New York, March 21, 2023 (GLOBE NEWSWIRE) -- The global Footwear Sole Material Market is estimated to be valued at over US$ 16.08 Billion as of 2023 and the global market of footwear sole material consumption across the world is expected to reach a value of US$ 24.50 Billion by the end of 2033. At a CAGR of 4.3 % over the period of 2023 and 2033.
With stable long-term projection for the market, according to latest insights in a revised report by Persistence Market Research, an ESOMAR-certified research and consulting firm. The report estimates the market to expand at around 4.3% CAGR during the 2023-2033 forecast period.
This report aims to analyze the global footwear sole material market, including current trends, growth drivers, challenges, and opportunities.
The market is driven by factors such as an increase in the demand for comfortable and durable footwear, a rise in sports and fitness activities, and advancements in material science and technology. Additionally, the increasing popularity of athleisure and casual wear has contributed to the growth of the market.
Click Here to Get Free Sample Copy of this Report@ https://www.persistencemarketresearch.com/samples/14764
Key Takeaways from Market Study
- The three core markets for footwear sole material are China, India, and Europe. Markets in ASEAN countries are expected to grow moderately as well.
- China is expected to hold highest share in the global footwear sole material market, due to the presence of a strong local base and extensive production facilities and availability of raw materials.
- Growing awareness about health and fitness and increasing athletic activities are resulting in rising demand for footwear soles across geographies. Furthermore, growing popularity of global sporting events is having a positive influence market growth.
- Footwear sole material sales are growing relatively slow since the onset of the COVID-19 pandemic.
“Upsurge in demand for athletic footwear and footwear for fashion in recent years is expected to provide an impetus to footwear sole material sales. Demand for customized footwear for various purposes is expected to create substantial growth prospects for market players across regions,” - says a Persistence Market Research analyst.
Footwear Sole Material Market Trends
Use of Sustainable Materials: There is a growing demand for sustainable and eco-friendly footwear sole materials. Consumers are increasingly conscious of the environmental impact of their purchases and are looking for products that use recycled or biodegradable materials. This trend has led to the development of materials such as natural rubber, cork, and recycled plastic.
Customization: Customization has become a significant trend in the footwear industry, and this has extended to the sole material as well. Companies are offering customizable sole materials that can be tailored to individual preferences, providing a unique and personalized experience to consumers.
Get Full Access of this Report@ https://www.persistencemarketresearch.com/checkout/14764
Focus on Comfort: Comfort is a key factor driving consumer preferences in the footwear market. Companies are investing in research and development to develop materials that offer enhanced cushioning and support, such as memory foam and gel-infused materials.
Use of Innovative Materials: Advancements in material science have led to the development of several innovative materials for footwear soles. These materials offer unique properties such as enhanced grip, durability, and water resistance. Examples include graphene-enhanced rubber and 3D-printed soles.
Competitive Landscape
The global footwear sole material market is moderately consolidated in nature, with key players accounting for a significant market share. Some of the key players in the market are Nike Inc., Adidas AG, Bata Limited, Puma SE, Columbia Sportswear Company, and The Dow Chemical Company, among others. These players are likely to invest in new technologies, especially customized variants, to maintain their high market share.
Market Projections
The market is likely to grow at a moderate pace during 2023-2033. However, as it is a matured market, companies are expected to concentrate more on research & development activities to develop products that meet the personalized requirements of end users. Collaboration with regional manufacturers is framed as a prime strategy that is expected to magnify over the forecast period.
Segmentation:
The footwear sole material market can be segmented based on material type, application, and region.
- By material type, the market is categorized into rubber, leather, PVC, EVA, PU, TPU, and others. The rubber segment holds the largest market share, owing to its excellent grip, durability, and water resistance properties.
- By application, the market is segmented into athletic footwear, casual footwear, and others. The athletic footwear segment dominates the market, owing to the increasing popularity of sports and fitness activities.
- Regional Analysis:
- Geographically, the footwear sole material market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific holds the largest market share, owing to the presence of large footwear manufacturers in countries such as China and India. Additionally, the rising disposable income, growing population, and increasing urbanization in the region have contributed to the growth of the market.
You Can Customize this Report As per Your Requirement Click Here@ https://www.persistencemarketresearch.com/request-customization/14764
For additional insights on how the footwear sole material market will shape up over the next decade, write to media@persistencemarketresearch.com
About Persistence Market Research – Chemicals and Materials
The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on ‘green alternatives’, recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing – ‘The Way Forward’.
Other Trending Reports:
- Cold Insulation Materials Market
- Sodium Alginates Market
- Industrial Explosives Market
- Glycine Market
- High Performance Fibers Market
- Silicone Sealants Market
- Agrifiber Products Market
- Sodium Metal Market
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact
Rajendra Singh
Persistence Market Research
U.S. Sales Office:
305 Broadway, 7th Floor
New York City, NY 10007
+1-646-568-7751
United States
USA - Canada Toll-Free: 800-961-0353
Email: sales@persistencemarketresearch.com
