Polyurethane is the most common material used in the manufacturing of sole because it offers excellent flexibility and durability. Moreover, the footwear sole also provides a high level of stiffness and resilience.

The global footwear sole material market is projected to reach around US$ 26594.4 million by the end of 2027, in terms of revenue, growing at CAGR of 4.1% during the forecast period (2020-2027).

Drivers:

Increase in the disposable income of the middle-class family is projected to drive the market growth of footwear sole materials over the forecast period. Increasing industrialization and urbanization across the developing region have led to the rise of disposable income, which in turn, is projected to fuel the demand for footwear over the forecast period.

Increasing participation of consumers in sports and fitness-related activities due to increasing health-conscious people is projected to augment the market growth of the footwear sole material. Shifting preferences of consumers towards outdoor activities such as hiking, running, and cycling is also contributing to the growth of the footwear sole material.
Asia Pacific region dominated the global footwear sole material market in 2019, accounting for 76.7% share in terms of value, followed by Europe and Latin America, respectively.

Market Restraints

Slow adoption rate of the advanced technologies for the production of the footwear sole is expected to restrict the market growth over the forecast period. High cost and technical issues are some of the major factors inhibiting the adoption of advanced technology thus hampering the market growth.

Market Opportunities

The market of footwear is penetrating into women segments owing to the rising number of women participating in outdoor activities. This is expected to open new doors of opportunity to the market of the footwear sole. Moreover, an increasing number of working women is also expected to augment the market growth.

Growing demand for therapeutic footwear around the globe for the patient suffering from chronic diseases such as arthritis, diabetes, and knee problems is estimated to accelerate market growth. Growth in the medical footwear industry is expected to positively impact market growth over the forecast period.
Market Trends

Growing demand for trendy and comfortable shoes especially among the young population is expected to be a major trend in the market. Shifting preferences for buying footwear as per the occasion is another major trend in the market. Athletic, Casuals, fashionable, formals, and traditional are the some of the footwear gaining huge demand.
On the basis of material type in 2019, the leather segment has accounted the largest market share of 57.6% in terms of value, followed by plastics and rubber respectively.

Competitive Section:

Company Names

Nike Inc.
Adidas AG
Bata Limited
Puma SE
Columbia Sportswear Company
The Dow Chemical Company
Huntsman Corporation
BASF SE
Few Recent Developments

Puma SE

In February 2020, German sportswear manufacturer Puma has created a new collection of footwear and clothing, made from recycled plastic. Puma teamed up with First Mile to create a sustainable sportswear collection
In February 2019, Sports brand Puma has unveiled its Puma Fi trainers, which have laces that can be tightened at the swipe of a finger.

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