Press release
South America Industrial Protective Footwear Market to Reach US$1.3 bn by 2020 owing to Increasing Incidence of Workplace Accidents
The total volume of the South America industrial protective footwear market is expected to be 17.3 mn units by the end of 2016 and further rise to 21.4 mn units by 2020. The booming oil and gas industry in South America is likely to be a crucial application segment for industrial protective footwear in the coming years.
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Rising Government Support for Workplace Safety Drives Demand for Industrial Protective Footwear
The crucial driver for the industrial protective footwear market in South America is the growing awareness about the need for workplace safety protocols and widespread availability of protective clothing and equipment. Developing regions such as South America have started the process of standardizing workplace safety protocols much later than developed regions such as North America and Western Europe, which has made South America one of the high-potential markets for industrial protective footwear.
“The rapid economic development of countries in South America in the last few years has thus led to a widespread demand for standardized workplace safety frameworks, leading to a consistent increase in the demand for industrial protective footwear,” concludes TMR’s lead analyst.
The growing labor force in South America, driven by the booming construction industry, has also resulted in a need for the implementation of stringent workplace safety laws. While widespread implementation of the protocols remains unaccomplished, the steady demand for laborers in South America is likely to drive the demand for industrial protective footwear in the coming years.
Government requirements such as duties and taxes are the key restraint on the South America industrial protective footwear market. On the other hand, the increasing number of accidents in high-risk workplaces is likely to ensure government support to the adoption of modern industrial protective footwear in the coming years, which could lower the entry barriers for foreign companies.
Agriculture, Manufacturing, Oil and Gas to Remain Leading Consumers of Industrial Protective Footwear
In Brazil, one of the leading markets in South America, agriculture is the leading consumer of industrial protective footwear. The rising incorporation of advanced agriculture practices is leading to a steady rise in the use of industrial protective footwear in Brazil. However, the contribution of the pharmaceuticals industry in Brazil to the industrial protective footwear market is expected to rise at a faster rate in the 2014-2020 forecast period. The volume of the Brazil industrial protective footwear market is expected to reach 7.9 mn units by the end of 2016 and further rise to 9.5 mn units by 2020.
In Colombia, which is a key emerging economy in South America, the manufacturing sector accounted for the leading share in the industrial protective footwear market. On the other hand, small-scale manufacturing and the unorganized sector collectively accounted for the leading contribution to the industrial protective footwear market in Venezuela. Brazil and Venezuela are the leading players in the South America oil and gas industry, leading to significant growth prospects for the industrial protective footwear market in these two countries.
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