Footwear Materials Market Overview
Footwear Materials Market size is forecast to reach $95.5 billion by 2026, after growing at a CAGR of 2.1% during 2021-2026 due to increasing demand for athletic and non-athletic shoes for outdoor activities. For instance, the Athletics Federation of India (DFI) announced its support for the World Athletics campaign in April 2021. This campaign aimed to raise demand for shoes by raising awareness about athletic activities. As a result, it is projected that the need for footwear materials will rise. Additionally, footwear materials such as leather, rubber, fabric, plastic, and others are used to manufacture sports shoes, running shores, and others due to their comfortability and durability. On the other hand, polyvinyl chloride, polyurethane, and ethyl vinyl acetate are basic materials which are used in the manufacturing of sole because it offers excellent flexibility and durability. Thus, increasing consumption of thermoplastic rubber in the manufacture of shoes is expected to grow the footwear materials industry.
The Emergence of COVID-19 Pandemic
The tragedy of COVID-19, which is declared as a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. This has affected the demand and supply chain of materials as well as the demand for athletic shoes and non-athletic shoes, thereby limiting the growth of footwear in 2021. For instance, the 19th World Athletics Indoor Championships were scheduled to be held from March 13 to 15, 2020 but due to COVID-19, it is postponed to 2023 in China.
The report “Footwear Materials Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Footwear Materials Industry.
By Material Type: <span times="" new="" roman";mso-bidi-font-family:="" calibri;mso-bidi-theme-font:minor-latin"="" style="box-sizing: border-box;">Rubber (Natural, Synthetic), Textile, Leather, Plastic, Others.
By Type: <span times="" new="" roman";mso-bidi-font-family:="" calibri;mso-bidi-theme-font:minor-latin"="" style="box-sizing: border-box;">Athletic Footwear (Running Shoes, Hiking Shoes, Court Shoes, Trail Shoes, Cross Trainers Shoes, Cleats Shoes) and Non-Athletic Footwear (Sandals, Boots, Flip-Flop, Sneakers, Stilettos/Heels, Others).
By Distribution Channel: Direct Distribution Channel (Distributors, Retailers, Wholesalers) and Online Distribution Channel.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).
- Asia-Pacific region dominated the footwear materials market, due to high consumption of footwear for athletic and non-athletic activities and improvised standard of living in the region’s developing countries such as India, China, and others.
- According to the International Trade Center (ITC), exportation growth in the quantity of footwear (with outer shole of rubber, plastic, and leather composition) was 73% in 2017-2018 in China.
- The demand for raw materials used to make shoe soles such as polyurethane, polyvinyl chloride, thermoplastic rubber, vulcanized rubber, and others is increasing, to increase the resistance of shoes towards hardening and cracking.
Figure: APAC Footwear Materials Market Revenue, 2021-2026 (US$ Billion)
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Footwear Materials Market Segment Analysis – By Material Type
The leather segment dominated the global footwear materials market in 2020. Leather has been the primary material for shoes due to always available in sufficient quantities. Leather is still paramount due to various reasons such as it is used to make waterproof footwear without losing its breathability. Leather offers excellent protection against foot injuries. It is easier to reopen than a plastic sole or rubber sole. Thus, the increasing consumption of leather for boots, shoes, slippers, and more is expected to grow the demand for footwear materials during the projected period.
Footwear Materials Market Segment Analysis – By Type
Athletic material type segment held the largest share in the global footwear materials market in 2020 due to growing sports and fitness activities with increasing awareness regarding health. Shifting preferences for trendy and fashionable footwear as well as demand for casuals and traditional are creating a huge demand for footwear. According to the Ministry of Youth Affairs and Sports Department, the National Sports Development Fund (NSDF) assistance to sports organizations as Rs. 127.28 crore (US$ 18.07 million) in 2019 in India. This helps to increase more sports activities, in turn, increasing demand for athletic shoes. According to the Federation of Indian Fantasy Sports (FIFS), the Indian fantasy sports industry is expected to be worth US$ 3.7 billion by 2024, which is creating a huge opportunity for footwear materials.
Footwear Materials Market Segment Analysis – By Distribution Channel
Online distribution channel has dominated the footwear material market in 2020 due to provide quick delivery with various designs and competitive product pricing. Online distribution channel offers exclusive discounts on athletic and non-athletic footwear and conveniently place products without visiting stores. On the other hand, online distribution channels for men’s and women’s footwear include e-commerce organizations such as Amazon, Flipkart, and others. Now various companies such as Nike use their own online to distribute footwear. Apart from this, due to COVID-19 major consumers are purchasing footwear by online platforms as shop stores were closed due to lowdown measures. Hence, this factor is contributing to high growth for online distribution channels.
Footwear Materials Market Segment Analysis – By Geography
APAC dominated the footwear materials market with a share of 40% in 2020. 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 materials. Furthermore, the rising health awareness with athletic and physical activities such as yoga, gym, and jogging, is escalating the demand for footwear materials. In addition, companies are continuously launching innovative products. For instance, luxury brand Hugo Boss launched vegan pineapple leather men’s shoes in 2018. Which raised concerns about the growing demand for cruelty-free footwear. Additionally, according to the India Brand Equity Foundation (IBEF), India is the world’s second-largest consumer of footwear. The leather products and footwear market in India are estimated to be about USD 12 billion in 2021. Thus, the growing footwear industry is expected to grow the demand for footwear material in the region.
Footwear Materials Market Drivers
An increasing number of Athletic Activities
Rapidly increase in athletic activities around the globe is creating a huge demand for footwear which, in turn, is boosting the demand for footwear products (leather, rubber, plastic, fabric) and raw materials of shoe shole (thermoplastic rubber, vulcanized rubber, ethyl vinyl acetate). According to the Athletics Federation of India (AFI), Master Athletics activities are organized in 2021. The activity includes running cycling or cross-country skiing should involve large muscle groups of both genders male and females. Additionally, International Basketball Federation (FIBA), organized FIBA Asia Championship will be the 30th continental basketball championship in 2021. Thus, increasing athletic activities will be growing demand for sports shoes, running shoes, and other footwear which, in turn, increasing demand for footwear materials.
Growing Demand for Therapeutic Footwear around the Globe
Therapeutic footwear is preventing foot ulceration and injuries associated with diabetic foot. Therapeutic footwears offer support and protection for feet and reduce the risk of skin breakdown in case of poor circulation and foot deformities. Thus, increasing health concerns are growing demand for therapeutic footwear. In 2019, according to the American Podiatric Medical Association (APMA), about 77% of Americans have encountered foot disorders and related issues. Thus, increasing demand for therapeutic footwear will be growing demand for footwear materials.
Footwear Materials Market Challenges
Fluctuation in Raw Material Prices
Volatility in material prices may hamper market growth. Polyurethane and polyvinyl chloride are petrochemical products that are derived from crude oil. Thus, the fluctuation in crude oil may limit the production of material which hamper the market growth in the era. According to the BP Statics, in 2018, average oil price increased to $71/ bbl from $54/bbl in 2017, however, it further declined to US$64.21/bbl in 2019 This fluctuation is hampering the footwear materials market.
Footwear Materials Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Footwear Materials Market. Major players in the Footwear Materials Market are:
- Hansa Group AG
- J Hewit & Sons Ltd.
- Townsend Leather Company, Inc.
- Garrett Leather Corp
- Tiger Corporation
- Berger Company, Inc.
- A.K. Manufacturing Co., Ltd.
- Royal Rubber Company Inc.
- Ames Rubber Manufacturing Company, Inc.
- APLF Limited
- In February 2020, German sportswear manufacturer Puma and First Mile have created a new collection of footwear and clothing, made from recycled plastic. Puma and First Mile recycled more than 1.9 lakh plastic bottles for their new sustainable sportswear collection.
<span times="" new="" roman";mso-bidi-font-family:calibri;="" mso-bidi-theme-font:minor-latin"="" style="box-sizing: border-box;">Relevant Reports
Report Code: HCR 0201
Report Code: AM 86634
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