The ‘Global Footwear Sole Market Share, Report and Forecast 2023-2028’ by Expert Market Research, gives an extensive outlook of the global footwear sole material market, assessing the market on the basis of its segments like material, sole component, end-consumer, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Footwear Sole Material Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 19.4 billion
- Forecast CAGR (2023-2028): 4.60%
- Forecast Market Size (2028): USD 25.3 billion
Owing to the remarkable development of high-quality, specialised soles which aim to cater to the needs of people of all the age groups, the footwear sole material market is projected to boom in the near future. In line with the increased disposable income of people, it is anticipated that the market is going to be benefitted majorly from the growing demand for various types of shoes. Increased expenditures on advertisements and promotional activities by the market players have also strengthened the sole material market. Consumers investing in various types of footwear for fashion purposes or for recreational activities like hiking, running and jogging has added to the escalating growth of this sector.
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The plastic segment of the footwear sole material market is particularly in demand, owing to its resistance to wear and tear and its ability to withstand pressure, mud, and oil. Identifying the common needs of all the age groups of the target market like producing anti-slip and lightweight soles, and incorporating them in their recent footwear designs has been a driving force for this market. However, the inability to cope up with the growing need and demands of the population might hamper the growth of the footwear sole material market in the foreseen period.
Footwear Sole Material Industry Definition and Major Segments
Footwear sole refers to the material used on the bottom of the foot to provide protection to the feet. A sole usually consists of a triple layer protection, where the outer sole touches the floor, inner sole touches the feet and the layer in between is a soft-cushioned padding, which makes it comfortable to wear.
On the basis of material, the market is divided into:
- Breakup by plastic type
- Breakup by rubber type
Based on sole component, the market is classified into:
- In sole
- Mid sole
- Out sole
On the basis of end-consumer, the market is divided into:
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Asia
Footwear Sole Material Market Trends
The current scenario of the footwear sole material market is quite favourable as the sale of footwear through e-commerce websites is on the rise. This sector has also witnessed expansion due to the availability and growing market trend of wearing footwear in a variety of different colours, sizes, and styles.
Number of working women and people engaged in sports activities have also increased, generating a demand for high quality footwear with durable and comfortable soles. The older population are increasingly contributing to the growing demand for specialised footwear soles, which can help relieve joint pains and provide better control over the feet, which ultimately leads to easier movement and improved health of feet.
Another key trend in the footwear sole material market is the research and development leading to new innovative ideas to improvise further. A recent innovation to this sector is the launch of ‘biodegradable’ footwear soles, which are not only eco-friendly but also contribute to sustainability by minimising the use of non-renewable fuels like petroleum, during the manufacturing process. While bigger brands have a strong presence the footwear sole material market, there exist certain local vendors and small business owners who have successfully replicated the superior quality of these named-brands and captured a sizable segment of the market.
Key Market Players
The major players in the global footwear sole material market report are Covestro AG, Huntsman International LLC, BASF SE, Braskem, Solvay, INOAC Corporation, Asahi Kasei Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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