February 24, 2024

The Footwear Sole Material Market is driven by rising demand for sport and lifestyle shoes

The footwear sole material market comprises a wide range of products such as polyvinyl chloride, thermoplastic rubber, polyurethane and others that are used in manufacturing the bottom portion of shoes. These sole materials are essential for developing shoe soles that offer enhanced comfort, cushioning and durability. Sport and lifestyle shoes are some of the major applications of footwear sole materials as they require soles that are lightweight and allow versatile movement of feet. The rising participation in sports and fitness activities has contributed to surging demand for innovative sport and casual shoes around the world. Continued development of breathable and flexible sole materials well-suited for changing performance needs has played a vital role in the growth of footwear industry.

The global footwear sole material market is estimated to be valued at US$ 22.89 Mn in 2024 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:

Advancements in 3D printing and digitization have enabled manufacturers to develop customized soles tailored to an individual’s activity level, biomechanics and comfort preferences. This has been gaining traction in the footwear industry as it allows for mass production of soles customized effectively for each consumer. Another major trend is the rising popularity of environment-friendly sole materials. Biodegradable and recycled polymer based soles such as thermoplastic polyurethane developed from recycled polyols and polycarbonate derived from plant-based materials are examples of eco-friendly soles. Investment in R&D of such green sole technologies is expected to drive sustainable growth in the market.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the footwear sole material market is low as it requires significant investment and infrastructure to compete with established players. However, the threat may increase over the forecast period due to innovation in materials.
Bargaining power of buyers: The bargaining power of buyers in the footwear sole material market is high as materials are commoditized and buyers have a variety of suppliers to choose from. Buyers can negotiate on price causing pressure on margins.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials require specialized production facilities. However, established suppliers have advantages of economies of scale and logistics.
Threat of new substitutes: The threat of substitutes is moderate as footwear sole materials have specialized performance properties. However, alternatives such as 3D printed soles pose a threat over the long-term.
Competitive rivalry: The competitive rivalry in the market is high owing to the presence of numerous global and regional players competing on price and product differentiation.
Footwear Sole Material Market
Key Takeaways
The Global Footwear Sole Material Market Size is expected to witness high growth over the forecast period. The global footwear sole material market is estimated to be valued at US$ 22.89 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.

Regional analysis: North America is expected to dominate the footwear sole material market owing to the large footwear industry and consumer demand for performance and specialty footwear in sports and outdoor activities. Asia Pacific is anticipated to be the fastest growing market led by China, India and other developing nations due to growing middle class, urbanization and shifting lifestyle trends.

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. The key players are focused on product development and innovation to cater to the demand for advanced materials from athletic, casual and specialty footwear segments. Partnerships and mergers and acquisitions are also taking place to develop novel technologies.

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