The industrial protective footwear market is estimated to grow at a modest CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to factors such as rise in demand for premium quality safety shoes, increasing number of worker accidents and growing innovations by companies to develop effective protective shoes. On an average, more than 2 million people in the world succumb to workplace accidents every year. In addition to these, stringent government regulations to ensure the safety of workers in manufacturing units is also expected to steer the growth of the market in the near future. Modernization is another crucial aspect anticipated to offer profitable opportunities to key players over the forecast period.
The market is segmented by material into leather, rubber, waterproof, and plastic, out of which, the segment for leather footwear is anticipated to hold the largest share in the industrial protective footwear market on account of the increasing demand for leather from shoe manufacturers. The footwear market for leather is calculated to generate a sizeable amount of revenue by 2021, which is close to approximately USD 148 million. Leather, being an insulator provides safety against electric shocks and is capable of sustaining itself in higher temperatures, making it a good choice for footwear capable of ensuring safety of employees. On the basis of application, the construction segment is evaluated to garner the largest market share over the forecast period which can be credited to the huge number of fatal accidents that occur during construction activities and the growing adoption of protective shoes in this sector. However, the segment for oil & gas application is evaluated to grow by the highest CAGR till the end of 2029 owing to the presence of hazardous explosive substances in the workplace environment.
Regionally, the industrial protective footwear market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Europe is estimated to witness noteworthy growth over the forecast period on the back of introduction of standards and compliance by government to curb the risks associated with occupational dangers. The growing presence of protective footwear manufacturers is also anticipated to drive growth to the market in this region. Furthermore, the market in Asia Pacific is projected to occupy the largest share in the market during the forecast period owing to the rising demand for industrial safety shoes and the rapid expansion of construction sector, especially in developing nations. For instance, China is the largest market for construction in the world, amounting to more than $ 1 billion in 2020. Growing consciousness of employers to improve working conditions is another factor evaluated to fuel the progress of the market in this region. CLICK TO DOWNLOAD SAMPLE REPORT
The industrial protective footwear market is further classified on the basis of region as follows:
Our in-depth analysis of the industrial protective footwear market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for industrial protective footwear and rising governmental concerns to ensure worker safety are the major growth drivers for the market.
The market is anticipated to attain a modest CAGR over the forecast period, i.e., 2021 – 2029.
Availability of poor quality products is estimated to hamper the market growth.
Europe region is expected to provide more business growth opportunities on the back of introduction of safety standards mandating the use of safety footwear.
The major players in the market are Honeywell International Inc., Dunlopboots, VF Corporation, Rock Fall (UK) Ltd, UVEX WINTER HOLDING GmbH & Co. KG, Wolverine World Wide, Inc., Elten GmbH, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material, application, and by region.
The construction segment is anticipated to hold the largest market size and is estimated grow at a moderate CAGR over the forecast period and display significant growth opportunities.
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