INDUSTRIAL PROTECTIVE FOOTWEAR MARKET ANALYSIS

The global industrial protective footwear film market is projected to reach around US$ 9.79 Billion by the end of 2030, in terms of revenue, growing at CAGR of 8.0% during the forecast period (2023-2030).

Global Industrial Protective Footwear Market: Growth Drivers

Rapidly expanding end-use industries

A growing number of various manufacturing industries and rising awareness regarding the benefits of protective footwear is projected to fuel the market growth. Favorable conditions such as low capital, low labor cost, and easy availability of the raw materials are also expected to foster the market growth of industrial protective footwear. All these factors are projected to propel the market growth of industrial protective footwear.

Global Industrial Protective Footwear Market: Restraints

Availability of low-quality products and many small players

Availability of low-quality product in the market due to the increasing number of local manufacturers is expected to hinder the market growth of industrial protective footwear. Due to the availability of low-quality product premium brands are facing stiff competitions and thus cannot compete with these local players. This is expected to hamper the market growth.

Figure 1. Global Industrial Protective Footwear  Market Share (%) in terms of Value, By Region, in 2022

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Market Opportunity-

The advent of advanced protective footwear due to technological advancements is expected to bring new market growth opportunities to the market of industrial protective footwear. For instance, in September 2019, From 15th to 17th November 2022 the International Exhibition for Protection and SAFETY - EXPOPROTECTION will took place in Paris, France. The international trade fair unites exhibitors from the fields of workplace safety, firefighting and prevention.

Increasing fatal accidents in the construction industry are driving the demand for personal care protection equipment and this is expected to boost opportunities for the market. This is also attributed to growth in the construction industry due to the increasing construction of new buildings and remodeling of infrastructure across developing regions. Thus, the growing demand for personal care protective equipment in the construction industry is expected to foster the market growth of industrial protective footwear.

Market Trends-

Introduction of the online retail has enabled options for consumers to purchase products at their convenience. This is expected to be a major trend in the market. VF Corporation and Honeywell are two key players that offer products online. The growing trend of online shopping coupled with the growing awareness regarding safety shoes is projected to foster the market growth of industrial protective footwear over the forecast period.

Global Industrial Protective Footwear Market: Key Developments

In April 2022, HYTEST Safety Footwear introduced Apex 2 Pike Waterproof Nano Toe Collection. These boots are puncture resistant and available in a 6”, 8” and a shoe.

In September 2022, Simac, the international machinery and technology exhibition for shoes, will once again be opening its doors. Also, This year BASF (hall 14 booth, F33/F37/G34/G38) will exhibit its wide range of new solutions for the shoe industry: a concept shoe made entirely out of BASF materials, boots which stay soft even at minus 40 degrees, light and high rebound soles for safety shoes and sustainable footwear solutions. On top BASF will present 3D printed shoes as well as coatings solutions to protect the soles.

In February 2022, ISM, the international building trade fair BOUWBEURS took place in Utrecht from February 6th to 10th, 2023. More than 675 exhibitors presented their products, services, or current trends in the field of construction and brought together exhibitors and interested parties from the areas of interior design, wood, building materials, commercial vehicles, safety, workwear, and others.

Figure 2. Global Industrial Protective Footwear Market Share (%) in terms of Value, By Application, in 2022

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Global Industrial Protective Footwear Market: Market Segmentation

Europe dominated the Global Industrial Protective Footwear Market in 2022, accounting for a 35% share in terms of value, followed by North America and Asia Pacific, respectively.

Global Industrial Protective Footwear Market: By Application

On the basis of application in 2022, the construction segment accounted for the largest market share of 36% in terms of value.

Global Industrial Protective Footwear Market: Key Companies

The key companies operating in the market are JAL Group, COFRA Holding AG, ELTEN GmbH, Oftenrich Holdings Company Limited (Golden Chang), Honeywell Safety Products, Rahman Group, Rock Fall Ltd., Saina Group Co. Ltd., and VF Corporation.

*Definition: Protective footwear is a secondary measure that is intended to prevent injury or reduce the injury severity in the event of an accident. Safety-toe footwear are shoes which have a steel toe cap underneath the leather toe cap and protect the wearer's toe from moving or falling objects.