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| Footwear Sole Material Market |
The global 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:
Footwear sole materials provide comfort, cushioning and durability to shoe
wearers. Made of materials like polymers, rubber and leather, shoe soles are an
important part of the footwear that protects the foot from external hazards and
ensures wearability of shoes.
Market key trends:
The increasing adoption of eco-friendly materials for shoe soles is a key trend
in the footwear sole material market. Major footwear brands are focusing on
using bio-based, recycled and sustainable materials to manufacture shoe soles
due to rising consumer demand for green products. Another important trend is
the use of advanced materials like carbon fiber, thermoplastic polyurethane and
durable polychloroprene in athletic and sports shoes sole for enhanced
performance, flexibility and lightweight properties. Additionally, the
emergence of customized 3D printed shoe soles allowing individual designs as
per foot requirement is expected to drive future demand in the market.
Segment
Analysis
The global footwear sole material market is segmented based on material type,
end use, and distribution channel. Material type is further segmented into EVA
(Ethylene Vinyl Acetate), PU (Polyurethane), rubber, and others. The PU segment
dominates the market and accounts for over 35% share of the total market. PU
soles are lightweight and provide better cushioning and flexibility to shoes.
Hence, they are widely used in sports and casual shoes.
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 comfortable and durable shoes
from sports and casual segments.
Regional Analysis
Asia Pacific dominates the global footwear sole material market and accounts
for over 40% of the total share. China, India, and other Southeast Asian
countries dominate the demand due to presence of major footwear manufacturers.
North America is projected to witness the highest growth during the forecast
period owing to rising demand for trendy and premium footwear from sports
segments in the US and Canada.
Key Players
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 and Adidas account for over
20% share of the global market due to their strong brand recognition and wide
distribution network worldwide.
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