Impact Analysis of Covid-19
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
- Nike Inc.
- Adidas AG
- Bata Limited
- Puma SE
- Columbia Sportswear Company
- The Dow Chemical Company
- Huntsman Corporation
- BASF SE
Few Recent Developments
Puma SE
- In February 2020, German sportswear manufacturer Puma has created a new collection of footwear and clothing, made from recycled plastic. Puma teamed up with First Mile to create a sustainable sportswear collection
- In February 2019, Sports brand Puma has unveiled its Puma Fi trainers, which have laces that can be tightened at the swipe of a finger.
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