What's driving the Industrial Safety Footwear Market growth? JAL group, COFRA, Simon, W.L Gore and Honeywell, Dunlop Boots, Bata Industrials, Uvex Group
As per safety regulations laid down by administrative bodies, construction workers are expected to wear safety boots incorporated with puncture-resistant, slip-resistant soles. These shoes even require special soles in order to provide protection against anti-slip & absorbing shocks. The rising product demand from the construction industry for safety footwear in order to avoid fatal accidents and ensure protection against falling objects such as pointed nails is certain to augment industrial safety footwear industry size from construction applications.
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According to a new research report by Global Market Insights, Inc. Industrial Safety Footwear Market size is set to surpass USD 7.5 billion by 2024
Growth drivers are
1. Asia Pacific: Intensifying product usage across various industries
2. North America: Rising concerns towards worker’s safety along with stringent legislations
3. Europe: Favorable regulatory standards ensuring high product quality
Construction expenditure across the globe was valued at USD 7 trillion in 2013, and is forecast to hit a mammoth of USD 15.5 trillion by 2024. The substantially rising number of construction projects worldwide are expected to upsurge the demand for safety footwear, impelling industrial safety footwear market share from construction applications, slated to register a CAGR of 4.5% over 2018-2024.
Europe is expected to emerge as one of the most pivotal regional grounds for the growth of industrial safety footwear market. One of the pivotal reasons for the same is presence of a stringent regulatory framework prevalent in the region that strictly mandates the usage of safety footwear across major end-use domains in order to ensure workplace safety.
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North America industrial safety footwear market is also heavily driven by a strict regulatory landscape. The commendable growth of industries such as manufacturing, O&G, pharmaceuticals, and construction in the region have prompted a substantial upsurge in the demand for safety footwear in the workplace. The U.S. in particular, boasts of strict mandates with regards to worker protection. Seemingly, the region has observed an exceptional rise in the demand for women safety shoes, considering the rise in the female workforce across hard-core industries such as chemicals and transport.
The continent of Asia Pacific is undeniably one of the most profitable regions for the development of industrial safety footwear market. This can be primarily credited to the expanding construction sector in the region, especially across the economies of India and China.
The continent is also characterized by extensive industrialization, and the rapid growth across the application arenas of mining, O&G, construction, and pharmaceuticals, that demand extensive worker safety equipment. Also influenced by a favorable regulatory spectrum, the Asia Pacific industrial safety footwear market size, led by India, Japan, and China, is likely to surpass a consumption of 80 million pairs by 2024.
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The competitive spectrum of industrial safety footwear market is inclusive of highly eminent companies such as Bata Industrials, Rockfall, Dunlop Boots, WOLVERINE, Honeywell, and Uvex Group. Focusing on the production of cost-effective goods has been observed to be a pivotal strategy adopted by industry leaders, that would certainly augment the revenue scale of industrial safety footwear market in the years to come.
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