Transparency Market Research has published a new report "Industrial Protective Footwear Market - Europe Industry Analysis, Trend, Size, Share and Forecast 2014 - 2020" to its report store.
Albany, NY -- (SBWIRE) -- 07/08/2015 -- There has been a dramatic rise in the number of worker accidents in industries such as manufacturing, construction, chemicals, oil and gas, and pharmaceuticals, consequently increasing the need and demand for industrial protective footwear. According to a new report released by Transparency Market Research, the Europe industrial protective footwear market is poised to grow from US$2,243.2 million in 2013 to US$2,597.3 million by 2020. The report is titled "Industrial Protective Footwear Market - Europe Industry Analysis, Trend, Size, Share and Forecast 2014 - 2020" and indicates that if these values hold true, the market for industrial protective footwear is projected to expand at a compound annual growth rate of 2.1% during the forecast period of 2014 to 2020.Industrial protective footwear finds application in numerous sectors such as transportation, food, oil and gas, construction, pharmaceuticals, chemicals, manufacturing, and others.
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The key countries covered under the Europe industrial protective footwear market are the U.K., Germany, Italy, and France. The growing level of awareness regarding the significance of workplace safety in these regions is a vital factor that impacts the demand for industrial protective footwear. Apart from this, the strengthening number of business and manufacturing utilities in these countries has greatly contributed to the growth of the industrial protective footwear market in Europe.Among the major countries, Italy has emerged as one of the prominent markets for industrial protective footwear in terms of exports. The other factor that industry experts believe will fuel the growth of the market in Italy is the rising demand from the unorganized sector, agriculture, government usage, and small-scale manufacturing units. These various sectors were valued to be US$42.5 million in 2013, states the TMR research report.
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Germany has been a key automobile manufacturing hub, and coupled with the rise in construction activities in the country, the demand for industrial protective footwear has increased by a great extent. Manufacturing units held the largest share of the overall demand in Germany, amounting to a value of US$104.6 million in 2013. The oil and gas as well as construction segments are also anticipated to pick up pace as far as demand for industrial protective footwear is concerned. Construction was also a major driving application segment in the U.K., with market values reaching US$144.9 million in 2013. In France, the application segment comprising agriculture, the unorganized sector, small-scale manufacturing units, and government usage was estimated to be worth US$0.99 million in 2013, with growth largely attributed to the services sector, which is one of the most important segments contributing to the GDP of France.
While it is evident that there are a number of forces acting in favor of the industrial protective footwear market in Europe, there are a handful of factors that threaten to restrain the growth of the market. These include government regulations and restrictions, especially in the case of foreign manufacturers.
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