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 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 refers to materials used in the construction of footwear soles. Polyvinyl chloride (PVC), thermoplastic polyurethane (TPU), and rubber are some of the commonly used materials in footwear sole manufacturing. PVC provides advantages such as flexibility, durability, and affordability. TPU sole materials are becoming popular owing to their resistance to abrasion and attractive appearance. Rubber sole materials offer slip resistance, cushioning, flexibility, and water resistance. The growing athletic shoes industry is driving the demand for footwear sole materials with enhanced performance properties.

Market key trends:

One of the key trends in the footwear sole material market is the rising adoption of bio-based and sustainable materials. Consumers are increasingly preferring eco-friendly products, pushing manufacturers to develop plant-based and recycled content sole materials. Researchers are innovating novel bio-based materials such as mycelium leather and algae polymer to reduce dependence on petroleum-based plastics. Another trend gaining prominence is the customized 3D printed footwear soles. 3D printing technology allows creating personalized soles with customized support, cushioning, and flexibility. It aids reducing waste and delivers a unique customer experience.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the footwear sole material market requires large investments and has high production costs. However, presence of low-cost labor in developing countries can attract new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of a wide range of products from various manufacturers. Buyers can opt for substitutes easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitute raw materials. However, suppliers have differentiation in terms of quality and technology.
Threat of new substitutes: The threat of new substitutes is high as manufacturers continuously invest in R&D to develop advanced materials for improved performance and comfort.
Competitive rivalry: High.

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 athletic and casual footwear from millennial population.

Regional analysis shows that Asia Pacific dominates the global market and is expected to maintain its lead, growing at a CAGR of around 5%. China and India are fastest growing countries due to the presence of large manufacturing bases and low-cost labor.

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. Nike and Adidas capture over 30% share due to their diversified product portfolio and strong brand value.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it