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Press Release: Footwear Sole Material Market to reach around US$ 26, 594.4 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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.
The global footwear sole material market is projected to reach around US$ 26594.4 million by the end of 2027, in terms of revenue, growing at CAGR of 4.1% during the forecast period (2020-2027).
Drivers:
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 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.
Figure 1. Global Footwear Sole Material Market, Revenue Share (%), By Region, in 2019
Asia Pacific region dominated the global footwear sole material market in 2019, accounting for 76.7% share in terms of value, followed by Europe and Latin America, respectively.
Market Restraints
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.
Market Opportunities
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.
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.
Figure 2. Global Footwear Sole Material Market– Opportunity Analysis
Market Trends
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.
Figure3. Global Footwear Sole Material Market, Revenue Share (%), By Material Type, in 2019
On the basis of material type in 2019, the leather segment has accounted the largest market share of 57.6% in terms of value, followed by plastics and rubber respectively.
Competitive Section:
Company Names
Few Recent Developments
Puma SE
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.
Market Dynamics
The rising trend of using polyurethane as a sole material in the manufacturing of athletic shoes in order to offer hard-wearing performance to athletes is expected to augment the market growth of footwear sole materials. The polyurethane-based midsole offers cushioning feel which reduces the chance of muscle injury and is also durable and lighter than rubber. This is expected to foster market growth of footwear sole materials.
Rising demand for branded shoes due to improving the living standard is expected to favor the market growth of footwear sole. Additionally, rising research activities to develop cost-effective and new sole material with improved properties is further anticipated to accelerate the market growth of the footwear sole.
Intense competition in the market of footwear sole due to the presence of a large number of players is acting as an entry barrier for the new players. This is expected to restraint the market growth of the footwear sole material in the near future.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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