest CAGR during the forecast period, owing to increasing increase in the demand for comfortable and durable footwear across the globe that is expected to boost demand for footware sole material.

Global Footwear Sole Material Market– Recent Developments

• In 2021, The Universities of Aveiro, Porto, and Minho are partners in the Safety Materials for shoe project (SM4S), which is being carried out by a team of Portuguese academics. The objective is to develop a virus-proof shoe sole that works to combat the coronavirus and other viruses.
• In September 2022, Hotter and BASF  worked together to provide Infinergy, Expanded Thermoplastic Polyurethane (E-TPU) for Hotter's casual shoes. Hotter's cushion plus technology and BASF SE Infinergy work together to provide traditional shoes outstanding cushioning. This partnership helped the business expand to include both formal and casual clothing.
• In 2020, Columbia Sportswear Company, launched Omni-Heat Black Dot technology, the first exterior thermal protection for the outdoor sector designed to ward off the cold.
• In February 2020, Germany-based sportswear manufacturer Puma, created a new line of recyclable plastic-made apparel and shoes. Puma and First Mile collaborated to develop a line of eco-friendly apparel.
• In 2021, Dow announced plans to implement numerous initiatives to increase material capacity in order to support the expanding Consumer Solutions company.
• In February 2020, Sports brand Puma has unveiled its Puma Fi trainers, which have laces that can be tightened at the swipe of a finger.

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.

Global Footwear Sole Material Market – Key Players

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.

Definition: Various materials, such as leather, polyurethane, and PVC composites, are used to make shoe soles. The materials used to make shoe soles include both natural and synthetic components, such as leather and polymers, among others, that are used in the production of shoe soles.