Transparency Market Research has published a new report "Industrial Protective Footwear Market: Middle East Industry Analysis, Trends, Size, Share, Forecast 2014-2020" to its report store.
Albany, NY -- (SBWIRE) -- 07/07/2015 -- According to a new market report published by Transparency Market Research "Industrial Protective Footwear Market - Middle East Industry Analysis, Trend, Size, Share and Forecast, 2014 - 2020," the middle east industrial protective footwear market was valued at USD 218.7 million in 2013, which is expected to reach USD 432.4 million by 2020; growing at a CAGR of 10.4% 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 Europe. Apart from this, increasing labor force is also fuelling the demand for industrial protective footwear. The government regulations in the Middle East are expected to have an impact over the industrial protective footwear market in the forecast period.
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The large potential of industrial protective footwear market in developing countries such as UAE, Bahrain, Kuwait and Saudi Arabia is expected to attract new business utilities to enter this market. 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 the government regulations.
The oil and gas segment held the largest market share for industrial protective footwear in UAE. However, the chemicals segment is expected to be the fastest growing segment; growing at a CAGR of 11.3% from 2014 to 2020. The growth in this segment is attributed to the rapid industrialization and upcoming business utilities in UAE. Moreover, UAE is one of the major exporters of oil and gas at the global level and employs a major portion of the workforce in UAE fuelling the demand for industrial protective footwear in this country.
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The application of industrial protective footwear in oil and gas segment held the largest market share in Saudi Arabia. However, chemicals segment is expected to be the fastest growing application segment for industrial protective footwear in Saudi Arabia; growing at a CAGR of 22.7% 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, oil and gas is the largest application segment for industrial protective footwear in Bahrain and Kuwait. However, pharmaceutical is the fastest growing application segment for industrial protective footwear in these regions growing at CAGR of 14.8% and 13.9% respectively from 2014 to 2020.
However, for foreign manufacturers to sell their products in Middle East there are certain mandatory government regulations pertaining to labeling requirements and documentation that are to be followed. In addition, 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), Rahman Group (India.), Saina Group Co. Ltd. (China), Oftenrich Holdings Company Limited (Taiwan) and Cofra Holdings AG (Switzerland) 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 Bahrain, Kuwait, UAE and Saudi Arabia.
The market has been segmented as follows:
Middle East Industrial Protective Footwear Market, by application
Oil and gas
Middle East Industrial Protective Footwear Market, by Country:
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