Albany - NY, Sept. 28, 2016 (GLOBE NEWSWIRE) --
With workers’ safety emerging as utmost priority in industrial operations, the prospects of the global industrial protective footwear market seem promising. According to a report published by Transparency Market Research (TMR) titled “Industrial Protective Footwear Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,” the market is poised to surge at a CAGR of 6.0% from 2014 to 2020. The market stood at US$6.3 bn in 2013 and is expected to reach a valuation of US$9.4 bn by the end of 2020.
Debris, equipment, and other materials usually found strewn at an industrial site can prove hazardous to workers’ health and safety. This makes wearing protective gear imperative in industrial places. Protective footwear designed particularly for workers helps safeguard their feet and ankles against injuries. Industrial footwear provides both protection and support to a worker’s feet. The global market for industrial protective footwear features a wide range of products ranging from sneakers and clogs to formal footwear, all of which are designed based on stringent industry safety standards.
The report segments the global industrial protective footwear market in terms of application, product type, and geography. Based on product type, the market constitutes leather, plastic, waterproof, and rubber footwear. Of these, leather footwear led the market in 2013, with a valuation of US$1.8 bn. However, the report projects the plastic industrial footwear segment to exhibit a robust CAGR of 7.8% during the forecast period, thereby emerging as the fastest growing product segment in the market.
By application, the industrial protective footwear market is segmented into mining, manufacturing, construction, oil and gas, chemical, transportation, pharmaceutical, and food. In North America, where a sizeable demand for industrial protective footwear has been noted, the construction industry reports the highest demand. The TMR report pegs the overall valuation of the construction segment at US$668.6 mn in 2013. In the forthcoming years, a change in the prevailing scenario is expected with the oil and gas industry in North America reporting massive demand for industrial protective footwear. The shale gas boom is expected to be the key demand stimulator in the segment. According to the TMR report, the value of the oil and gas segment stood at US$158.4 mn in 2013.
The regional segments of the global industrial footwear market include North America, Asia Pacific, Europe, and Rest of the World. Among these regions, Europe accounted for the largest share in the market in 2013. The region’s dominance is aided by the presence of numerous shoe manufacturing enterprises in countries such as France, Germany, Spain, Italy, and the UK.
Furthermore, the tightening industrial safety regulations in Asia Pacific, will prove favorable for the expansion of the industrial protective footwear segment in the region. Countries encompassed within the Rest of the World, such as South America, will also exhibit a substantial rise in the demand for industrial protective footwear.
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To present insights into the prevailing competition in the global industrial protective footwear market, the report also profiles companies such as Honeywell Safety Products, ELTEN GmBH, JAL Group, and COFRA Holding AG.
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
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research