Albany, NY -- (SBWIRE) -- 07/07/2015 -- According to a new market report published by Transparency Market Research "Industrial Protective Footwear Market - South America Industry Analysis, Trend, Size, Share and Forecast, 2014 - 2020," the south america industrial protective footwear market in was valued at USD 856.7 million in 2013, which is expected to reach USD 1321.8 million by 2020; growing at a CAGR of 6.5% from 2014 to 2020.

Increasing awareness of workplace safety, government regulations and rapid industrial development are the major factors driving the demand for industrial protective footwear in South America. Apart from this, increasing number of people employed in various business utilities is also fuelling the demand for industrial protective footwear. In addition, the stringent government regulations are also expected to boost the demand for industrial protective footwear in this region.

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The large potential of industrial protective footwear market in developing countries such as Brazil, Chile, Peru, Colombia, Uruguay and Venezuela is expected to attract new business utilities entering these markets. However, the duties and regulations are expected to act as barriers for new entrants. In order to sell the products in these regions, it is mandatory for foreign manufacturing utilities to abide by these government regulations.

The application of industrial protective footwear held the largest share for industrial protective footwear in Brazil. However, the pharmaceutical segment is the fastest growing segment, growing at a CAGR of 8.2% from 2014 to 2020. The increasing demand for fast and early diagnosis and sophisticated medical procedures is one of the major factors boosting the growth in this segment. Apart from this, Brazil is one of the major exporters of leather at the global level and employs a major portion of the workforce in Brazil fuelling the demand for industrial protective footwear in this country.

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The application of industrial protective footwear in manufacturing segment held the largest share in Colombia. However, pharmaceuticals segment is expected to be the fastest growing application segment for industrial protective footwear in Colombia, growing at a CAGR of 7.3% from 2014 to 2020. The increasing awareness about workplace safety and government regulations are the major factors fuelling the growth in this region.

Apart from this, others held the largest application segment for industrial protective footwear in Venezuela, Peru and Uruguay. However, pharmaceutical is the fastest growing application segment for industrial protective footwear in Uruguay growing at a CAGR of 10.4% from 2014 to 2020. In Peru the application of industrial protective footwear in the others segment is expected to grow at a fastest CAGR of 8.1% from 2014 to 2020. However, in Venezuela construction is the fastest growing segment growing at a CAGR of 5.4% from 2014 to 2020.

However, for foreign manufacturers to sell their products in South America there are certain mandatory government regulations pertaining to labeling requirements and documentation that are to be followed. Apart from this, there are most favored nation rates and other duties such as customs and sales tax to be paid affecting the prices of the products and affecting their competitive proposition in the local markets. These duties and regulations act as tariff and non-tariff barriers for foreign players entering the industrial protective footwear market in this region.

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Major industry participants include Jal Group (Italy), Cofra Holdings AG (Switzerland), Elten GmbH (Germany), Honeywell Safety Products (U.S.), VF Corporation (U.S.) and Rock Fall Ltd. (England) among others. The report studies the industrial protective footwear market, and provides estimates in terms of revenue (USD Million) from 2014 to 2020. Market estimates on the basis of application have also been provided for Brazil, Chile, Peru, Colombia, Uruguay and Venezuela. The market has been segmented as follows:

South America Industrial Protective Footwear Market, by application
Construction
Manufacturing
Oil and gas
Chemicals
Food
Pharmaceuticals
Transportation
Others

South America Industrial Protective Footwear Market, by Country:
Brazil
Chile
Peru
Colombia
Uruguay
Venezuela

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