April 17, 2024
Footwear Sole Material

The Footwear Sole Material Market Is Trending Towards Eco-Friendly Materials By 2031

The footwear sole material market comprises natural and synthetic materials that provide durability, traction and support to footwear. Natural rubber, polyurethane, and polyethylene are some of the commonly used sole materials in sports shoes, casual shoes, boots and more due to their high tensile strength, flexibility and abrasion resistance. These materials ensure long-lasting comfort, shock absorption and stability in footwear.

The Global Footwear Sole Material Market is estimated to be valued at US$ 26.37 billion in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period from 2024 to 2031.

Key Takeaways

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. These companies are investing heavily in R&D to develop eco-friendly and sustainable materials to meet the growing demand for plant-based and recycled materials.

The growing popularity of ethical fashion and preference for eco-conscious products are fueling the demand for footwear with plant-based and recycled sole materials. Numerous brands are now offering multiple options made with natural and recycled materials to appeal to environmentally conscious consumers.

The  Footwear Sole Material Market Trends is expanding globally due to the rising footwear industry worldwide. Growing economies in Asia Pacific region such as India and China that are major footwear manufacturing and exporting hubs are driving significant demand for sole materials. Europe and North America are also lucrative markets attributed to high consumer spending on sneakers and stylish shoes.

Market Key Trends

One of the major trends in the footwear sole material market is the rising adoption of bio-based and plant-derived materials. Various startups and major brands are extensively researching and developing innovative materials from agricultural byproducts and plant waste such as dandelion rubber, pineapple leather and sugarcane. These eco-friendly materials offer comparable performance to traditional plastics and have lower carbon footprint. Sole material manufacturers are increasingly leveraging such sustainable resources to meet environment-conscious customer demands.

Porter’s Analysis

Threat of new entrants: High capital requirements and economies of scale in production and distribution create barriers for new companies.

Bargaining power of buyers: Large retail buyers can negotiate lower prices while individual customers have limited influence.

Bargaining power of suppliers: High dependency on few raw material suppliers like rubber, ethylene-vinyl acetate provides more power to suppliers.

Threat of new substitutes: New advanced materials may replace traditional materials like EVA and PU but requires high R&D investments.

Competitive rivalry: Intense competition among existing key players to gain more market share and customer loyalty.

Geographical Regions

Currently, North America holds the largest share of the global footwear sole material market in terms of value owing to factors like presence of many footwear brands and high demand for sports and casual shoes.

Asia Pacific region is expected to exhibit the highest growth rate during the forecast period due to growing footwear industry in countries like China, India and Vietnam. Rising incomes, changing lifestyles and expansion of retail chains is augmenting the demand for wide range of footwear in Asia Pacific.

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