The global Footwear Sole Material Market is estimated to be valued at US$ 22.89 Mn or million 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:
Footwear sole material provide comfort, cushioning, shock absorption and slip resistance properties. Various material used are ethylene-vinyl acetate (EVA), polyurethane (PU), rubber and other plastics. Each material caters to different performance characteristics as per application in sports, casual and formal shoes.
Market key trends:
One of the key trends in the footwear sole material market is increasing demand for ethylene-vinyl acetate (EVA) material. EVA offers advantages such as lightweight, durability, flexibility and cushioning. It is produced from petroleum-based resources and is recyclable. Being cost-effective over rubber and lightweight over PU, EVA dominates over 50% of the overall footwear sole material market share. Its wide usage in sports, casual and children shoes is driving the demand. However, growing environmental concerns related to disposal of petroleum-based EVA poses challenge to market growth.
Market key trends:
One of the key trends gaining traction in the Footwear Sole Material Market Growth is the rising adoption of renewable and bio-based materials. Manufacturers are focusing on developing sustainable and eco-friendly sole materials to cater to the growing consumer demand for green products. Some of the bio-based materials being explored include pineapple leaf fibers, sugarcane bagasse, and algae biomass. Moreover, the use of biomaterials helps reduce environmental impacts and carbon footprint over the product's lifecycle.
SWOT Analysis
Strengths: Bio-based and renewable materials have gained popularity as they are environment-friendly. This allows brands to market their products as sustainable.
Weaknesses: High costs associated with R&D of novel bio-based materials. Extracting biomaterials at large commercial scales is challenging.
Opportunities: Growing consumer awareness about eco-friendly products and sustainability creates demand for green sole materials.
Threats: Intense competition among existing players and new entrants. Volatility in raw material prices can impact profit margins.
Key Takeaways
The global footwear sole material market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing demand for sustainable products. The market size for 2023 is US$ 22.89 Mn.
Regional analysis: Asia Pacific dominates the market and is expected to continue its dominance during the forecast period. This can be attributed to the presence of major footwear manufacturers in China, India, Indonesia, and Vietnam.
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.
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