Global Industrial Protective Footwear Market : Plastic Footwear Segment to Expand at 7.80% CAGR till 2020

Transparency Market Research (TMR) has announced the release of a report, titled “Industrial Protective Footwear Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”. According to the report, the global industrial protective footwear market will expand at a 6.0% CAGR during the forecast period from 2014 to 2020. In 2013, the global industrial protective footwear market was worth US$6.3 bn and by 2020, the market is projected to be worth US$9.4 bn.

The global industrial protective footwear market is driven by the rising concerns about the safety of workers and occupational safety regulation mandates in various regions. In addition to this, the heavy usage in application segments such as oil and gas, construction, chemical, and manufacturing will also drive the global industrial protective footwear market. Industrial protective footwear safeguards workers from injuries of the foot and ankles by providing protection and support to the same. The global industrial protective footwear market will also benefit from the growing trend of using environment-friendly products. Nonetheless, the global industrial protective footwear market will be constrained by the automation of production process and proliferation of inexpensive products.

By product type, the global industrial protective footwear market is segmented into plastic footwear, rubber footwear, leather footwear, and waterproof footwear. The leather footwear segment held the largest revenue share, worth US$1.8 bn in 2013. Nevertheless, it is the plastic footwear segment that is projected to gain appreciable traction in the coming few years. The plastic footwear segment will expand at a 7.80% CAGR during the forecast period.

According to application, the global industrial protective footwear market is classified into food, pharmaceuticals, chemicals, oil and gas, mining, manufacturing, transportation, and construction. The construction segment dominated the global industrial protective footwear market in 2013 and was worth US$668.6 mn. The oil and gas segment is expected to expand at a strong CAGR in the coming few years due to the shale gas boom in North America. In 2013, the oil and gas segment of the global industrial protective footwear market was worth US$158.4 mn.

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Region-wise, the global industrial protective footwear market is divided into Asia Pacific, Europe, North America, and Rest of the World. In 2013, Europe held the largest share in the global industrial protective footwear market. The Europe industrial footwear market benefits from the presence of several shoe manufacturing firms in countries such as Germany, France, Italy, Spain, and the U.K.

On the other hand, the tightening of worker safety regulations in the APAC region is projected to augment the growth of the industrial protective footwear market in this region. Furthermore, many countries in the Rest of the World region will also significantly contribute to the growth of the overall industrial protective footwear market. The South America industrial protective footwear market is also expected to witness elevated demand during the forecast period.

Players in the global industrial protective footwear market will benefit from the significant opportunities provided by the emerging markets of Asia Pacific and Rest of the World. Some of the Key Players operating in the global industrial protective footwear market are COFRA, JAL Group, ELTEN, Honeywell Safety Products, Rock Fall, Rahman Group, and Saina Group.

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