April 20, 2024
Footwear Sole Material Market

The Global Footwear Sole Material Market Driven By Growing Demand For Lightweight And Durable Shoe Soles

The global footwear industry is one of the largest consumer goods industries worldwide. Footwear soles are a crucial component that protects the feet from external hazards and provides comfort. Historically, leather was the primary material used for shoe soles. However, with growing concerns regarding sustainability and animal welfare, manufacturers have been exploring alternative materials. Modern footwear soles are now predominantly made from synthetic polymers and rubber that are durable, lightweight, and provide slip-resistance. Materials like thermoplastic polyurethane (TPU) and ethylene-vinyl acetate (EVA) are widely used for their resilience and flexibility. While natural rubber soles provide cushioning and traction, polymer soles have enhanced strength and can withstand wear and tear for longer periods.

The global footwear sole material market is estimated to be valued at US$28 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 key trends:

One of the key trends in the footwear sole material market is the shift towards more sustainable and eco-friendly materials. Manufacturers are actively researching plant-based polymers and biomaterials that can substitute petroleum-derived synthetics. Natural rubber derived from guayule plants and pineapple leaf fibers are gaining popularity. Similarly, mushroom-based materials have ultra-light and durable properties suitable for shoe soles. Another trend is the incorporation of advanced technologies like 3D printing for customized soles. 3D printed soles can be precisely engineered for individual foot shapes, biomechanics, and activities. They enable on-demand manufacturing and reduced waste. Lastly, the footwear industry is working on soles with enhanced performance properties. Developments in material science are leading to soles with advanced moisture-wicking, breathability, weather-resistance, abrasion-resistance, and cushioning capabilities.

Porter’s Analysis

Threat of new entrants: The footwear sole material market poses a low threat for new entrants due to the presence of established manufacturers and requirement of large capital investments.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various substitutes and broad supply base.

Bargaining power of suppliers: A few global players dominate the supply landscape, giving them significant bargaining power over buyers.

Threat of new substitutes: New eco-friendly and lightweight materials present a medium threat by substituting traditional rubber and plastic-based materials.

Competitive rivalry: Intense competition exists among key players to gain market share through product differentiation and innovation.

Key Takeaways

The Global Footwear Sole Material Market Demand is expected to witness high growth over the forecast period.

Regional analysis: North America dominates the footwear sole material market driven by growing health awareness and increasing participation in sports and outdoor activities. The Asia Pacific market is expected to witness the fastest growth due to rising income levels and expanding footwear industry in countries such as China and India.

Key players: Key players operating in the footwear sole material market are Covestro, Huntsman International LLC, Dow Inc., BASF SE, Solvay, Lanxess AG, Evonik Industries AG, W. R. Grace & Co.-Conn., INOAC Corporation, and Ercros SA.

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