Footwear sole materials refer to various materials used in manufacturing shoe soles. These sole materials provide comfort and durability to shoes. Some key footwear sole materials include ethylene vinyl acetate (EVA), polyurethane (PU) and rubber. EVA is a lightweight material commonly used in midsole and outsole of sports shoes for its cushioning ability. PU soles offer superior flexibility, abrasion resistance and shock absorption. Rubber soles are durable and provide good traction. PU and rubber soles are frequently used in casual and formal shoes.
The global footwear sole material market is estimated to be valued at US$ 22.89 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The footwear sole material market is driven by rising demand for lightweight and long-lasting sole materials from footwear manufacturers. EVA is gaining popularity as a footwear midsole material due to its lightweight properties and superior cushioning. PU and rubber soles provide enhanced durability than traditional leather and are preferred for manufacturing abrasion-resistant and slip-resistant shoe uppers and outsoles. Increasing participation in sports and fitness activities has fueled the demand for specialized sports shoes incorporated with advanced sole technologies like EVA and advanced TPU compounds for shock absorption and energy return. Innovation in footwear sole material composition to deliver properties like flexibility, durability, traction and comfort suitable for varied activities will further support the industry growth over the forecast period.
SWOT Analysis
Strength: Footwear sole material made from rubber and polyurethanes provide excellent cushioning and traction. These materials withstand wear and tear extremely well and can endure thousands of steps without degrading. They also absorb shock well to prevent injuries.
Weakness: Sole materials made from plastics are non-biodegradable and pollute the environment when disposed as landfill waste. Manufacturing plastic and rubber soles involves energy-intensive processes that contribute to carbon emissions. Some materials contain toxins that can leach into groundwater if dumped irresponsibly.
Opportunity: Growing demand for eco-friendly footwear provides an opportunity to develop soles from bio-based and renewable materials like bamboo, cork and algae. These natural materials are more sustainable and biodegrade over time. Use of recycled rubber and plastic waste in sole production cuts down on virgin material usage.
Threats: Fluctuating prices of crude oil impact the cost of producing rubber and plastic soles. Political and economic instability in major oil producing regions poses a threat. Strict environmental regulations around plastic waste management increases production costs.
Key Takeaways
The Global Footwear Sole Material Market Size is expected to witness high growth. The global footwear sole material market is estimated to be valued at US$ 22.89 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
The Asia Pacific region dominates the global footwear sole material market and is expected to witness the fastest growth during the forecast period. China, India, Indonesia, and Vietnam are the major footwear producers in the region attributable to lower labor and manufacturing costs. The growing middle-class population coupled with rising disposable incomes drives the demand for trendy and branded footwear.
Europe is the second largest market for footwear sole material globally. Countries like Italy, Germany, Spain, UK, and France have a strong presence of footwear brands and manufacturers. The region imposes stringent regulations around material toxicity and recyclability to drive sustainability in the industry.
Key players operating in the Footwear Sole Material market are F. Hoffmann-La Roche AG, Merck Group, Bristol Myers Squibb, GlaxoSmithKline, AstraZeneca, Novartis, Janssen Pharmaceuticals, among others.
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