Footwear Sole Material Market Size, Share, Growth, and Industry Analysis, By Type (Rubber, Plastics, Others), By Application (Boots, Sneakers, Slippers & Sandals, Others), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

Footwear Sole Material Market REPORT OVERVIEW

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global footwear sole material market size was USD 2619.1 million in 2022 and market to touch USD 3588.74 million by 2032 at CAGR 3.2% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the footwear sole material market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

There are many different forms of footwear, such as sneakers, slippers, sandals, boots and shoes. It can be fashioned from a variety of materials, including fabrics, leather, rubber, and plastic. Rubber, plastic, and petrochemical-derived compounds are used to make several types of shoe soles, which make up the bottom of the shoes. The materials used in shoe soles offer fashion and comfort while enabling a variety of outdoor activities. The most popular material used to make soles is polyurethane because of its exceptional flexibility and durability. Additionally, the sole of the shoe offers a high degree of rigidity and toughness.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Innovation in creating the future by the latest trends"

The use of shoes is rising worldwide, and both shoe production and shoe disposal have an impact on the environment. The fact that substances like polyvinyl chloride, polyurethane, rubber, and leather end up in landfills has a significant detrimental effect on the ecosystem. The vegan and vegetarian community was one of the first to embrace footwear that was both animal- and environment-friendly. Eco-shoes were initially prone to being unattractive, of poor quality, and difficult to find. However, bio-based, biodegradable, and recycled footwear have made major advancements. Bio-based soles for footwear have been introduced to the market by numerous well-known shoe brands.

Footwear Sole Material Market SEGMENTATION

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• By Type

Based on type the Global Footwear Sole Material Market is classified as Rubber, Plastics, Others.

• By Application

Based on application the Global Footwear Sole Material Market is classified as Boots, Sneakers, Slippers & Sandals, Others.

DRIVING FACTORS

"Growth in Surgical procedures to fuel the market growth"

Over the course of the forecast period, an increase in middle-class families' disposable income is anticipated to fuel the market expansion for footwear sole materials. The developing world's increased industrialization and urbanisation have increased disposable income, which is expected to increase footwear demand over the projection period. It is anticipated that rising health consciousness would increase consumer participation in sports and fitness-related activities, which will accelerate market growth for footwear sole materials. The shift in customer preferences towards outdoor sports like cycling, running, and hiking is also helping the sole material for footwear to develop.

"Technological advancements to accelerate the market growth"

As more women engage in outdoor activities, the footwear market is expanding towards the female demographic. It is anticipated that this will bring new opportunities to the market for shoe soles. Additionally, it is anticipated that the number of working women would contribute to the market's expansion. According to estimates, demand for therapeutic footwear among patients with chronic conditions like arthritis, diabetes, and knee difficulties is increasing globally. Over the forecast period, footwear sole material market growth is anticipated to be positively impacted by growth in the medical footwear industry.

RESTRAINING FACTORS

"Challenges Impeding the negative effect on the environment"

Growth of the market will be hampered by the high cost of raw materials used to make There is an unbroken link between the materials used to produce the shoes and the environmental effects of shoe deterioration in landfills. Numerous petroleum-based materials used to produce athletic shoes, such EVA, seriously harm the environment and poison water sources when they are dumped in landfills. When discarded in landfills, the shoes may take up to thousands of years to naturally decompose. After 12 years of exposure to moist soil, the biodeterioration of EVA midsoles from athletic shoes is minimal to nonexistent. In addition, it is anticipated that throughout the approaching forecast period, there will be an increase in demand for the bio-based materials.

Footwear Sole Material Market REGIONAL INSIGHTS

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"Asia Pacific becomes the most important dynamic for the sale of the market "

In terms of revenue, Asia Pacific accounts for the major footwear sole material market share for footwear sole materials in 2022, and it is anticipated that it will continue to dominate over the projected period. Additionally, during the time of forecasting, the Asia Pacific region is anticipated to have the quickest rate of growth in the global market for footwear sole materials. Asia Pacific, where a huge population lives, is enjoying a retail boom as a result of constantly evolving lifestyles and purchasing patterns. Due to changing fashion trends and retail settings, the footwear industry is predicted to increase tremendously in the future. This will also assist the market for sole materials expand. Urbanization has a huge impact on consumer buying habits.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Covestro (Germany)
• Dow (US)
• Huntsman Corporation (US)
• BASF (Germany)
• Solvay (Belgium)
• Braskem (Brazil)
• Finproject Group (Italy)
• Wanhua Chemical Group (China)
• Coim Group (Italy)
• Lanxess (Germany)
• Ineos (UK)
• LG Chem (South Korea)
• Reliance Industries (India)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.