Industrial Safety Footwear Market to See 5%CAGR Growth to 2024: Growth Factor & Trends

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The massive growth of industrial safety footwear industry over the years can be credited to its wide adoption in the construction sector. Worldwide construction spending capacity is expected to touch nearly USD 16 trillion by 2024. Usage of protective footwear limits the severity of leg injuries and electrical hazards, thereby driving the overall market. The presence of vendors selling substandard products made from low quality material is likely to hamper industry growth.

Industrial safety footwear market is fragmented into product, materials, regions, and applications.

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A paradigm shift toward employees’ safety across the mining, chemical, and construction sectors will push industrial safety footwear market, globally, ahead. Industrial protective shoes are witnessing a surging demand across the globe owing to the rising occurrence of workplace fatalities in recent years. Furthermore, strict regulations mandated by BSI, OSHA, and ILO will fuel the product demand. Industrial safety footwear market, worth over USD 4.8 billion in 2015, is poised to grow substantially at a CAGR of 5% over the period 2016-2024.

Industrial safety shoes and industrial protective boots are the two basic categories of product. Safety boots, which are mainly used to avoid leg injuries, are set to grow considerably at a CAGR of 4.5% over the period 2016-2024. Industrial safety shoes market will exhibit a revenue over USD 6 billion over the coming seven years.

The key raw materials which are used for making protective footwear are leather, natural rubber, polyurethane, plastic, and waterproof membrane tape. Leather is the most preferred material due to its excellent features such as durability and thermal insulation. Leather industrial safety footwear market accounted for a revenue of more than USD 4 billion in 2015, and is anticipated to grow noticeably in the years ahead.

Rubber sole shoes is also a prominent choice as the material offers resistance against acids and harmful chemicals. Global rubber industrial safety footwear market is projected to witness heavy gains at an annual rate of 5% over 2016-2024.

Waterproof protective shoes are very helpful in damp working environments as they prevent the feet from getting wet and help avoid fatal electrical hazards. Waterproof industrial protective footwear industry is projected to witness highest gains in future, with an estimated CAGR of 5.5% over 2016-2024.

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Considering the global landscape, the industry is segmented across major countries such as China, Germany, Brazil, Netherlands, etc.
China industrial safety footwear market is slated to grow significantly, with a projected target size of over 30 million pairs by 2024. The robust growth can be attributed to the emerging economy of China coupled with the country’s positive outlook toward industrial infrastructural developments. Germany safety footwear industry is also expected to be a major revenue contributor toward the overall market, set to achieve a target size of more than 20 million pairs by 2024.

Rapid industrialization followed by shale gas market developments in Brazil will fuel regional demand. Brazil industrial footwear industry is expected to grow substantially at an annual growth rate of more than 5% over 2016-2024

Industrial protective shoes find extensive usage across various sectors such as construction, oil & gas, manufacturing, chemicals, mining, and transport.
Construction application is forecast to grow significantly over the coming timeframe with a projected industry size exceeding 110 million pairs by 2024.
Industrial safety footwear market from oil & gas is also expected to grow considerably at a CAGR of more than 5% over 2016-2024.

Global industrial safety footwear industry is highly competitive and key players are focusing on product diversification and material quality to sustain the fragmented market. Some of the prominent players include Dunlop Boots, V.F. Corporation, Bata Industrials, JAL Group France, Simon Corporation, and COFRA.

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This release was published on openPR.