Industrial Safety Footwear Market to accrue massive revenue via construction applications over 2016-2024, APAC to majorly drive the regional demand
Industrial Safety Footwear Market graph is predicted to experience an exponential curve, owing to the rising concerns regarding employee safety coupled with strict rules imposed by regulatory bodies such as ILO and OSHA for promoting safe working conditions. The emerging PPE market, which is currently witnessing an impressive growth, is also estimated to push the market trends over the coming years. Construction expenditure across the globe was valued at USD 7 trillion in 2013, and is forecast to hit USD 15.5 trillion by 2024. This will sketch a profitable roadmap for industrial safety footwear market, subject to the surging product demand across the construction sector to avoid fatal accidents coupled with the extensive use of protective shoes which offer protection against falling objects such as pointed nails. As per Global Market Insights, Inc., “Industrial safety footwear industry, is expected to hit USD 7.8 billion by 2024, registering an annual growth of 5% over 2016-2024.”
U.S. Industrial Safety Footwear Market size, by application, 2015 & 2024 (Million Pairs)
Considering the regional trends, Brazil industrial safety footwear industry size will register a CAGR of 5% over 2016-2024 and is expected to make noteworthy contributions towards LATAM industrial safety footwear market share. Rise in the number of shale gas explorations along with the thriving food processing sector in Brazil will pave a way for the industry growth across the region.
Europe industrial safety footwear industry is projected to observe a striking growth over the years to come, driven by strict regulations pertaining to worker safety coupled with the thriving chemical & construction sectors across the region. Germany industrial safety footwear market in the transportation sector is projected to accrue a revenue of USD 30 million by 2024.
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China industrial safety footwear industry is expected to record a CAGR of 5.5% over the next few years, driven by high expenditure on infrastructural growth along with the escalating product demand from the prospering construction sector. India and China are expected to push APAC market expansion in future. MEA industrial safety footwear market, driven by Qatar, South Africa, UAE, and Saudi Arabia, is anticipated to grow notably over the span of few years. The growth can be attributed to the rising usage of anti-impact oilfield shoes, oil resistant safety shoes, and pipeline construction shoes in the petrochemical sector.
Industrial safety footwear finds applications across the pharmaceutical, construction, mining, manufacturing, pharmaceutical, oil & gas, transport, chemicals, and transport sectors. Manufacturing applications are foreseen to record a CAGR of 5% over the coming seven years. The growth can be credited to the product’s ability to offer water-resistance, protection against chemicals, and shock absorbance. Industrial safety footwear market size in oil & gas sector is projected to expand considerably over the span of few years, subject to the mounting demand for lightweight & slip-resistant industrial protective shoes in oil & gas extraction projects. Construction applications are expected to contribute considerably towards industrial safety footwear market revenue, owing to extensive use of protective shoes by workers doing construction work.
Shoes and boots are the major industrial safety footwear products. Industrial safety boots sector is projected to register notable gains of more than 4.5% over the coming seven years due to its widespread usage as protective wear in various industrial sectors. The shoes sector is projected to contribute more than USD 6 billion towards industrial safety footwear industry revenue by 2024, subject to its ability to provide comfort and offer protection against fatal injuries.
Based on the material trends, industrial safety footwear market is segmented into polyurethane, leather, waterproof, rubber, and plastic materials. Waterproofing material creates a water-resisting barrier to avoid feet from getting wet in water-based work environments across the automotive and chemical sectors, owing to which waterproof industrial safety footwear industry is anticipated to grow at a CAGR of 6% during the duration from 2016 to 2024,
Rubber industrial safety footwear market is set to experience significant gains of over 5% during the period of 2016-2024, with rubber soles providing high resistance against alkalis, chemicals, and acids across chemical factories. Leather industrial safety industry, worth USD 4 billion in 2015, is anticipated to experience a massive expansion in the years ahead. The growth can be attributed to the material’s durability and ability to offer protection against electric shocks.
COFRA S.r.l., Honeywell International Inc., Guangzhou Saicou Shoes Company Limited, Hillson Footwear Private Ltd, Liberty Group, Gabri Safety Shoes, Pezzol Industries srl, Caterpillar Inc., Hewats Edinburgh, Anbu Safety Industrial Company Limited, W.L. Gore & Associates Inc., Uvex Group, V.F. Corporation, Safetyking Industrial Footwear (M) Sdn Bhd, Rahman Group, Dunlop Boots, Esteway Safety Shoes, and Simon Corporation are the key players of industrial safety footwear market.
Author Name :Dhananjay Punekar