Global Footwear Sole Material Market Report and Forecast 2023-2028

Global Footwear Sole Material Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global footwear sole material market reached a value of USD 19.4 billion in 2022. Aided by the increasing brand awareness and rapid development of shoe stores, the market is projected to further grow at a CAGR of 4.63% between 2023 and 2028 to reach a value of USD 25.3 billion by 2028.

Footwear sole material forms the base of shoes, providing comfort, traction, and durability. Different materials, including rubber, polyurethane (PU), ethylene-vinyl acetate (EVA), leather, and thermoplastic rubber (TPR), are used in the manufacturing of shoe soles, depending on the footwear type and application. These materials play an integral role in enhancing the overall foot comfort, reducing impact, and offering slip resistance.

The escalating consumer preference for comfortable and durable footwear is fuelling the global footwear sole material market growth. With rising awareness of the importance of proper footwear in maintaining foot health and overall comfort, there has been a significant shift towards shoes featuring high-quality sole materials. In addition, the trend of fashion-forward footwear, integrating style and functionality, further leads to a surge in demand for innovative sole materials.

The broadening applications of various sole materials in the footwear industry also contribute significantly to the footwear sole material market demand. In sports footwear, materials like EVA and PU are favoured for their lightweight, shock-absorbing, and flexible properties. The workwear and safety footwear segment utilises rubber and TPR for their superior durability and slip-resistance. Moreover, the luxury footwear market extensively uses leather for its premium finish and comfort.

Furthermore, the advancements in material science have resulted in the development of new, improved sole materials offering enhanced performance characteristics. For instance, memory foam soles have gained popularity for their custom cushioning and comfort, while eco-friendly materials like cork and recycled rubber have attracted attention due to growing environmental concerns. These advancements provide fresh impetus to the footwear sole material market development.

Additionally, the rising demand for specialised footwear in various sectors, like sports, healthcare, and defence, has increased the focus on footwear sole materials. With the surge in active lifestyles and athletic activities, the demand for sport-specific footwear with optimised soles has grown. Similarly, in the healthcare sector, therapeutic footwear with specially designed soles is witnessing increased adoption, thereby supporting footwear sole material market expansion.

Market Segmentation

The market can be divided based on material, sole component, end-consumer, and region.

Market Breakup by Material

• Leather
• Plastics

EVA

PU

PVC

Others

• Rubber

Natural

Synthetic

• Others

Market Breakup by Sole Component

• In Sole
• Mid Sole
• Out Sole

Market Breakup by End-Consumer

• Men
• Women
• Kids

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global footwear sole material companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Covestro AG
• Huntsman International LLC
• BASF SE
• Braskem
• Solvay
• INOAC Corporation
• Asahi Kasei Group
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.