Industrial Safety Footwear Market to be valued at US$ 18.99 Mn in 2032, with a 6.3% CAGR, Says FMI

DUBAI, UAE, Feb. 28, 2022 /PRNewswire/ -- According to an analysis by Future Market Insights (FMI), the industrial safety footwear market is expected to be valued at US$ 18.99 Mn in 2032, with a 6.3% CAGR during the forecast period.

Rapid industrialization, combined with expanding end-user sectors such as construction, mining, food, pharmaceuticals, and oil & gas, as well as rising government measures to improve worker safety, will drive the industrial safety footwear market forward.

Furthermore, over the projection period, exceptional training programs in conjunction with new severe safety regulations will improve the safety equipment device.

As technology advances and the improvement of existing safety rules and standards, the worldwide industrial safety footwear market is booming. BSI, ILO, and OSHA are just a few of the national agencies following a set of safety recommendations. According to the agencies, employers must offer certified safety gear to their employees during working hours.

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Moreover, due to the COVID-19 pandemic, throughout the lockdown time, customers delayed or postponed spending on non-essential products and services, such as footwear, apparel, and home appliances, resulting in a decrease in demand for footwear. In addition, temporary shutdowns of manufacturing units and the closure of manufacturing industries also affected demand for industrial safety footwear.

However, after gaining a better grasp of the problem, the government has enacted several regulations to prevent duplication and maintain product quality. As a result, safety products must pass a rigorous quality check without jeopardizing the safety criteria. For example, the American National Standards Institute (ANSI) develops and oversees industry safety footwear standards, assisting in removing the aforementioned impediment.

There is a slight chance that low-quality products will be prevalent, which will indirectly increase workplace dangers due to poor product quality.

Key Takeaways:

• With a market size of over USD 8.50 billion and a CAGR of over 6.5% over the forecast period, the leather industrial safety footwear market is expected to hold the largest share in 2020.
• In 2027, the construction industry's industrial safety footwear market is estimated to exceed USD 4.95 billion.
• By 2027, the North American market is estimated to reach USD 5.40 billion, with a CAGR of over 6% during the forecast period. In North America, manufacturing is the fastest expanding application segment for industrial safety footwear.
• Over the forecast period, the rising adoption of health and safety standards to prevent workplace fatalities is predicted to boost the demand for safety footwear.

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Competitive Landscape:

Manufacturers are investing in innovative technology and product development to capitalize on the increased demand for industrial safety footwear in the coming years.

Honeywell International, Inc, JAL Group France SAS, COFRA S.r.l, Rock Fall Ltd, Uvex Group, Anbu Safety Industrial Co., Ltd, Hillson Footwear Pvt. Ltd, Bata Industrials, and Williamson-Dickie Manufacturing Co. are all significant players in the industrial safety footwear market.

• At a safety show in Dubai in February 2020, Rock Fall Ltd introduced new safety footwear designs from its firefighting, electrical hazard, and extreme heat protection boots. This release has the world's first arc-rated electrical hazard boot. As a result, the company's launch supports them in improving their portfolio and raising more revenue in the following years.
• Major market competitors are working on lightweight composites to reduce the pain associated with typical PVC, such as heaviness and difficulties walking. In addition, expansion is one of the most common tactics businesses use to expand their global reach.

Key Market Segments

By Material:

• Leather
• Rubber
• Plastic
• Waterproof

By Application:

• Construction
• Manufacturing
• Oil & Gas
• Chemicals
• Transport
• Mining
• Food
• Pharmaceuticals

By Product:

• Shoes
• Boots

By Region:

• North America
• Latin America
• Asia Pacific
• Europe
• Middle East & Africa

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Key Questions Answered in the Report

• How is the Growth Outlook for the Industrial Safety Footwear Market?
• What was the Industrial Safety Footwear Market Size in 2022?
• What Factors lead to Industrial Safety Footwear Market Expansion?
• Which Region Leads the Global Industrial Safety Footwear Market Report?
• What will be the Size of the Industrial Safety Footwear Market by 2032?

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About Future Market Insights (FMI) 

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. 

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SOURCE Future Market Insights