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Footwear Sole Material Market Segmented By Athletic Footwear Sole Material and Non-Athletic Footwear Sole Material Product
Newly-released data on the Footwear Sole Material market shows that global sales are expected to reach around US$ 15,547.2 Mn by the end of 2022, registering a Y-o-Y growth of approximately 3.3%. The market of Footwear Sole Material is projected to witness a CAGR of magnitude 4.3 % over the period of 2022 and 2033 on a value basis.
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Footwear Sole Material Market Value (2022A) |
US$ 15,547.2 Mn |
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Footwear Sole Material Market Estimation (2023E) |
US$ 16,084.5 Mn |
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Footwear Sole Material Market Forecast (2033F) |
US$ 24,504.8 Mn |
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Value CAGR (2023-2033) |
4.3 % |
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Collective Value Share: Top 3 Countries (2023) |
10.5 % |
Rubber, plastic, and petrochemical-derived compounds are used to make several types of footwear soles, which are utilized to make the bottom portion of shoes. Materials used in shoe soles offer fashion and comfort while enabling a variety of outdoor activities. Due to its exceptional flexibility and durability, polyurethane is the material used to make soles the most frequently.
Additionally, the sole of the shoe offers a high level of stiffness and toughness. As per the research conducted by Persistence Market Research, the global market of footwear sole material consumption across the world is expected to reach a value of US$ 24,504.8 Mn by the end of 2033. North America and East Asia are anticipated to remain key regions in the Footwear Sole Material business owing to growing consumption in U.S., India, and ASEAN countries, and the region is forecast to expand at a CAGR of 4.3 % during the same period.
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The market of Footwear Sole Material had witnessed a decreasing year-over-year growth of -0.3 % in the past years. Owing to the crisis caused by the COVID-19 pandemic, production, and supply chain activities has disrupted. With a number of end users affected in regions like East Asia, Europe, and Asia-Pacific, there is a significant drop in Y-O-Y growth.
Based on the current estimations, the market of Footwear Sole Material is to witness a growth outlook of about 4.3 % over the period of 2033 and 2033. Demand for footwear sole material has been consistently increasing due to the rising health benefits. Specialized Footwear Sole Materials have health benefits such as better control of your foot position when it strikes the ground, and improvements in balance, proprioception, and body awareness, which can help with pain relief, better foot mechanics, which can lead to improved mechanics of the hips, knees, and core.
The growing desire for stylish, comfortable, and convenient footwear as well as an aging population with increasing knee and ankle problems are the main factors that are expected to boost the growth of the footwear sole material market.
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Get a Customized VersionGreenhouse gas emissions targets, environmental concerns, and stringent regulations by various governments especially in Europe and North America are expected to propel the demand for eco-friendly footwear. Adidas has recently innovated biodegradable sneakers. The material used is a form of spider silk which is biodegradable and super-strong.
The development of such products is expected to significantly cut down on fossil fuel and petroleum usage during the manufacturing process. Adidas has also developed a new manufacturing method called Prime knit. This is a computer-controlled knitting technology that reduces waste and makes the manufacturing process more sustainable.
Similarly, more research is being done to find alternatives for leather. Owing to this remarkable rise in research and development of eco-friendly footwear materials is expected to benefit the footwear sole material market over the forecast period.
Escalation of counterfeit products is one of the primary factors affecting the growth of the footwear sole material market. Local manufacturers and small players tend to use low-quality or cheap raw materials for manufacturing soles and footwear. The fake products are replicas of the bigger brand and are produced in order to take advantage of the superior prices of the original products.
The Slow adoption of advanced technologies in developing countries such as China and India is a major restraint for the growth of the footwear market in APAC. Cost-sensitivity and technical know-how issues in developing countries are the factors hampering investments in advanced footwear technologies.
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Why Does the U.S. Account for a significant share of the Footwear Sole Material market?
Demand for footwear sole material is expected to remain prominent in the United States as the dominating country in the North American market. The country is expected to hold around 2.8% of the regional market.
There are new prospects in the local footwear sole material market as evidenced by the growth in market share of footwear sole companies like Adidas AG, Bata Limited, Nike Inc., Puma SE, and other brands in the footwear sector in the U.S.
Market liberalization, which would enhance demand for footwear soles and increase sales in the footwear manufacturing industry, is the main contributing aspect that will fuel the country's sole material industrial growth.
Why India is a key emerging market for Footwear Sole Material?
The market is dominated by the Asia-Pacific region due to rising disposable income and population growth. The footwear sole material market in India is being driven by rising consumer involvement in sports and fitness-related activities due to rising health consciousness.
India is expected to continue to be one of the most attractive markets during the projection period, according to PMR. The country has a sizable population, which means that demand for footwear sole materials will likely expand over the forecast period.
As a result, the footwear sole material is expected to rise in sales and raise consumer expectations. Additionally, India is drawing several international companies. Attributing to these factors India remains one of the largest markets for footwear sole material players and making it a lucrative pocket for manufacturers.
Which application holds the largest share of the Footwear Sole Material Market?
Non-athletic will remain the largest application by value and volume due to an increase in consumer purchasing power, and growing demand for casual and fashionable footwear.
The worldwide footwear market is anticipated to benefit from the increase in middle- class population. Customers are always in demand of modern, stylish footwear. The worldwide footwear market will be driven by consumers of all ages' need for stylish, comfortable, and branded footwear.
The market for footwear sole materials will develop in terms of consumption and revenue as a result of these factors. Another significant trend in the industry is changing preferences for footwear purchases according to the occasion. Athletic, casual, trendy, formal, and classic footwear are some of the styles that are in high demand.
Which Is the Most Preferred Product Type of Footwear Sole Material?
Among the product types, the athletic footwear segment is expected to grow at a faster pace in terms of market volume by the end of 2033. By the end of 2033, the sports footwear sector, which accounted for a sizeable portion of the market in 2022 and is anticipated to expand its share by 80 basis points throughout the forecast period, will hold more than 50% of the market value.
Women’s participation in sports has increased during the last decade. Competitive sports are becoming popular and more people are willing to become professionals. As a result of such activities, demand for athletic footwear is expected to increase significantly over the forecast period.
According to the latest participation research, over 85% of children (5-14 years) around the globe are involved in physical activities at least once a week. Children in this age group are more likely to be involved in sport-related and organized activities than other age groups and this is expected to drive the demand for Footwear Sole Material across the globe.
The increase in the number of individuals participating in sports and fitness-related activities, and usage of athletic footwear, is primarily responsible for the segment's growth. The popularity of outdoor pursuits including cycling, hiking, and running is anticipated to increase demand for athletic footwear.
Market players are focusing on providing Footwear Sole Materials with different specifications and health benefits to gain an advantage over their competitive products and the development in reduction of operation cost and strategize to create a profitable business value by offering Footwear Sole Materials under particular benefits, to sustain market share. Patches on the sole, durability, eco-friendly material and other auxiliaries are usually integrated along with Footwear Sole Material, which leads to enhanced brand visibility. For Instance,
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Attribute |
Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2017-2022 |
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Market Analysis |
US$ Mn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
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The global Footwear Sole Material market is estimated to be valued at over US$ 24,504.8 Mn as of 2023.
The substantial production volume of aesthetic footwear is expected to drive the market in the coming years.
Consumption of Footwear Sole Material is projected to increase at 4.3 % CAGR during the period of 2023 and 2033 on a volume basis.
China, the U.S., Japan, India, and Germany are driving most of the demand for Footwear Sole Material.
Persistence Market Research has analyzed the production volume of Footwear Sole Material in China, which has been estimated to be at around 2,482,707 Tons in 2022.
