Footwear sole materials are utilized to provide comfort, cushioning, abrasion resistance and traction for footwear. Major types of footwear sole materials include EVA (Ethylene Vinyl Acetate), PU (Polyurethane), PVC (Polyvinyl Chloride) and bio-based materials. EVA provides comfort, lightweight and flexibility. However, the growing awareness regarding eco-friendliness and sustainability is increasing the demand for plant-based bio-materials and recycled plastics for footwear soles. Manufacturers are focusing on developing advanced bio-based footwear sole materials using various natural rubber and vegetable-derived materials.
The global footwear sole material market is estimated to be valued at US$ 12.8 billion 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:
Growing Demand for Eco-Friendly Footwear: The rising awareness regarding environment protection and sustainability is shifting consumer preference towards eco-friendly products including footwear. Plant-based bio-materials provide renewable and sustainable alternative to synthetic petroleum-based materials. Companies are engaged in developing advanced bio-based sole materials using agricultural byproducts, natural rubber and vegetable oils which can reduce environmental footprint. This growing demand for sustainable footwear is expected to boost the market growth of plant-derived bio-materials over the forecast period.
Emphasis on Innovation of Novel Bio-Materials: Key footwear sole material manufacturers are focusing on extensive R&D for developing novel bio-based materials with improved physical and mechanical properties. For instance, some recent bio-materials developed for footwear application include mycelium leather made from mushroom roots, pineapple leaf fiber and sugarcane fiber. Continuous innovation in plant-based bio-materials is anticipated to support the market growth of footwear sole materials over the next few years.
Segment Analysis
The Footwear Sole Material market is dominated by the Rubber segment which captures around over 50% of the market share. Rubber is favored as sole material due to its excellent slip and abrasion resistance properties. It provides strong durability and is cost effective compared to other materials. The thermoplastic polyurethane segment is growing at a faster pace and will substitute rubber to some extent over the forecast period due to rising popularity of lightweight and luxury shoes.
PEST Analysis
Political: no major trade barriers or import-export regulations that affect the market.
Economic: rising incomes especially in developing countries is driving higher spending on shoes which is fueling market growth. Growing trend of athletic shoes and casual dresses also supports market expansion.
Social: change in fashion trends towards stylish and comfortable formal wear is increasing sole material demand. Also growing health awareness is propelling demand for shoes used in sports and fitness activities.
Technological: advancements in material science is resulting in development of soles that offers enhanced shock absorption, lightweight and breathability features without compromising on durability. 3D printing technology is also being explored to produce customized soles.
Key Takeaways
The global Footwear Sole Material market Growth is expected to witness high at a CAGR of 6.6% during the forecast period of 2023.
Regional analysis indicates North America currently leads the market owing to heavy usage of athletic shoes for various sports activities in the region. Europe and Asia Pacific are also promising markets due to growing middle class population demanding fashionable shoes.
Key players operating in the Footwear Sole Material market are Rubber, Thermoplastic polyurethane, PVC, PU. Key players like Rubber, Thermoplastic polyurethane etc. are innovating newer compounds to develop soles for specific shoe types. For instance, some players offer air-cushioned soles,3D printed soles etc. Increased collaboration between sole material manufactures and shoe brands is also seen.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it