Industrial Safety Footwear Market size worth over $14 billion by 2026
Published Date: February 12, 2020 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the industrial safety footwear market size is set to surpass $14 billion by 2026.
Industrial safety footwear is protective gear that prevents foot injuries at the workplace by introducing a protective barrier between the user and the working environment. Safety footwears find application in construction and other industrial settings where foot protection from impact, penetration, electric shock, and chemical hazards are required. The growing industrial sector has increased the accident fatality rate at workplaces which have translated the requirement of protective gear such as safety shoes for workers.
Modifications in safety regulations and standards proposed by federal bodies such as OSHA or EU require companies to provide its employees with certified safety gear to help minimize the impact of different industrial hazards present at the workplace. For instance, the EU introduced a new Regulation (EU) 2016/425 in March 2016 on PPE, covering the design, manufacture, and marketing of PPE including safety shoes. Moreover, ASTM introduced two new testing standards F2412 and F2413 for protective footwear, replacing the ANSI Z41 standards.
Key manufacturers are introducing products with enhanced safety, new design aspects, and improved ergonomics to enhance their industry share. Further, regional government support in terms of tax incentives and duty rationalization has elevated the profit margins of global and domestic manufacturers which will remodel the overall industrial safety footwear market landscape over the course of the projected period. However, variation in raw material prices along with limited product differentiation is among the key challenges faced by the industry.
Browse key industry insights spread across 350 pages with 416 market data tables and 48 figures & charts from the report, “Industrial Safety Footwear Market By Material (Leather, Rubber, Plastic, Waterproof), By Product (Shoes, Boots), By Application (Construction, Manufacturing, Oil & Gas, Chemicals, Transport, Mining, Food, Pharmaceutical), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
“According to industry forecast for leather segment is forecast at over 6.0% market growth”
Growing leather trade is likely to promulgate the business expansion
On the basis of material, the industrial safety footwear market is categorized into leather, rubber, plastic, and waterproof materials. Leather is among the prominent materials used in footwear production owing to its favorable properties such as weather resistance, chemical resistance, superior tensile strength, and electrical resistance. The product is highly efficient for protection against falling objects, punctures, cutting hazards, and extreme weather conditions. Ease in raw material availability along with favorable trade relations is likely to support segment share.
Cost-effectiveness along with wide application potential will support the safety shoes demand
As per the study analysis, the overall industrial safety footwear market share based on the product category is segmented into shoes and boots. Industrial safety shoes earmarked with robust protection properties have been facing an increasing demand from various industries to avoid accidents and fatalities at the workplace. Safety shoes with improved ergonomics and design options are introduced in the market to meet changing operational and technological dynamics of various industries such as construction, oil & gas and manufacturing.
Expansion in the manufacturing sector is fueling the market growth
Safety footwear is used across various industries such as construction, manufacturing, oil & gas, chemicals, transport, mining, food, and pharmaceutical. Manufacturing applications hold a significant share in the industrial safety footwear market. The growth can be attributed to the intensive use of considerable fire hazards, flammable liquids, and the widespread use of presses in the manufacturing industries and assembling machines which increases the risk of accidents at the workplace.
Enhanced focus on health, safety, and environment in Asia Pacific will generate new growth opportunities
Asia Pacific is anticipated to witness a substantial growth from 2020 to 2026. Increasing demand for industrial safety footwear in APAC can be attributed to the growth of niche markets coupled with an increasing population of the labor force. Growing adoption of safety assessment programs at workplaces to reduce accidental fatalities is expected to propel the regional product demand over the forecast period. Growing infrastructural activities in India and China is likely to drive the industrial safety footwear market in forthcoming years.
Companies are focusing on new product development and collaborations to gain market share
Key industry players operating in the industrial protective footwear market are Honeywell International, Inc., JAL Group France SAS, COFRA S.r.l., Rahman Group, Dunlop Boots, and Uvex Group. These companies are utilizing various strategies such as mergers & acquisitions, partnerships and collaborations, new product launch, and R&D investment to gain significant share in the market. For instance, in 2017, Uvex expanded is Uvex 2 product range with using its VIBRAM and GORE-TEX technology.