Industrial Safety Footwear Market size exceeded USD 9.50 billion in 2020 and is estimated to grow at a CAGR of over 6.3% from 2022 to 2032 owing to the growing focus towards worker safety across construction and manufacturing sectors.
According to an analysis by Future Market Insights (FMI), the industrial safety footwear market is expected to be valued at US$ 18.99 Million in 2032.
The industrial safety footwear market will grow as a result of rapid industrialization, expanding end-user industries like construction, mining, food, pharmaceuticals, and oil & gas, as well as increased government initiatives to increase worker safety.
Also, the safety equipment gadget will be improved during the projection period thanks to great training programmes combined with new strict safety standards.
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The global market for industrial safety footwear is exploding as a result of technological advancements and the strengthening of current safety regulations and standards. Among the national organisations that adhere to a set of safety recommendations are BSI, ILO, and OSHA. The authorities mandate that firms provide their staff with approved safety equipment while they are at work.
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.
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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.
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.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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