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, along with expanding end-user sectors such as construction, mining, food, pharmaceuticals, and oil and gas, as well as rising government measures to improve worker safety, will propel the industrial safety footwear market forward.
Furthermore, exceptional training programmes in conjunction with new stringent safety regulations will improve the safety equipment device over the projection period.
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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.
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.
Furthermore, due to the COVID-19 pandemic, customers delayed or postponed spending on non-essential products and services, such as footwear, apparel, and home appliances, resulting in a decrease in footwear demand. Furthermore, temporary manufacturing unit shutdowns and the closure of manufacturing industries impacted demand for industrial 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.
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