Industrial Protective Footwear Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Industrial Protective Footwear Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The industrial protective footwear market is projected to register a CAGR of 4.92% during the forecast period (2022 - 2027).

COVID-19 had a huge impact on the industrial protective footwear market. This is due to supply chain disruptions such as lockdowns, retail store closures, and worker salary cutbacks. All of this brought the economy to a standstill, and many factories were shut down. Also, temporary shutdown and closure of manufacturing units reduced the demand for industrial safety footwear. For instance, According to Confindustria Moda, the leather goods and footwear sector revenues declined 26% in 2020. Due to restrictions all over the world, the export orders have dropped significantly. For instance, According to Central Leather Research Institute, India, COVID-19 resulted in a 35% drop in export orders for footwear, including industrial footwear.

The global industrial protective footwear industry is projected to grow at a significant growth rate in the near future due to the rise in the introduction of innovative products from key players. The risk of electric shocks is increasing as the importance of hybrid and fully electric vehicles continues to grow, which is influencing the demand for high-quality safety shoes.

The growing acceptance of ergonomically designed protective footwear from various industries is one of the major factors driving the market growth in the last few years. Additionally, industrial protective footwear help to reduce strain and lead to sufficient support for the feet. This is driving the industrial approach toward designing and manufacturing safety footwear, which is influencing the market growth.

Governments of various countries across the world are focusing on workers' safety as outfitting employees with appropriate footwear reduces injuries, thereby protecting employees with standard industrial footwear, cutting lost work hours, and improving productivity. For instance, in United States, federal regulations adopted and enforced by the Occupational Safety & Health Administration (OSHA), protective footwear is required for workers in Industrial settings. OSHA has an abundance of rules and regulations regarding workplace safety, including section 29 CFR 1910.136 on occupational foot protection.

Footwear is included in the Personal Protective Equipment section of the Occupational Safety and Health Standards. The section on foot protection points to issues relevant to employees in the construction, industrial, government and service fields. According to the Canadian Center of Occupational Health and Safety, there are two major categories of work-related foot injuries. The first category includes foot injuries from punctures, crushing, sprains, and lacerations. The second group of injuries includes those resulting from slips, trips, and falls. According to the National Safety Council, slips, trips, and falls in United States accounted for 18.73% of injuries in 2020, which is influencing manufacturing and construction industries to invest more in workers' foot safety.

The growth in this region is mainly driven by the introduction of regulations that mandate the usage of safety shoes in the work environment along with occupational safety standards. High expenditure on infrastructure growth, along with the rising product demand from the growing construction sector, is expected to boost the industrial protective footwear market in China. The regulatory authorities in China are implementing standards to take workforce security on priority, which is further leading to the increased demand for safety footwear across industries, in order to provide organizational safety to the workforce in the industries. The Chinese industrial protective footwear market was valued at USD 808.27 million in 2021.

India is one of the fastest-growing markets in the APAC region. Increased awareness regarding the safety of workers in the industrial sector followed by rapid industrialization fuelled the growth of the industrial protective footwear market in India. The manufacturing industry has led the Japanese economy and has been responsible for 90% of Japan's exports. Growing adaptation of health and safety practices to reduce workplace fatalities is expected to surge the product demand for protective footwear over the forecast period. The significant growth of the construction industry in developing economies such as India and China is supporting the market growth in the region.

The industrial safety footwear market is fragmented in nature due to the presence of a large number of players in the market. Manufacturers are mainly focusing on new technology and new product innovations to exploit the growing demand. For instance, in February 2020, Rock Fall Ltd company launched new styles of safety footwear from its firefighting, electrical hazard, and extreme heat protection boots. Honeywell International Inc., Bata Corporation, Wolverine Worldwide, Rock Fall, and William Dickie Manufacturing Co. are the most active companies with a strong geographical presence and diversified product offerings. Dunlop Protective Footwear, Cofra, and VF Corporation are some of the other active players operating in the market. Expansion is one of the major strategies adopted by companies to strengthen their footprints across the world.

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