In the realm of industrial safety, the market for industrial safety footwear is in the midst of an impressive and consistent growth trajectory. With a commendable Compound Annual Growth Rate (CAGR) of 7.4%, this market is on a path of continuous expansion throughout the forecast period. As we approach 2023, it commands a substantial share of $11.6 billion, and by 2033, it's expected to reach a significant milestone, doubling in value to $23.6 billion.
Several compelling factors are contributing to the remarkable growth of the industrial safety footwear market. One of the key drivers behind this surge is the ongoing restoration and expansion of industrial spaces. As industrial facilities are revitalized or new ones constructed, stringent safety measures are an integral part of the process. Ensuring the well-being and safety of industrial workers has never been more critical, and this heightened focus on worker protection is fueling the demand for industrial safety footwear.
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Key Takeaways:
- Rising awareness around workers’ safety, advanced protective gear, and increased construction and industrial operation fuels the sales of industrial safety footwear.
- The expanding agricultural and industrial operations in urban settings, along with the building infrastructure of emerging economies like China and India, are consuming a big chunk of the industrial safety footwear market.
- The government’s compliance policies around applications of protective gear for workers are making organizations and industries liable for making their workforce work in a safer environment.
- The expanding mining industry enables fatal injuries to the workers to require a long range of protective gear. From gloves, and masks to footwear, the demand for industrial safety footwear market’s future looks promising with the restoration of certain industries.
Key Points:
- The United States market leads the space in terms of market share and CAGR. The market is expected to cross a value of US$ 8.4 billion by 2033. The regional market is expected to thrive at a CAGR of 7.2% between 2023 and 2033.
- The China industrial safety footwear market is another significant market. It thrives at a steady CAGR of 6.8% during the forecast period. The market is likely to reach a value of US$ 1.7 billion by 2033. Developing economies like India and China are indulging in huge construction, making these spaces highly potential markets.
- Leather is likely to thrive in the material type category due to better fitting, durability, climate control, and skin-friendly properties. It is expected to thrive at a CAGR of 7.2% during the forecast period.
- The construction tops the application tally with a CAGR of 6.9% between 2023 and 2033. The growth is attributed to the big construction project and the importance of industrial safety footwear for construction workers.
Competitive Landscape:
The key players focus on making durable, flexible, and safe footwear for the end users. The industry-specific approach, along with the adoption of advanced sole technology, is the key to becoming prominent in the competitor’s tally. Key competitors also merge, acquire, and partner with other companies to increase the supply chain and distribution channel. The key players in the market are JAL Group France SAS, Dunlop Boots, COFRA S.r.l., Honeywell International, Inc, and Hewats Edinburgh.
For instance:
- Dunlop Boots has added new sole technology in safety footwear, such as purofort and Acifort. These are manufactured with PVC, nitrile rubber, and polymers. The company claims to deliver global safety standards to various end-user industries.
- An Italian footwear brand, Cofra SFI has launched a long range of workwear footwear such as shellwear, ergowear, slim work, and casual safety. The company uses different grades of PVC and rubber to produce protective footwear.
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Key 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
- Europe
- Asia Pacific (APAC)
- The Middle East & Africa (MEA)
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