Industrial Protective Footwear - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Industrial Protective Footwear - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The industrial protective footwear market is valued at USD 9.07 billion for the current year and is projected to register a CAGR of 4.96% over the forecast period.

Key Highlights

• The global industrial protective footwear industry is projected to grow significantly shortly due to increased awareness regarding employee safety in industrial facilities. Manufacturers are focused on the type of material used in making industrial footwear as end-users are keen on the material's efficiency. Thus, players are focused on offering products with multi-functional benefits and standard quality as per government regulations.
• For instance, in October 2022, Xena Workwear launched the Valence SD shoe that was claimed to be dissipative and came with elastic side panels on both sides. One variant was asserted to be made from LWG Certified leather in a chestnut shade, and the second material used for Valence SD shoes was vegan leather in the onyx shade.
• Asia-Pacific holds a significant share of the market. The growth in this region is mainly driven by the introduction of regulations that mandate the usage of safety shoes in the work environment and occupational safety standards. Similarly, Europe is the fastest-growing market in various industries like construction, manufacturing, and pharmaceutical. For instance, according to the Office for National Statistics (UK), in the 2nd quarter of 2022, 2,206 thousand employees were working in the construction industry in the United Kingdom, which increased from 2,113 thousand employees to the previous year's 2nd quarter.
• The market is fragmented, with players offering various industrial footwear products. Product launches and expansions were a few of the competitive strategies adopted by the players in the market. Major players in the market include VF Corporation, Wolverine World Wide, and Honeywell International, among others.

Industrial Protective Footwear Market Trends

Strict Government Regulations Regarding Workers' Safety

• Governments of various countries worldwide are focusing on their workers' safety. They are outfitting employees with appropriate footwear to reduce injuries. Protecting employees with standard industrial footwear cuts lost work hours and improves productivity. For instance, in the United States, federal regulations adopted and enforced by the Occupational Safety & Health Administration (OSHA) protective footwear are mandatory for industrial workers. OSHA has various rules and regulations regarding workplace safety, including section 29 CFR 1910.136 on occupational foot protection.
• Moreover, safety, innovation, comfort, and aesthetic value are the chief attributes of industrial safety footwear. Over the years, shoe producers worldwide have focused on incorporating these attributes in their products to provide workers with a safe workplace and comfort. Also, the average cost per work injury for fracture or dislocation will be approximately USD 60,934 in 2023 in the United States, as per National Safety Council (NSC) reports.

Asia-Pacific Holds the Singificant Share

• 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 and rising product demand from the growing construction sector are expected to boost the industrial protective footwear market. The significant expansion of the construction industry in developing economies such as India and China supports market growth.
• The regulatory authorities in China are implementing standards to prioritize workforce security, further leading to the increased demand for safety footwear across industries to provide organizational safety to the workforce. India is one of the fastest-growing markets in the Asia-Pacific (APAC) region. Increased awareness regarding the protection 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 is 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.

Industrial Protective Footwear Industry Overview

The industrial safety footwear market is fragmented in nature due to the presence of a large number of players in the market. Honeywell International Inc., Wolverine World Wide Inc., VF Corporation, Bata Corporation, and Dunlop Protective Footwear are prominent players with a strong geographical presence and diversified product offerings.

Expansion is one of the significant strategies companies adopt to strengthen their footprints worldwide. Manufacturers mainly focus on new technology and innovations to exploit the growing demand. For instance, in April 2022, HYTEST Safety Footwear introduced a unique style - the Apex 2 Pike Waterproof Nano Toe Collection. These boots are puncture resistant and available in 6', 8', and a shoe.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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