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Footwear Sole Material Market will value USD 22,969 million by 2030 : GreyViews

Pune India, Jan. 16, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the footwear sole material market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the footwear sole material market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global footwear sole material market are Nike Inc., Bata Limited, Adidas AG, Columbia Sportswear Company, Puma SE, Huntsman Corporation, The Dow Chemical Company, BASF SE among others. To achieve a substantial market share in the worldwide footwear sole material market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The developing world’s increased industrialization and urbanization have increased disposable income, which is expected to increase footwear demand over the forecast period. It is anticipated that rising health consciousness would increase consumer participation in sports and fitness-related activities, which will accelerate market growth for footwear sole materials. The shift in customer tastes toward outdoor sports like cycling, running, and hiking is also helping the sole material for footwear to develop. Despite being a necessity, footwear has developed over time into a mark of luxury and sophistication. Increasing consumer demand for high-quality footwear, product innovation, and premiumization are some of the main market-driving drivers. Manufacturers are placing more emphasis on the creation of original designs while also stressing comfort. Over the course of the forecast period, an increase in middle-class families’ disposable income is anticipated to fuel the market expansion for footwear sole materials. The demand for eco-friendly footwear is anticipated to increase as a result of greenhouse gas emission objectives, environmental concerns, and strict regulations by various governments, particularly in Europe and North America. Adidas just introduced innovative biodegradable shoes. The substance is a biodegradable, incredibly strong variation of spider silk. It is anticipated that the creation of such products will greatly reduce the amount of fossil fuel and petroleum used in manufacturing. Adidas has also created a brand-new production technique called Prime knit. This waste-reduction and environmentally friendly manufacturing technique uses computer-controlled knitting. In the same vein, additional investigation is being done to uncover leather substitutes. The market is anticipated to profit from the spectacular increase in research and development of eco-friendly footwear materials.  The expansion of the market has also been positively impacted by rising athletic and physical activity interest and interest in sports, such as jogging. Although other consumer goods segments have seen the physical shopping experience overtaken by online marketing, customers still prefer to be in-person when purchasing footwear. This has increased the number of organized retail stores and enhanced the relationship between consumers and manufacturers. The market expansion has also been accelerated by manufacturers’ aggressive advertising campaigns and customers’ increased purchasing power.

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Scope of Footwear Sole Material Market Report:

Report Metric Information
Study Period 2022-2030
Base Year           2022
Forecast Period 2023-2030
Market Share Unit USD Million
Segments Covered Type, End-User, and Regions.
Regions Covered North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players Nike Inc., Bata Limited, Adidas AG, Columbia Sportswear Company, Puma SE, Huntsman Corporation, The Dow Chemical Company, BASF SE among others

Segmentation Analysis

Athletic is expected to be the fastest-growing segment in 2022. 

The type segment is non-athletic and athletic. The athletic segment is expected to witness the highest growth rate during the forecast period. People that engage in outdoor activities including running, walking, working out, and playing sports like basketball, volleyball, cricket, hockey, and golf wear athletic shoes. Athletic shoes offer advantages like torsional stability, superior cushioning, and better protection to users in addition to comfort, flexibility, and traction on outdoor surfaces like roads and trails. The expansion of the athletic category is being driven by professional players’ need for comfortable, lightweight, and stylish sports shoes for use on muddy, soft, and uneven terrain. The main reason fueling the global expansion of athletic shoes is the rising participation and propensity of individuals toward everyday physical activities including running, working out in the gym, and cycling.

Men are expected to be the fastest-growing segment in 2022. 

The end-user segment is men, children, and women. The men segment is expected to witness the highest growth rate during the forecast period. The demand for men’s footwear has been driven by men’s propensity for outdoor activities. Golf, cricket, hockey, and trekking have all historically been popular sports among males. Therefore, new launches that target certain sports categories will aid in accelerating the growth of the men’s footwear industry. Future expansion in the men’s footwear market is anticipated to be fueled by the emergence of high-end e-commerce sites.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the endovascular therapy devices market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

The Asia Pacific region witnessed a major share. The labour-intensive footwear business is influenced by a number of variables, including the availability of land, the cost of labour, the availability of materials, environmental protection, and the sales markets. Global shoe manufacturing bases are constantly shifting as a result of key consumer markets, footwear manufacturers, distributors, and retailers transferring their focus to lower-cost nations in an effort to maximize their profits. In the Asia Pacific, Japan, Taiwan, India, and China are important markets for footwear. The major drivers of increasing product demand in these countries are rising disposable income and rising consumer living standards.

Country Analysis

Germany’s footwear sole material market size was valued at USD 113.1 million in 2022 and is expected to reach USD 138.8 million by 2030, at a CAGR of 2.6% from 2023 to 2030.
The key drivers of the predicted growth of the footwear sole material market in the region are an older population with an increase in knee and ankle ailments and a growing need for fashionable, comfortable, and convenient footwear.

China’s footwear sole material market size was valued at USD 218.2 million in 2022 and is expected to reach USD 296.3 million by 2030, at a CAGR of 3.9% from 2023 to 2030. As indicated by the growth in market share of sole footwear firms like Adidas AG, Bata Limited, Nike Inc., Puma SE, and other brands in the footwear sector in China, there are new opportunities in the local footwear sole material market. The key factor driving the country’s sole material industrial growth is market liberalization, which would raise demand for shoe soles and boost sales in the footwear manufacturing business.

India’s footwear sole material market size was valued at USD 179.0 million in 2022 and is expected to reach USD 230.2 million by 2030, at a CAGR of 3.2% from 2023 to 2030. Due to growing health consciousness, consumers’ increased participation in sports and fitness-related activities is driving the market for footwear sole materials in India. According to PMR, India is anticipated to remain one of the most alluring markets during the projected period. Due to the sizeable population of the nation, the demand for footwear sole materials is anticipated to rise throughout the forecast period. Sales of the shoe sole material are therefore anticipated to increase, as are consumer expectations. India is also attracting a number of foreign businesses. Due to these elements, India continues to be one of the biggest markets for suppliers of footwear sole materials, making it profitable for manufacturers
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the increase in demand for eco-friendly footwear is propelling the growth of the market across the countries.

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