Global Footwear Sole Material Market Report and Forecast 2024-2032

Global Footwear Sole Material Market Outlook

The global footwear sole material market size attained a value of USD 20.29 billion in 2023. The market is further expected to grow at a CAGR of 4.60% between 2024 and 2032, to reach a value of USD 30.29 billion by 2032. 

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Key Trends in the Market

Footwear sole material refers to the materials with which the bottom portion of footwear are made. The outer sole comes into direct contact with the ground while the in sole touches the bottom of the wearers foot, and the mid sole acts as a cushioning layer in between. Footwear sole materials are integral for any type of shoe or sandal, as they protect the feet, provide cushioning, and stabilise movement when wearing the footwear. 

• The increasing demand for footwear, driven by inflating per capita income, rapid development of shoe stores, rapid urbanisation, and changing lifestyles and dressing habits, are bolstering the footwear sole material market. More people worldwide are investing in footwear for fashion purposes, buying multiple shoes of different styles, designs, and types, increasing the demand for quality footwear soles.

• High-quality footwear sole material can prevent foot problems, alleviate joint pain, and improve running or sporting ability. In this regard, the increasing awareness pertaining to the quality and standard of shoe soles, is propelling the footwear sole material market.

• The thriving e-commerce sector, coupled with growing research and innovative activities aimed towards improving shoe quality and standards, is likely to be a crucial trend in the market.

• Increasing brand awareness and retention, fuelled by the expansion of social media is further boosting the demand for footwear with superior quality sole material. Over the forecast period, the anticipated increase in investments by the major footwear manufacturers towards advertising, are expected to streamline the trajectory of the footwear sole material market growth.

Market Analysis

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Based on material, the market is segmented into leather, plastics, and rubber, among others. The plastics segment is further divided based on plastic type into EVA, PU, and PVC, among others, while the rubber segment is segmented based on rubber type into natural and synthetic. On the basis of sole component, the market is classified into in sole, mid sole, and out sole. By end-consumer, the market is categorised into men, women, and kids. The regional markets for footwear sole materials are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.  

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global footwear sole material market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Covestro AG

• Huntsman International LLC

• BASF SE

• Braskem

• Solvay

• INOAC Corporation

• Asahi Kasei Group

• Others

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Market Share by Material

The rubber segment, based on material, holds a healthy share of the footwear sole material market. This can be attributed to the resistance to slipping, enhanced grip, great elasticity, and excellent performance on harsh and treacherous terrains that are supported by rubber footwear sole materials. In addition, rubber soles are resistant to water, oil, mud, and various types of liquids which makes them suited for long-term wear. Meanwhile, the plastics segment is expected to attain a healthy growth in the forecast period, owing to the lightweight and resistance to wear and tear offered by the product. 

Market Share by End-Consumer

Based on end-consumer, the men segment accounts for a significant share in the footwear sole material market. The growth of this segment is being driven by the growing popularity of high-end running shoes, formal footwear, and sneakers, among men. While women are major consumers of footwear, they tend to purchase footwear with simpler soles such as sandals for fashion purposes whereas men purchase footwear thicker soles for sports and activities. In the coming years, women end-consumers are expected to witness a steady growth in the market, owing to the increasing number of working women across the emerging economies and increased women participating in sports. 

Competitive Landscape

Covestro AG is one of the leading producers of polyurethane foams and high-performance plastic polycarbonate. It also manufactures products such as coatings, adhesives, sealants, and films, among others. Covestro AG provides expertise in advanced material solutions with high-end technologies. The company was founded in the year 2015 and is currently headquartered in Leverkusen, Germany. 

Huntsman International LLC is a renowned chemical manufacturing company which produces and markets various commodity chemicals such as polyurethanes, propylene oxide, surfactant, and epoxy adhesive, among others. The company caters to the demands of various end use sectors including automotive and transportation, building and construction, and electronics. 

BASF SE is one of the world’s largest chemical companies which also provides innovative solutions for the footwear sector. The company offers high-performance casual and sport footwear materials. It also produces and markets plastic products which cater to the demands of various end use sectors. BASF SE was established in the year 1865 and is headquartered in Manheim, Germany. 

Other market players include Braskem, Solvay, INOAC Corporation, and Asahi Kasei Group, among others.

Key Highlights of the Report