Rapid Growth of the Footwear Industry to Augment the Footwear Sole Material Market Growth, Opportunity Analysis, 2020 - 2027-CMI

Footwear sole materials are used to manufacture the bottom part of the shoes and are produced from various materials such as plastic, rubber, leather, textiles, and petrochemical-derived products. These materials provide fashion and comfort and allow them to perform various outdoor activities. The most common footwear sole material used to manufacture sole is a polyurethane (PU), as it offers excellent durability and flexibility. The sole made of PU is very comfortable and protects from slipping. Furthermore, these materials also provide a high level of stiffness and resilience. However, the material is dependent on the style and purpose of the shoe.

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The rapid growth of the footwear industry and the increasing urbanization and industrialization, especially in emerging economies, are driving the growth of the footwear sole material market. Moreover, shifting consumer preference towards sports and fitness-related activities, as well as outdoor activities (such as cycling, running, hiking, etc.), due to the increase in the health-conscious population is also expected to boost the market growth. Furthermore, the need for branded, trendy, and comfortable footwear among all age groups is also expected to propel the market growth of the footwear sole material.

The increasing demand for therapeutic footwear for people suffering from chronic diseases such as knee problems, diabetes, and arthritis is expected to augment the market growth. Moreover, growth in the medical footwear industry is also expected to boost the growth of the market. However, the high cost and technical issues associated with sole materials restraining the adoption of advanced technologies, hampering the footwear sole material market growth. Moreover, one of the major trends in the market is buying footwear as per the occasion. Traditional, formals, fashionable, casuals, athletic are some of the footwear gaining huge demand.

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In terms of geography, the footwear sole material market is divided into six regions, such as North America, Europe, Asia Pacific, South America, the Middle East, and Africa. In 2019, Asia Pacific dominated the market, accounting for 76.7% of the market share in terms of revenue, followed by Europe and Latin America, respectively. Key players active in the market are focused on developing new and innovative footwear to gain the largest market share. For instance, in February 2020, Puma introduced a new collection of clothing and footwear, made from recycled plastic. Moreover, in February 2019, Puma unveiled Puma its Fi trainers (Fit Intelligence line of footwear), which have laces that can be tightened at the swipe of a finger.

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