Footwear Adhesives Market Trends

Growth Drivers

• Emerging Markets - Emerging economies with a growing middle-class population are witnessing increased demand for footwear. This growth in the footwear market fuels the demand for adhesives in these regions. Regarding India’s total population, it is expected that footwear sales will amount to USD 17.5 per person by 2023.
• Industrial & Safety Footwear - The industrial and safety footwear sector has expanded due to strict regulations and safety standards in various industries. These specialized unbreakable shoes often require adhesives with specific properties to ensure robust bonding and safety compliance.
• Surge in E-commerce - The rapid growth of e-commerce platforms has expanded the reach of footwear products to a global audience. This increased demand for footwear has led to a higher need for efficient and reliable adhesives to meet market demands. In 2023, E-commerce is expected to account for about 21% of the total global retail sales and reach USD 6 trillion.

Challenges

• Cost and Price Sensitivity – The footwear industry is highly cost-sensitive, with manufacturers constantly seeking ways to reduce production costs. footwear adhesive manufacturers find it hard to strike a balance between producing high-performance adhesives and keeping them competitively priced.
• Brand Loyalty
• Compatibility with automated processes.