The footwear sole material market is estimated to be valued at US$ 22.89 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sole material forms the base layer of footwear that provides comfort, cushioning, traction and durability. The key types of sole materials used in footwear manufacturing include EVA (ethylene-vinyl acetate), polyurethane, rubber and others. EVA provides good cushioning and flexibility at lighter weight, making it suitable for sports and casual shoes. Polyurethane has high durability and traction properties making it a preferred choice for athletic and durable footwear. Rubber soles offer excellent shock absorption and traction on wet surfaces. Innovation in lightweight, durable and sustainable footwear materials is driving growth of this market.
Market key trends:
One of the primary trends in the footwear sole material market is the growing demand for lightweight and durable materials. Footwear brands and manufacturers are focusing on innovating sole materials that offer enhanced cushioning and traction along with a significant reduction in weight compared to traditional materials. This allows for greater comfort during physical activities without adding heaviness to shoes. Lightweight sole materials made from advanced compounds of EVA, thermoplastic polyurethane and rubber are gaining traction among sport and casual shoe buyers. Leading brands are continuously launching new lightweight midsole technologies to meet consumer needs and gain competitive advantage in the market.
Porter’s Analysis
Threat of new entrants: The footwear sole material market requires high capital investments and R&D for new material development. Established brand value and customer loyalty towards existing brands poses barriers for new entrants.
Bargaining power of buyers: Large footwear brands have significant bargaining power over sole material suppliers due to the consolidated nature of demand. Buyers can negotiate on price and quality standards.
Bargaining power of suppliers: A few large manufacturers dominate the supply of key sole materials such as rubber and polyurethane. This gives them pricing power over footwear brands.
Threat of new substitutes: Ongoing innovations have increased substitutes for conventional materials. Algae-based and plant-based alternatives pose a threat.
Competitive rivalry: Major brands compete on brand image, style, performance and price resulting in intense competition.
SWOT Analysis
Strength: Nike's brand leadership and strong distribution. Adidas' portfolio of lifestyle and performance footwear.
Weakness: Bata's lower pricing power in Europe and US against global brands. Puma's dependence on few key markets like North America.
Opportunity: Growing popularity of casual and lifestyle shoes in Asia and Latin America. Innovations in sustainable and eco-friendly materials.
Threats: Environmental regulations against certain chemicals in sole production. Shift to private labels by retailers.
Key Takeaways
The global Footwear Sole Material Market Growth is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing demand for sports and casual footwear from millennials and generation Z consumers. Regionally, Asia Pacific dominates more than 35% of the global market due to large population, rapid urbanization and rising living standards in China, India and other countries.
Regional analysis for the Asia Pacific footwear sole material market comprises more than one third of global demand led by China, India and other Southeast Asian countries. China represents the largest market attributed to presence of major shoe manufacturers as well as growing health awareness. India is among the fastest growing market owing to favorable demographics, increasing disposable incomes and expansions by international brands.
Key players operating in the footwear sole material market are Nike Inc., Adidas AG, Bata Limited, Puma SE, Columbia Sportswear Company, The Dow Chemical Company, Huntsman Corporation, and BASF SE. Nike maintains its leading position due to continuous innovations in lightweight, durable and sustainable midsoles. Adidas follows through its popular Boost midsole technology.
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