The future of the global footwear sole material market looks promising, with opportunities in both athletic and non-athletic shoes, according to a new market report published by market research firm Lucintel. The global footwear sole material market is expected to reach an estimated $21 billion by 2023 with a CAGR of 5.9% from 2018 to 2023. The major growth driver in this market is rise in footwear production and growth in consumer spending.
PVC is expected to be the largest material by value and volume, and experience the highest growth during the forecast period.
In this market, rubber, PVC, TPR, PU, EVA, vulcanized rubber, leather, and others are used for footwear sole material manufacturing for material. PVC is expected to be the largest material by value and volume, and experience the highest growth during the forecast period. This is because it provides a good synthetic alternative to traditional leather, with more cost effective options for sole manufacturing.
Asia Pacific is expected to remain the largest region by value and volume and also witness the highest growth over the forecast period due to rising population, growing disposable income, and increasing sports activities. Emerging trends, which have a direct impact on the dynamics of the footwear sole material industry, include the development of fusion of plastic with other sole materials, and shifting of footwear manufacturers from China to Southeast Asia. DowDupont, Huntsman, BASF, Solvay, Braskem, Ningbo Cerrion, International Trading Co. LTD, and Metropole are among the major suppliers of footwear sole material.