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Industrial Protective Footwear Market Size, Deep Analysis, Growth Statistics, Share, Trends And Forecast To 2033
Industrial Protective Footwear Market
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According to The Business Research Company's, The industrial protective footwear market size has grown strongly in recent years. It will grow from $7.13 billion in 2023 to $7.71 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to occupational safety regulations, industrialization, worker safety awareness, globalization, healthcare costs reduction.
The industrial protective footwear market size is expected to see strong growth in the next few years. It will grow to $10.42 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to material innovations, sustainability focus, industry-specific demands, customization and personalization, global market expansion, health & wellness. Major trends in the forecast period include smart technology integration, sustainability emphasis, collaborations & partnerships, safety compliance & regulations.
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Market Drivers and Trends:
The growing construction industry is expected to boost the growth of the industrial protective footwear market going forward. The construction industry refers to the commercial manufacturing and trade sector that deals with developing, preserving, and repairing infrastructures. The expansion of the construction industry creates a substantial market for industrial protective footwear, driven by regulatory requirements, safety considerations, and the diverse hazards associated with construction work. For instance, in February 2022, according to the report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom Statistics Authority, the annual construction sector rose by a record 12.7% in 2021 compared to the previous year. In December 2021, the volume of monthly construction output climbed by 2.0%; this was entirely due to a rise in new work (3.5%). In addition to the monthly rise, the construction industry's quarterly production climbed by 1.0% in Q4 2021 compared to Q3. This increase was driven by both new work (1.1%) and repair and maintenance (0.8%). Therefore, the growing construction industry is driving the growth of the industrial protective footwear market.
Product innovations are a key trend gaining popularity in the industrial protective footwear market. Major companies operating in the industrial protective footwear market are focused on developing new technological solutions to strengthen their position. For instance, in June 2021, Gales, a US-based manufacturer of protective footwear, launched the first line of Smart PPE Footwear with innovative antimicrobial, waterproof, and slip-resistant shoes. This innovative footwear is affordable, safe, clean, and provides comfort.
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Major Key Players of the Market:
Bata Corporation, Honeywell International Inc., Wolverine World Wide Inc., Rahman Group, Dunlop Protective Footwear, VF Corporation, UVEX Safety Group, Jal Group, ELTEN GmbH, Rock Fall Ltd., Oftenrich Holdings Co. Ltd., COFRA Holding AG, Saina Corporation Co. Ltd., Hewat's Edinburgh, Jallatte, HH Work Wear, Goodyear Tire & Rubber Company, Singer Safety Company, Canada Goose Inc., Hilson Footwear Pvt. Ltd., Williamson-Dickie Manufacturing Co., Saf-Gard Safety Shoe Company, Shoes For Crews LLC, Red Wing Shoe Company, Ellwood Safety Appliance Co., Diadora SpA, Giasco Srl, WL Gore & Associates Inc., Ansell Limited, Jolly Scarpe Spa
Industrial Protective Footwear Market 2024 Key Insights:
• The industrial protective footwear market size is expected to see strong growth in the next few years. It will grow to $10.42 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Rapid Industrial Development Fuels Growth In The Industrial Protective Footwear Market
• Innovative Strides In Industrial Protective Footwear Market
• Asia-Pacific was the largest region in the industrial protective footwear market in 2023
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