Footwear Sole Material Market Data With Current And Future Growth, Feasibility And Regional Analysis 2024

The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.

The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.

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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.

Persistence Market Research digs deep into the global footwear sole material market and fetches some key information through structured market research. The report, “Footwear Sole Material Market: Global Industry Analysis and Forecast, 2016–2024” gauges the market and predicts the future demographic and climactic changes of the market. The report reveals that the out sole segment will dominate more than 45% market share and will surge at a CAGR of 3.9% by the end of the forecast period (2016 – 2024). The present estimated value of the global footwear sole material market is more than US$ 17,000 Mn and the market will grow at a CAGR of 4.1% to touch US$ 23,574.3 Mn by the end of 2024.

Global Footwear Sole Material Market: Dynamics

The global population has reached around 7.5 billion and is expected to steadily rise over the forecast period. Rising population has created a great demand for consumer goods and the footwear industry is expected to benefit from it. The need for comfortable, trendy and branded footwear among all age groups will propel the global footwear sole material market. Growth of the footwear manufacturing industry, especially in emerging economies such as India and China, is expected to be the key factor driving the demand for footwear sole material. Industrialization and rapid urbanization in developing countries are the external factors that will lead to a rise in disposable income, which in turn, is likely to result in high demand for footwear over the forecast period. The increase in average salary in developing countries has resulted in significant rise of middle class population. This is another factor which is expected to fuel the footwear industry. Participation of women in sports has increased during the last decade. Competitive sports is becoming popular and more people are willing to become professionals. As a result of such activities, demand in the global footwear market is expected to increase significantly over the forecast period. These factors will boost the growth of the global footwear sole material market.

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Global Footwear Sole Material Market: Forecast

Several positive changes are expected to fuel value and volume growth of the global footwear sole material market. Among material types, the leather segment will play a pivotal role in building market revenue. The leather segment is expected to occupy a major share of the global footwear sole material market. The report hints that the leather segment will account for a value share of over 55% in the global footwear sole material market and register a CAGR of 3.8% during the forecast period. By product type, the athletic footwear segment will garner significant revenue share within the forecast period. As per the report, this segment is estimated to account for more than 50% of the market value share by the end of the forecast period.

Amongst the major markets Asia Pacific will show promising results within the forecast period, registering a CAGR of 4.3%. Sales revenue in the European region will increase at a CAGR of 3.9%. The markets in the Latin American region will remain fertile and vibrant during the forecast period.

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Company Profiles

Nike Inc.
Adidas AG
Bata Limited
Puma SE
Columbia Sportswear Company
The Dow Chemical Company
Hunstman Corporation
BASF SE

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