Industrial protective footwear market, which crossed the billion-dollar mark in 2015, is poised to witness a highly profitable business roadmap over the coming years. The improving economic scenario worldwide, has resulted in a rapid growth in the construction industry, which is estimated to register a revenue of USD 15.5 trillion by 2024. With this growth arises the need to ensure the safety of the workforce from possible workplace accidents, which is generating heavy prospects for industrial protective footwear market across the globe. A report by Global Market Insights, Inc., claims industrial safety footwear industry size to have been pegged at USD 5 billion in 2017 alone.
U.S. Industrial Safety Footwear Market Size, By Application, 2017 & 2024, (Million Pairs)
As per the estimates, in the U.S., over 5000 workplace fatalities were recorded a decade ago, which encouraged the government to strictly implement safety standards across various industries. Stringent regulatory framework by various government bodies such as OSHA, ILO, BSI, the U.S. Department of Labor, etc. ensure worker safety and prevention from various workplace injuries. Sectors such as manufacturing, oil & gas, chemical, transport, construction, etc., carry a high degree of injury risk pertaining to their working environment, thereby boosting the industrial protective footwear market trends. Personal protective equipment market is also witnessing a remarkable surge, in this regard to ensure the workplace safety and curb the chances of fatal accidents.
Waterproof industrial safety footwear industry to gain commendable proceeds by 2024
Industrial protective footwear market is witnessing a huge demand across sectors prone towards leg injuries such as construction, oil & gas, manufacturing, chemicals, mining, transport, food, and pharmaceutical. Footwear products such as shoes and boots protect the legs from possible injuries, such as the ones caused due to falling of sharp objects, cut through nails, electric shocks, slipping, etc. In accordance, protective shoe sales have been gaining prominence – indeed, industrial safety shoes market size is anticipated to register a CAGR of 5% over 2018-2024.
Speaking of shoes, it is also essential to note that these shoes would need to be designed waterproof on account of their supposed usage across a plethora of injury susceptible workplaces. Waterproof shoes are principally designed to protect the foot from getting wet when in contact with water and are designed with membrane tape. These shoes are also priced low and are very comfortable due to the Gore-Tex patent expiration. Equipped with improved technology in working with leathers, waterproof industrial safety shoes market share is anticipated to soar in the years ahead, having been pegged at USD 390 million in 2017.
Unveiling industrial protective footwear market trends from the construction and manufacturing sectors
The construction industry is touted to come up as one of the most lucrative avenues for the growth of industrial protective footwear market in the years ahead, especially across the APAC. Asia Pacific construction industry which was USD 1.5 trillion in 2015, is estimated to contribute massively towards the industrial protective footwear market share over the coming timeframe. Hefty infrastructure spending, presence of large scale industries, and strict regulatory framework to ensure safe workplace environment will further influence the regional growth. China is estimated to emerge as a leading contender for the APAC market, with a revenue anticipation of USD 700 million by 2024.
Manufacturing is another prominent application area, likely to generate hefty returns for the industrial safety footwear industry over the coming years. As per estimates, industrial protective footwear market size from manufacturing applications will record a CAGR of 5.5% over 2018-2024, driven by rising demand for water, shock, and chemical resistant footwears in this industry.
Speaking of the regional landscape, it is prudent to mention that the growing automobile and chemical industries will significantly impact Europe industrial protective footwear market size. Germany specifically, will be a primary revenue pocket for the region. Indeed, Germany industrial protective footwear market size from shoes is likely to register a CAGR of 4.5% over 2018-2024 and the region is touted to come up as the largest footwear market in Western Europe, essentially since the nation is abound with independent retailers. Additionally, the region also holds importance for labeling rules - that is to say, if the materials are sourced from endangered plants or animals, they must be in compliance with the rules of CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora).
Enhancing brand value and awareness, aggressive marketing, and product differentiation in terms of quality will be the major growth strategies adopted by the industry participants over the coming years. Industrial protective footwear market is highly competitive and demands for a high market positioning of the players, to sustain competition and increased sales via long term association with resellers, agents, end-use industries, etc. Key market players include Honeywell International, Bata Industrials, WL Gore, Dunlop Boots, V.F. Corporation, COFRA, Uvex Group, Rahman Group, Hewats Edinburgh, Simon Corporation, Pezzol Industries, and Liberty Group.