Industrial Protective Footwear Market: Benefit from Stringent Workplace Safety Regulations and Reach US $9.4 Bn by 2020
Albany, NY -- (SBWire) -- 07/02/2018 --Global Industrial Protective Footwear Market: Snapshot
The implementation of stringent regulations for workplace safety, growing concerns among organizations regarding the benefits of safety gears, and development of global manufacturing industry are few of the factors providing momentum to the global market for industrial protective footwear. Industrial protective footwear improves the safety of workplace. Several industries such as mining, food, manufacturing, pharmaceuticals, transportation, construction, oil and gas, and chemicals are employing advanced protective footwear at their workplaces. Safety footwear have protective reinforcement in the toe, which is commonly made from composite material such as polyurethane, aluminum, or steel. Safety boots are made for each industry according to the needs of these boots.
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It is estimated that the global industrial protective footwear market will attain the value of US$9.4 bn by the end of 2020 from its initial value of US$6.3 bn in 2013. Over the forecast period of 2014-2020 the market is projected to exhibit a steady growth rate of 6.0% CAGR.
Expansion of Construction Industry Demands for Advanced Protective Footwear
On the basis of product type, the overall market for industry protective footwear can be bifurcated into waterproof footwear, leather footwear, rubber footwear, and plastic footwear. Of these, the leather footwear segment dominated the global market and contributed over US$1.8 bn to the overall market in 2013. Nonetheless, the plastic footwear segment is envisioned to showcase the fastest growth among the product segments in the upcoming years. The segment is projected to expand with and impressive CAGR of 7.80% over the forecast period.
Considering applications, the market can be segmented into construction, transportation, manufacturing, mining, oil and gas, chemicals, pharmaceuticals, and food. Of these, the construction segmented contributed the dominant share to the overall market and was valued at US$668.6 mn in 2013. Furthermore, due to the shale gas boom in North America, the oil and gas segment is expected to grow with a significant rate over the coming years.
Europe Dominates the Market Owing to High Number of Shoe Manufacturers
Region-wise, the global market for industrial protective footwear can be classified into North America, Europe, Asia Pacific, and Rest of the World. In 2013, Europe held the leading share in the global industrial protective footwear market due to developed industrial sector. Furthermore, the Europe industrial footwear market is expected to grow over the forthcoming years due to the presence of several shoe manufacturing firms in countries such as the U.K., Spain, Italy, France, and Germany. The increasing government regulations in Asia Pacific regarding workspace safety is most likely to help Asia Pacific region to exponentially grow over the next few years. Furthermore, several countries from the segment rest of the world are expected to contribute noteworthy shares to the global market.
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Prominent players operating in the global industrial protective footwear market are foreseen to benefit from the lucrative opportunities provided by the developing markets of Asia Pacific and Rest of the World. Few of the key players functional in the global industrial protective footwear market include Saina Group, Rahman Group, Rock Fall, Honeywell Safety Products, ELTEN, JAL Group, and COFRA.
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