Footwear Sole Material Market Size to Surpass US$ 24,109.7 Million by 2034, Exhibiting a CAGR of 4.5% | Fact.MR Report

Rockville , April 02, 2024 (GLOBE NEWSWIRE) -- The global footwear sole material market is likely to reach US$ 15,524.9 million in 2024. The demand for footwear sole material is anticipated to rise at a CAGR of 4.5% from 2024 to 2034. The market is projected to surpass US$ 24,109.7 million by 2034.

The global footwear sole material industry is witnessing significant growth, with the demand for various types of footwear increasing due to population growth and urbanization. The industry is evolving to keep up with changing consumer preferences and fashion trends, leading to a need for innovative and aesthetically pleasing footwear. Technological advancements in material science have introduced superior sole materials that enhance durability, flexibility, and shock absorption. The industry is also shifting towards sustainable manufacturing processes, with many companies adopting eco-friendly practices and materials to minimize their environmental impact.

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Raw material price fluctuations, regulatory compliance issues, and competition from substitutes are significant restraints. Material price fluctuations impact production costs, while failure to comply with regulations can result in fines and damage a company's reputation. The slow adoption of new technologies and economic uncertainties may also hinder market growth. Supply chain disruptions, counterfeit products, and consumer price sensitivity also pose significant challenges affecting production efficiency, brand reputation, and market competitiveness.

Collaboration between manufacturers, material suppliers, and technology companies can drive innovation, leading to novel materials that combine performance, comfort, and unique characteristics. However, the industry must navigate the volatile material costs, environmental concerns, and regulatory changes to stay competitive. Strategic planning and adaptation are essential to thriving in this dynamic market. The future of the footwear sole material industry lies in leveraging opportunities for sustainable and innovative growth while successfully navigating the challenges posed by the industry.

Key Takeaway from Market Study

• The footwear sole material market in North America is predicted to expand at a phenomenal CAGR of 4.7% through 2034.
• East Asia’s footwear sole material industry is predicted to rise from US$ 4,766.2 million in 2024 to US$ 8,125.0 million in 2034.
• The footwear sole material industry in East Asia, especially in China, is projected to rise at a CAGR of 5.1% until 2034.
• During the forecast period, the athletic footwear sole material segment is estimated to grow at a CAGR of 4.6%, segmented by market.

“The footwear sole material industry offers ample opportunities for innovation, with smart technologies, sustainability initiatives, and customization trends providing avenues for growth.”, Says a Fact.MR Analyst.

Key Companies Profiled in This Report

• INOAC CORPORATION (Japan)
• Unisol India (India)
• INGOM SRL (Italy)
• Vibram Corporation (Italy)
• Allbirds, Inc. (United States)
• Solvay (Belgium)
• Soles by MICHELIN (France)
• Arkema (France)
• Covestro AG (Germany)
• Evonik Industries AG (Germany)
• BASF SE (Germany)
• Dow (United States)
• Huntsman International LLC (United States)
• Asahi Kasei Corporation (Japan)
• Continental AG (Germany)
  

In East Asia, the demand for fashionable and comfortable footwear, the rising middle-class population, and an increasing focus on sports and fitness activities drive market growth. Technological advancements and robust manufacturing infrastructure further contribute to the region's prominent position in the global footwear industry. Meanwhile, North America sees a surge in demand driven by consumer emphasis on comfort, performance, and style, particularly in athletic footwear. The focus on eco-friendly and sustainable materials also contributes to the region's growth.

Athletic footwear sole materials is the most popular product type and dominates the market due to its specialized features demanded by athletes and fitness enthusiasts. Shock absorption and stability are some features that make it the preferred choice for those seeking functionality and style.

Retail Stores remain the leading distribution platform despite the rise of e-commerce, with the hands-on shopping experience, diverse options, and expertise of in-store staff contributing to their dominance. The projected CAGR for athletic footwear sole materials is 4.6% through 2034, while that of retail stores is 4.6% through 2034.

Recent product launches include stylish and comfortable Nike shoes in India, cutting-edge golf shoes for enhanced performance, and handcrafted luxury vegan shoes.

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Country-wise Insights:

The footwear sole material market has a significant share of its users in North America and East Asia. North America is expected to have 25.8% of the global market share in 2024. The market is estimated to grow at a CAGR of 4.7% over the forecast period.

East Asia is the other region that has a significant market share. East Asia is expected to hold a 30.7% share by 2024. Over the projection period, the East Asian market is expected to grow at a respectable 5.5% CAGR.

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04/02/2024 13:30

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