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| Footwear Sole Material Market Growth |
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 are used in the manufacturing of shoe soles. These
materials determine the performance, durability, and grip of footwear. Commonly
used sole materials include EVA (Ethylene-Vinyl Acetate), PU (Polyurethane),
rubber, and PVC (Polyvinyl Chloride). EVA is lightweight, flexible, and affordable
making it ideal for casual and sports shoes. PU is durable and provides
cushioning, making it suitable for running and lifestyle shoes. Rubber offers
superior traction and wear resistance making it ideal for boots and outdoor
activities. PVC is budget-friendly and durable. The growing sports and
athletics industry is driving demand for performance and breathable footwear
with advanced sole materials.
Market key trends:
One of the key trends in the Footwear
Sole Material Market Growth is the rising popularity of performance and
breathable footwear for various sports and outdoor activities. Sports such as
running, hiking, tennis require shoes that provide cushioning, grip, stability,
and breathability. Advanced materials like EVA, PU and rubber soles that are
lightweight, flexible and moisture-wicking have gained popularity. Another
trend is the increasing demand for eco-friendly and sustainable footwear sole
materials. Manufacturers are focusing on utilizing bio-based and recycled
materials to reduce environmental footprint. Some examples include soles made
from sugarcane, cork and recycled tire rubber.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. Footwear sole
material industry requires high initial investments and R&D which makes
entry challenging. However low differentiation and switching costs enable new
firms to gain market share easily.
Bargaining power of buyers: The bargaining power of buyers is high due to the
availability of various brands and substitutes in the market. Buyers can easily
switch between brands based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate.
Key raw materials like polyurethane and rubber are supplied by few major
players globally making manufacturers dependent on them.
Threat of new substitutes: The threat of new substitutes is high. Many
innovative materials like bio-based soles and recycled materials pose a threat
to replace existing materials.
Competitive rivalry: High as the market is dominated by global brands with wide
variety of products.
Key Takeaways
The global footwear sole material market is expected to witness high growth,
exhibiting CAGR of 4.2% over the
forecast period, due to increasing demand for athletic and casual footwear.
Regional analysis: North America dominates the footwear sole material market
owing to high demand for sports and casual shoes. Asia Pacific exhibits fastest
growth led by China, India and other developing nations fueling footwear
production.
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 dominates the
market with wide range of performance footwear while adidas focuses on
lifestyle and casual category.
Read More: https://www.ukwebwire.com/the-footwear-sole-material-market-is-estimated-to-witness-high-growth/