The Industrial Safety Footwear Market is growing at 6.5% CAGR by 2027, says Global Market Insights Inc.
The growth of the industrial safety footwear market is driven by the expanding mining industry, increasing construction activities, and high focus on worker safety in varied industry verticals, says this report.
SELBYVILLE, Del., Feb. 28, 2022 /PRNewswire/ -- According to the report by Global Market Insights Inc., the Industrial Safety Footwear Market was estimated at USD 9.50 billion in 2020 and is projected to be valued at more than USD 15 billion by the end of 2027, registering with a CAGR of 6.5% from 2021 to 2027. The report provides a detailed analysis of market size & estimations, drivers & opportunities, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.
Industrial safety shoes are footwear that are impermeable, resistant to concrete & fuels, water, and casting oils, do not showcase resistance loss, and offer protection against chemicals. Additionally, they have a special sole that prevents slipping and absorbs shocks, which facilitates a high level of adhesion on slippery, greasy, wet, and steeply sloping floors as well as other surfaces. These advantages of industrial safety shoes have enhanced their demand in the mining sector. Moreover, widespread utilization of shoes in several industries, including transportation, food, and pharmaceuticals, is likely to propel industry expansion in the coming years.
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Footwear with rubber soles find extensive usage in diverse application areas where hazardous work is undertaken. In 2020, the industrial safety footwear industry value from the rubber material segment was valued at over USD 255 million and is anticipated to observe steady growth through 2027 on account of surging product demand in industrial settings across different sectors.
Key reasons for industrial safety footwear market growth:
- Prominent uptake in oil & gas industry.
- Increasing product usage in food sector.
- Surging product adoption in mining industry.
- Growing utilization in construction applications.
2027 forecasts show 'construction' segment retaining its dominance:
From the application perspective, the construction segment accounted for the highest share of about 30% in the industrial safety footwear market in 2020 and is slated to grow at a robust pace over the review timeline. Rapid industrialization and the proliferating construction sector in the Asia Pacific region are set to bolster product uptake in construction applications in the upcoming years.
Meanwhile, the industrial safety footwear market share from the oil & gas application segment exceeded USD 1.15 billion in revenue in 2020 and is speculated to witness considerable growth at approximately 7.0% CAGR though the study timeframe. Stringent regulations and employee safety standards in the oil & gas industry are foreseen to support segmental development over the following years.
Asia Pacific to maintain top status in terms of revenue:
In terms of region, the Asia Pacific industrial safety footwear industry is likely to exhibit the fastest growth by 2027, progressing at a CAGR of above 7.5% through the forecast timeline mainly owing to shifting foreign manufacturing facilities to India. Lower labor and production costs would boost domestic production in India, which is projected to impel regional market growth in the future.
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Impact of COVID-19 pandemic on industrial safety footwear market:
Following the onset of COVID-19, government-imposed lockdown regulations forced industries to shut operations to reduce the risk of exposure to the novel coronavirus for workers, which caused a decline in product demand in the initial stages of the pandemic. However, widespread vaccination drives and increased government focus on expediting economic recovery have enabled industries to resume operations, which has been favorable for market growth in recent years.
Leading market players:
Some prominent companies operating in the global industrial safety footwear industry are Uvex Group, Honeywell International, Inc, COFRA S.r.l, Rock Fall Ltd, JAL Group France SAS, Hillson Footwear Pvt. Ltd, Anbu Safety Industrial Co., Ltd, Bata Industrials, and Williamson-Dickie Manufacturing Co., among others.
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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