Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- With worker safety becoming pivotal to industrial operations, the outlook of the global market for industrial footwear looks positive. According to a report published by Transparency Market Research (TMR), the global industrial protective footwear market will report a CAGR of 6.0% from 2014-2020, which is the report's forecast period. The global industrial protective footwear market had a valuation of US$6.3 bn in 2013, and is expected to breach the US$9.4 bn mark by 2020. The title of the report is, 'Industrial Protective Footwear Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.
The equipment, debris, and other material lying at an industrial site can pose a health hazard to workers. This makes the use of protective gear imperative at industrial sites. Industrial protective footwear helps safeguard workers against foot and ankle injuries by providing both protection and support. The industrial protective footwear market features products in a variety of styles ranging from sneakers to clogs to formal footwear, all of which feature industry standard safety symbols.
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Globally, the industrial protective footwear market is segmented on the basis of product type, application, and geography. By product type, the market is segmented into waterproof, leather, plastic, and rubber footwear. The leather footwear segment was seen to be the largest in 2013, with a valuation of US$1.8 bn as of 2013. However, it is expected that the plastic footwear segment of the industrial protective footwear market will gain appreciable traction over the next few years, and will register a healthy CAGR of 7.8% over the report's forecast period.
On the basis of application, the market is segmented into manufacturing, mining, construction, chemical, oil and gas, food, transportation, and pharmaceuticals. In the North America region, where the demand for industrial protective footwear is sizeable, the construction industry was the largest user of such footwear. TMR pegs the valuation of the construction segment at US$668.6 mn in 2013. But the next few years will likely witness a change in status quo with the oil and gas industry stirring up a massive demand for industrial protective footwear in North America, where the shale gas boom will be the key demand stimulator. In 2013, the application segment of oil and gas stood at US$158.4 mn.
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TMR's report also studies the industrial protective footwear market by further dividing it on the basis of geography into Asia Pacific, North America, Europe, and Rest of the World. Europe represented the largest share in the market for industrial protective footwear as of 2013. The region's leading position can be credited to the presence of numerous shoe manufacturing firms in European countries such as Spain, Italy, France, Germany, and the UK.
The tightening of worker safety regulations in the Asia Pacific region will prove beneficial for the growth of the industrial protective footwear market here. Countries included in the Rest of the World (RoW) region will also contribute substantially to the global market thanks to countries in South America exhibiting increased demand for protective footwear for industrial use.
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Players that rake in a sizeable portion of revenue in the global market for industrial protective footwear are: COFRA Holding AG, JAL Group, ELTEN GmBH, Honeywell Safety Products, and others.
The report segments the global industrial protective footwear market as:
Industrial Protective Footwear Market: By geography
- North America
- Asia Pacific
- Rest of the World
Industrial Protective Footwear Market: By type
- Leather footwear
- Waterproof footwear
- Rubber footwear
- Plastic footwear
Industrial Protective Footwear Market: By application
- Oil and Gas
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Source:Transparency Market Research