Industrial Protective Footwear Market is expected to grow at a CAGR of 9.10% from 2014 - 2020
The industrial protective footwear market comprises all kinds of footwear that are used by workers working in various industries such as construction, oil and gas, manufacturing, pharmaceuticals, chemicals, and others. The growing need for using protective equipment in the workplace and the rising number of supportive policies made by regulatory authorities are predicted to benefit the Turkey and Russia industrial footwear market in the next few years. The increasing potential of the Turkey and Russia industrial footwear market is predicted to attract many new companies from across the globe. However, government rules and regulations are predicted to act as strict barriers for new entrants in the years to come.
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Various industrial protective footwear providers are taking efforts to introduce new devices and workplace protective equipment to fulfill the needs of workers. The demand for protective footwear from small-scale manufacturing firms and other segments such as agriculture, the unorganized sector, and government usage is expected to increase in the next few years. The manufacturing segment stood at US$46.4 mn in 2013 and is expected to progress at an 8.10% CAGR during the period from 2014 to 2020. The upcoming business opportunities and rapid industrialization have assisted the growth of the manufacturing application segment. At present, in Russia, the manufacturing application segment is the fastest growing segment.
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In 2013, in terms of volume, the oil and gas segment recorded a demand for 0.86 million pairs. Further, the average selling price for the construction segment was the highest in 2013, with the segment being valued at US$108.06 mn. The food application segment stood at US$15.0 mn in 2013 and is predicted to be the fastest-growing market in the Turkey industrial protective footwear market. The food application segment is expected to expand at a 10.30% CAGR during the period between 2014 and 2020. Factors responsible for the growth of the food application segment are the changing government regulations and the rising awareness about workplace security and safety.
The Turkey and Russia industrial protective footwear market is segmented on the basis of country and application. Rahman Group (India.), Oftenrich Holdings Company Limited. (Taiwan), Red Wing Shoe Company Inc. (U.S.), Timberland LLC (U.S.), Jal Group (Italy), Saina Group Co. Ltd. (China), and Cofra Holdings AG (Switzerland) are some of the leading companies operating in the Turkey and Russia industrial protective footwear market. The new entrants are expected to face tough competition due to the present government rules and regulations. Mergers and acquisitions are predicted to offer some assistance to new entrants to contribute considerably in the market.
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