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Footwear Sole Material Market is Projected to be Valued at US$ 23,574.3 Mn by 2024
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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.
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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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Global Footwear Sole Material Market: Competitive Landscape
Some of the key market players who have been profiled in the global footwear sole material market report are Nike Inc., Adidas AG, Bata India Limited, Puma SE, Columbia Sportswear Company, The Dow Chemical Company, Huntsman Corporation and BASF SE.
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