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ANZ industrial protective footwear Market Expected to Reach $77.2 Million by 2026

04-22-2020 03:31 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
ANZ industrial protective footwear Market Expected to Reach

"ANZ Industrial Protective Footwear Market by Standard, Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2019-2026," ANZ industrial protective footwear provides protection from variety of hazards encountered by the workforce in various industries. Workers exposed to hazards such as falling objects, electrical contacts, moving machinery, and similar incidences may be at risk of various foot injuries. The ANZ industrial protective footwear market size was valued at $55.0 million in 2018 and is projected to reach $77.2 million by 2026, registering a CAGR of 4.5% from 2019 to 2026. The waterproof footwear market held about 82% of the total ANZ industrial protective footwear market demand in 2018, followed by non-waterproof footwear.

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The rapid industrial development coupled with rise in the number of worker accidents has increased the demand for safety footwear across various industries. The stringent government rules and regulations regarding worker safety have increased the demand for various TYPE of innovative protective footwear to avoid worker accidents. Rise in health concerns regarding personal protection enforces footwear manufactures to make innovative safety footwear alternatives. Untapped geographical regions offer ample of opportunities for the development of ANZ industrial protective footwear market.

On the basis of application, the market is segmented into construction, manufacturing, mining, oil & gas, chemicals, food, pharmaceuticals, and transportation. The construction segment held the highest market share in the ANZ industrial protective footwear market in 2018.

There is an increase in the demand for personal protective footwear in various industries, such as the construction, petrochemicals, oil & gas, and manufacturing industries, for the protection and safety of the workforce. In addition, rapid growth of industrialization in countries such as Papua New Guinea is expected to increase the demand for ANZ industrial protective footwear market. Moreover, strict government rules and regulations in countries such as Australia and New Zealand is expected to contribute toward the market growth. Industrial accidents at workplaces arise due to the unsafe behavior or unsafe conditions in factories. An accident at work is a mishap during the course of work, which leads to physical or mental harm. Non-fatal accidents at work are those that mean at least four full calendar days of absence from work (also called serious accidents at work). Fatal accidents at work are those that lead to the death of the victim within one year. There are some industries such as construction and mining where individuals are majorly exposed to occupational hazards as compared to other type of industries. This has the highest rate of fatal injuries out of all other industry sections. To avoid the accidents in the industrial working environment, government has laid strict rules and regulations for the usage of industrial protective footwear which is expected to have positive impact on market growth. The government has mandated several regulations related to occupational safety for workers, which encourages people to use personal protective footwear at the workplaces. The increase in regulatory actions with the support from International Labour Organization (ILO) help in the adoption of protective footwear. Moreover, increase in labor force due to rapid industrial development has enforced the government to impose strict rules for worker safety. Worker safety issues being addressed and industrialists are focused on improving the safety standards, which further increase the demand for safety footwear in Australia and Papa New Guinea country.

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In developing countries, such as Papua New Guinea, several small- and mid-level industries avoid and neglect use of industrial protective footwear. This is due to lack of awareness about the preventive and protective applications of the footwear. Poor safety practices at construction sites are health hazardous. Moreover, accident cases that occur on the workplaces can be reduced through worker education and training programs by building awareness about footwear among the employees.

Key Findings of the ANZ Industrial Protective Footwear Market :

In terms of value, the standard segment is expected to grow at a CAGR of 4.5% during ANZ industrial protective footwear market forecast
Australia is expected to dominate the market in the future, registering CAGR of 4.6%, in terms of value, throughout ANZ industrial protective footwear market analysis period.
The waterproof footwear segment accounted for more than 82% share of the total ANZ industrial protective footwear market share in 2018.
Detailed market analysis of factors driving and restrict the ANZ industrial protective footwear market growth is provided.
The construction segment accounted for more than 28% share of the total ANZ industrial protective footwear market in 2018.
Papua New Guinea industrial protective footwear market is expected to grow at a CAGR of 6.1%, in terms of value.

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Key players operating in the ANZ industrial protective footwear industry are Bata Industrials Australia, Blundstone Footwear, Dewalt, Dunlop, Honeywell International Inc., OFTENRICH HOLDINGS COMPANY LIMITED, Redback boots, Safeworx, Skellerup Industries Limited, and Steel Blue.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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