Footwear Adhesives Market size was valued at USD 504.6 Million in 2023 and is poised to cross USD 1.93 Billion by the end of 2036, expanding at more than 10.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of footwear adhesives is estimated at USD 554.1 Million. The global footwear industry is continuously witnessing a rapid upsurge on account of various factors such as rising fashion trends, changing consumer preferences, and increasing disposable income. As a result, it garnered a revenue of USD 398 Billion as of 2023. Consequently, offering immense growth opportunities in the footwear adhesives industry.
Consumers increasingly seek customized and personalized footwear options. As a result, footwear manufacturers need adhesives that can bond a wide range of materials to achieve unique designs and styles increasing the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
10.6% |
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Base Year Market Size (2023) |
USD 504.6 Million |
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Forecast Year Market Size (2036) |
USD 1.93 Billion |
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Regional Scope |
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Product Type (Solvent-Based footwear adhesives, water-based footwear adhesives, Radiation cured (UV/EB) footwear adhesives, Hot melts footwear adhesives)
Water-based footwear adhesives market is anticipated to garner the largest revenue share of 34% by 2036. These adhesives contain organic binders most commonly used is PVAc, which is biodegradable, and with the environmental safety norms laid by the government, these adhesives have a large market base. Furthermore, water-based footwear adhesives may offer a wide range of benefits compared to solvent-based footwear adhesives such as lower costs and reduced product emissions.
Application (Sports shoes, Dress shoes, Sandals)
Sport shoe segment is dominating the footwear adhesives market over the forecast period. The increase in the supply and demand of athletic footwear is driven by a growing interest in sporting activities in urban areas as well as health awareness due to rising chronic diseases. Globally, revenues in the global athletic footwear industry are set to reach USD 53 billion by 2023.
Furthermore, the market for sports shoes is supported by an increase in exercise activity. Furthermore, the market is being driven by demand for lighter and better-performing shoes due to consumer preferences as well as footwear design which allows consumers to choose according to their needs. Moreover, in 2023 the volume of each person is projected to reach 0.06pairs units for the Athletic Footwear segment.
Component (Natural rubber Latex, Rubber Cement Dissolution, Polycloroprene)
Footwear adhesives market from the polycloroprene is estimated to dominate the revenue during the forecast period. Superior adhesive characteristics and formulation flexibility at affordable rates compared to other adhesive technologies have major boosted the growth 0f the segment. the global market for Chloroprene Rubber revenue generated is estimated at 273.2 Thousand Metric Tons in the year 2022.
Our in-depth analysis of the global market includes the following segments:
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Application |
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Component |
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APAC Market Forecast
The Asia Pacific footwear adhesives market is expected to hold 44% of the revenue share by the end of 2036, owing to the remarkable growth in this region. The Asian countries of China, India, Korea, and this region are projected to remain major growth regions in the adhesives market. In addition, regional living standards are improving and market growth of footwear adhesive is also stimulated by an increase in personal disposable income. The rise of Asia Pacific in the global economy. By 2021, APAC's overall gross domestic product will amount to around USD 36 trillion, up from USD 10 trillion in 2000, while Asia and the Pacific currently account for about 38 % of global GDP.
North American Market Statistics
The footwear adhesives market in North America is actively growing at a substantial growth rate owing to the presence of key market giants in the region. In the United States alone, Adidas footwear sales reached over 13 billion dollars in 2022. With higher disposable income the region’s footwear market is gaining positive market growth. According to per capita income, each person is expected to make USD 198 by 2023.
A growing demand for sustainable and ethical footwear, particularly among younger consumers, is emerging. All these factors cumulatively are providing positive growth for the footwear Adhesives market in the region.
Author Credits: Rajrani Baghel
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