Global Industrial Protective Footwear Market Report, published by Variant Market Research, forecast that the global market is expected to reach $6,940 Million by 2024 from $3,847 Million in 2016, growing at a CAGR of 7.7% from 2016 to 2024. By geography, RoW and Asia-Pacific are expected to grow at a CAGR of 8.9% and 8.6%, respectively, during the forecast period.
"Industrial Protective Footwear Market (By Product Type: Leather Footwear, Waterproof Footwear, Rubber Footwear, Plastic Footwear; By Application: Construction, Manufacturing, Mining, Oil & Gas, Chemicals, Food, Pharmaceuticals, And Transportation; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the drivers propelling the growth of global industrial protective footwear market include government regulations compelling the adoption across various fields, rising concern towards safety of employees, increasing demand for eco-friendly products, and growth in several sectors such as pharmaceuticals, and chemical. Though, easy access to counterfeit products, and increasing demand for automation could restrain the market growth. Additionally, rising construction projects in emerging economies, and advanced technologies would provide growth prospects in the forecasted periods.
The global industrial protective footwear is segmetned as product type, application, and geography. Product type is sub-segmented as leather footwear, waterproof footwear, rubber footwear, and plastic footwear. Among which, leather footwear held the largest market share in 2016, while, plastic footwear is likely to dominate with fastest CAGR. Application is further bifurcated as construction, manufacturing, mining, oil and gas, chemicals, food, pharmaceuticals, and transportation. Construction and manufacturing together held majority of the market share in the year 2016.
By geography, the industrial protective footwear market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Europe accounted the largest market share with 32% in 2016, closely followed by North America with market share of 30.9%. In terms of growth, RoW will dominate the future market with fastest CAGR during the forecast period, driven by, increasing foreign investments, and booming manufacturing and construction sectors in these regions.
Major players operating in this market include Honeywell International Inc, V.F Corporation, JAL Group France SAS, Uvex Group, Rock Fall Ltd, Hewats Edinburgh, Dunlop Boots, Anbu Safety Industrial Co. Ltd., Rahman Group, and COFRA Holding AG, among others.