The Footwear Sole Material Market Is Estimated To Witness High Growth Owing To Rising Demand For Lightweight And Comfortable Shoes
The footwear sole material market is estimated to be valued at US$ 22.89 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The footwear sole material market comprises materials that are used to manufacture the soles of various footwear such as shoes, boots, and sandals. Some of the commonly used footwear sole materials include rubber, polyurethane, and PVC. These materials are chosen based on their properties such as flexibility, abrasion resistance, durability, and weight. Lightweight and comfortable footwear materials are increasingly demanded by consumers engaged in sports and outdoor recreational activities.
Market Dynamics:
Rising demand for lightweight and comfortable shoes is expected to drive the growth of the footwear sole material market over the forecast period. Consumers are more inclined towards shoes made with breathable and flexible materials to enhance performance during sports and other physical activities. Additionally, advancements in footwear sole material technology have led to the development of soles that provide enhanced cushioning and shock absorption. This has increased preference for such shoes among health-conscious customers. However, fluctuations in raw material prices may hamper the market growth. Strict environmental regulations regarding disposal of certain footwear sole materials is also a challenge for industry players.
SWOT Analysis
Strength: Nike Inc. dominates the global athletic footwear industry with a strong brand image and loyal customer base. The growing demand for lightweight and durable sole materials is driving innovation. Regulations supporting recyclable and environment-friendly materials provide opportunities for new product development.
Weakness: Fluctuating raw material prices especially for crude oil-based materials impact the production costs. Many local players face resource constraints to develop advanced performance materials.
Opportunity: Rising popularity of specialty footwear for hiking, sports and outdoors creates scope to introduce specialized sole compositions. Developing economies offer high growth potential given increasing disposable incomes and health awareness.
Threats: Intense competition from local and global brands pressures margins. Strict environmental standards in some regions pose technical challenges for manufacturers.
Key Takeaways
The global Footwear Sole Material Market Growth is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing demand for comfortable and durable shoes from athletics and casual wear segments.
Regional analysis - North America holds the largest share in the footwear sole material market currently. However, Asia Pacific region is expected to outperform other regions displaying highest growth rate owing to rapidly expanding footwear industry in China, India and other Southeast Asian countries.
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. These players are focused on new product innovations to deliver enhanced performance and adopt sustainable manufacturing practices.
For more insights, read- https://cmiinfopiece.blogspot.com/2023/12/cloud-gaming-is-fastest-growing-segment.html
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