Press release
Industrial Protective Footwear Market to Record 7.9% CAGR; rise in the number of worker accidents has increased the demand for safety footwear globally
According to a new report published by Allied Market Research, titled, "Industrial Protective Footwear Market," The industrial protective footwear market was valued at $4,217.30 million in 2020, and is estimated to reach $11.0 Billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031. The leather industrial protective footwear segment accounted for more than four-fifths of the total industrial protective footwear market revenue in 2020.
The industrial protective footwear market includes footwear designed to assure workers' safety in industries such as construction, manufacturing, chemical, and others. Rise in health concerns and occupational safety issues have increased the use of industrial protective footwear. Industrialists focus on improving the safety standards owing to increased worker safety issues, thus fueling the demand for safety footwear globally.
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The COVID-19 pandemic situation had a negative impact on the industrial protective footwear market due to supply chain disruption and shutdown of manufacturing units across the world.
The rapid industrial development coupled with rise in the number of worker accidents has increased the demand for safety footwear globally. The stringent government rules and regulations regarding worker safety have increased the demand for various types of innovative protective footwear to avoid worker accidents. Rise in health concerns regarding personal protection enforces footwear manufactures to make innovative safety footwear alternatives.
Owing to lack of industrial awareness regarding personal protection, it has impacted the sales in response to safety concerns for manufacturers to develop differentiated products. Untapped regions offer ample of opportunities for the development of industrial protective footwear.
Manufacturers of protective footwear are coming up with new ways to make the safety footwear more comfortable and lighter to avoid food fatigue, which improves working conditions. Protective footwear is available in various shapes and sizes, and maintains its durability as long as it's built with quality material and innovative technology. The industrial protective footwear is selected for comfort, performance, and stability in work. Innovative technologies in footwear serve different functions such as slip resistant, reduction of foot fatigue and forefoot, and support for the arch and heel.
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According to industrial protective footwear market analysis, the global industrial protective footwear market is segmented on the basis of type, application, distribution channel, and region. On the basis of type, the market includes leather footwear, waterproof footwear, rubber footwear, and plastic footwear. By application, the market is categorized into construction, manufacturing, mining, oil & gas, chemicals, food, pharmaceuticals, and transportation. On the basis of distribution channel, it is bifurcated into offline and online. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (France, Germany, Italy, UK, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). The penetration of industrial protective footwear is higher in Europe, followed by North America.
Leather footwear is expected to dominate the market throughout the analysis period. The segment constituted over 80% of the industrial protective footwear market size in 2020 and is anticipated to maintain this share till 2031. From a growth perspective, plastic footwear segment is expected to witness the highest CAGR of around 9.3% from 2022 - 2031.
The construction industry dominated the application segment with over one-third of the total market revenue in 2020, and is expected to grow at a CAGR of 7.4% during the forecast period. The industrial protective footwear market growth is driven by rising number of accidents at construction sites.
There are numerous dominant players present in the industrial protective footwear market that occupy a major share. These market giants raise high barriers for the companies trying to enter the market. Rapid industrial development, legal barriers, stringent government regulations, increase in awareness, and high demand are the major factors that attract manufacturers to invest in this market. However, new entrants are attracted toward this market due to increasing demand, which moderates the threat of new entrants. Moreover, there is a low product differentiation of safety footwear in the market.
Owing to the presence of numerous players in the market, there is high rivalry within competitors to occupy a major industrial protective footwear market share. In such a competitive scenario, the companies exert pressure on each other and try to limit their competitor's profitability. However, high economic base and high growth rate increase the competitive rivalry in the industrial protective footwear industry. High exit barriers in the industry and innovations in the product make the competition high among the companies.
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KEY FINDINGS OF STUDY
By type, the rubber footwear segment is projected to show highest growth rate during the forecast period.
Europe is projected to maintain its lead, growing at a CAGR of 7.5% from 2022 - 2031.
The leather footwear segment accounted for more than four-fifths of the total industrial protective footwear market revenue in 2020.
By application, the construction segment dominated the market in 2020.
Region wise, LAMEA is expected to grow at the fastest rate, during the forecast period.
In 2020, Europe and North America collectively accounted for more than half of the total industrial protective footwear market size, and are expected to continue this trend during the forecast period, primarily due to increasing government regulations toward workers' safety.
Key Market Players :-
Rahman Group
Honeywell Safety Products
Oftenrich Holdings Co. Ltd.
COFRA Holding AG
Saina Corporation Co. Ltd.
Jal Group
elten gmbh
UVEX Safety Group
VF Corporation
Rock Fall Ltd.
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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.
Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client's insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.
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