Our in-depth analysis of the industrial protective footwear market includes the following segments:
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.
Get more information on this report: Download Sample PDF
The industrial protective footwear market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing demand for industrial protective footwear and rising governmental concerns to ensure worker safety are the major growth drivers for the market.
Ans: The market is anticipated to attain a modest CAGR over the forecast period, i.e., 2021 – 2029.
Ans: Availability of poor quality products is estimated to hamper the market growth.
Ans: Europe region is expected to provide more business growth opportunities on the back of introduction of safety standards mandating the use of safety footwear.
Ans: 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.
Ans: 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.
Ans: The market is segmented by material, application, and by region.
Ans: 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.