Global sales of footwear sole material are set to be valued at over US$ 15 Bn in 2021, 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 around4.5% CAGR during the 2021-2031 forecast period. Most of the demand for footwear soles, and thereby footwear sole material is set to arise from the athletics / sports and fashion industry across regions. Demand for footwear soleswaned in 2020 due to the COVID-19 pandemic impact; however the manufacturing industry is at present in recovery mode.
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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 solematerial 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 solesacross 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.
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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 2021-2031. 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.
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