Polyurethanes are said to be the impeccable material for hardwearing shoe soles. It has exceptional mechanical properties and is reliable for the long term use. During the past times, the use of polyurethanes in trekking shoes and boots was increasingly renowned. Also, it is highly used in the fashion shoe and business shoe soles owing to its high resilient property and its ability to provide second-hand value. Though, manufacturers nowadays have started using sustainable products for manufacturing footwear sole.
The rising population across the globe has significantly boosted the demand for consumer goods since the past few years. This factor is considerably impacting the worldwide demand for footwear sole material. People from every age group are displaying high interest for trendy, branded, and comfortable footwear, eventually driving the market demand for footwear sole material.
The Global Footwear Sole Material Market to Perceive Extensive Growth Further
Asia Pacific will rise at the substantial CAGR of around 4.3% in the near future. Developing regions such as China and India are observing amplification in the footwear manufacturing. Along with this, rising industrialization in the aforementioned regions is supporting the footwear sole material market considerably. This growth can also be attributed to the expansion in disposable income in these emerging economies. The rise in average salary of the middle-class populace may also contribute to the regional growth in the near future. Along with this, the escalating demand for competitive sports compelling people to become professionals could also be credited to the market expansion of footwear sole material. According to the projections, the global market for footwear sole material will consume over US$ 20 billion by the end of the predicted period. It is growing at the CAGR of 4.1 % during the same period of time.
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Athletic Footwear Segment to Gain Notable Demand
In terms of sole material, athletic footwear leads the market currently. Further, it is likely to be the dominant segment by the end of 2024 with the highest number of volume shares. This segment is anticipated to contribute close to 50% of the overall market value share. The necessity for the need of athletic footwear owing to the growing contribution of people in sports and fitness associated activities is also driving the segment growth. In terms of value, athletic footwear will grow close to 1.5 times over the forecast period. Among athletic footwear, soccer shoes are projected to rise at the massive CAGR of around 4.1% in the coming years. Although, running shoes may dominate the market further. On the other hand, the non-athletic segment is expected to consume for over US$ 3,000 million during the projection period. It is growing at the CAGR of around 3.9% further. Also, increase in demand for more trendy, casual, and designer footwear is substantially attributing to the growth. Sole materials comprise rubber, leather, plastics, and textiles. Among sole materials, leather is said to accumulate for the largest shares. It is estimated to contribute over 55% of the total revenue shares and is rising at the CAGR of about 55% in the coming times.