by The footwear industry has witnessed significant growth in demand for shoes with durable and lightweight sole materials that are also environmentally sustainable. Rubber outsoles provide long-lasting wear, enhanced traction and flexibility for feet. Made from natural and synthetic rubber compounds, outsoles are designed to withstand thousands of steps while cushioning the feet with each stride. Modern rubber outsole formulations incorporate recycled and bio-based content to reduce waste and carbon footprint. Their resilience makes them suitable for various activities and terrain. The latest vulcanization techniques ensure a perfect bond between the outsole and shoe upper for optimal performance. Rubber outsoles protect the shoes from abrasion and allow ventilation to keep feet fresh. Their affordable costs and widespread availability through global supply chains have boosted their popularity amongst sports, casual and formal shoes.
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 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Sustainable materials are a key trend in the footwear sole material market. Major rubber producers are focusing on developing bio-based and recycled rubber compounds to manufacture outsoles. Natural rubber harvested from rubber trees is being replaced by guayule-based latex and dandelion-derived rubber to reduce dependence on tropical agriculture. Post-industrial recycled rubber from tire buffings and devulcanized rubber waste is reprocessed as raw material. These eco-friendly formulations meet industry quality and performance standards while lowering emissions. Footwear brands are promoting their sustainable sourcing and manufacturing practices to attract environmentally-conscious consumers. Lightweight midsoles made from biosynthesized materials like algae, mushrooms and apple are gaining traction and complementing rubber outsoles. Advanced 3D printing technologies allow localized custom production of multi-material shoe designs.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as establishing footholds in the competitive footwear sole material market requires significant investment in R&D, production facilities and brand building.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and price transparency. However, switching costs for buyers are low.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw material prices are dependent on global commodity markets and a few large suppliers dominate the supply of key materials.
Threat of new substitutes: The threat of substitutes is high given the availability of alternative materials that serve similar performance requirements for footwear soles.
Competitive rivalry: The footwear sole material market is highly competitive with participants constantly launching new product variants and technologies.
Key Takeaways
The global Footwear Sole Material Market Demand is expected to witness high growth driven by rising disposable incomes in developing economies and growing demand for comfortable and durable shoes. 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 7.7% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market owing to the large footwear manufacturing clusters in China and Vietnam alongside a burgeoning middle class demanding fashionable footwear. North America is another major market for footwear sole materials driven by health-conscious consumers opting for athletic and sports shoes made from advanced lightweight and breathable materials. Countries like the US and Canada are lucrative markets exhibiting high demand. Europe also presents solid growth opportunities during the forecast period supported by strong fashion consciousness.
Key players: Key players operating in the footwear sole material market are ClaroNav, Stryker, Brainlab AG, Parsis, Northern Digital Inc., Heal Force, Medtronic, Synaptive Medical, Bramsys Indústria e Comércio Ltd. These companies are investing heavily in R&D to develop novel materials for footwear applications. Partnerships and M&A activity have also increased in recent years as players look to enhance their product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
