Industrial Safety Footwear Market Size, Share and Industry Outlook Report by Material (Leather, Rubber, Plastic, Waterproof, Polyurethane), Product (Shoes, Boots) and Application (Construction, Manufacturing, Oil & Gas, Chemicals, Transport, Mining, Food,

Industrial Safety Footwear Market Size, Share and Industry Outlook Report by Material (Leather, Rubber, Plastic, Waterproof, Polyurethane), Product (Shoes, Boots) and Application (Construction, Manufacturing, Oil & Gas, Chemicals, Transport, Mining, Food, Pharmaceutical), Regional Analysis, Application Potential, Competitive Market Share & Forecast, 2020 - 2027

The industrial safety footwear market is projected to experience a period of remunerative growth by 2027, fuelled by the global push towards recovering from the coronavirus pandemic and restoring the global supply chains to their pre-pandemic levels.

In fact, a major chunk of the growth is slated to come from infrastructure development initiatives that are a direct response to tackle the economic slump caused by the pandemic. On instance of such initiatives is the USA’s Build Back Better initiative.

The initiative has been directed towards doing more than just getting livelihoods and economies back on the feet quickly. These recovery policies would also focus on triggering investment as well as behavioural changes that would lower the likelihood of any future shocks and improve the society’s resilience towards them when they occur.

Such initiatives would have a two-pronged impact on the industrial safety footwear market as, apart from just creating demand for the products, these initiatives’ central point of fostering well-being and inclusiveness would create opportunities for favourable regulations to come into law and promote worker safety as a wider level.

The growing realization of the importance of worker safety would also be playing a key role in driving the market share. As per the most recent International Labour Organization global estimates, more than 2.78 million work-related fatalities are recorded every year, with 2.4 million of these related to occupational hazards.

Apart from that, the immense suffering caused to workers as well as their families, and the associated economic costs to enterprises and countries are colossal. The losses, in terms of the lost workdays, compensation, interrupted production, reconversion and training, and health-care expenditure, account for more than 3.94% the world’s annual GDP.

The global industrial safety footwear industry is divided into different segments based on material, application, regional landscape, and product.

With respect to material, the plastic segment is expected to grow at a distinguished pace owing to its durability and affordability. The plastic material segment is expected to reach a valuation of over USD 509.24 million by 2027.

With respect to application, the market is slated to see notable demand from the manufacturing application avenue over the analysis timeline. The manufacturing application segment is expected to reach a valuation of over USD 2.61 billion by 2027.

Following behind, the transport application segment is expected to grow at an impressive CAGR of 6.3% through the forecast period.

Meanwhile, the pharmaceuticals application segment is expected to reach a USD 810.40 million valuation by 2027, growing at a similar CAGR of 6.5% throughout the forecast period.

From a regional perspective the Latin America market landscape is expected to reach a valuation of more than USD 902.42 million by 2027. While the Middle East and Africa segment is expected to reach a USD 1.30 billion valuation by 2027, recording a CAGR of more than 7.2% throughout the forecast period.