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Industrial Protective Footwear Market size was over USD 10.82 billion in 2023 and is anticipated to exceed USD 22.8 billion by the end of 2036, witnessing over 5.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of industrial protective footwear is evaluated at USD 11.33 billion.
The growth of the market can be attributed to factors such as rise in demand for premium quality safety shoes, increasing number of worker accidents and growing innovations by companies to develop effective protective shoes. On an average, more than 2 million people in the world succumb to workplace accidents every year. In addition to these, stringent government regulations to ensure the safety of workers in manufacturing units is also expected to steer the growth of the market in the near future. Modernization is another crucial aspect anticipated to offer profitable opportunities to key players over the forecast period.
Growth Drivers
Increasing Demand for High-Quality Safety Shoes to Boost Market Growth
Strict Government Rules and Protocols Regarding Safety of Workers in Manufacturing Sector to Expand Market
Challenges
Availability of Low Quality Products to Hinder Market Growth
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
5.9% |
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Base Year Market Size (2023) |
USD 10.82 billion |
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Forecast Year Market Size (2036) |
USD 22.8 billion |
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Regional Scope |
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The market is segmented by material into leather, rubber, waterproof, and plastic, out of which, the segment for leather footwear is anticipated to hold the largest share in the industrial protective footwear market on account of the increasing demand for leather from shoe manufacturers. The footwear market for leather is calculated to generate a sizeable amount of revenue by 2021, which is close to approximately USD 148 million. Leather, being an insulator provides safety against electric shocks and is capable of sustaining itself in higher temperatures, making it a good choice for footwear capable of ensuring safety of employees. On the basis of application, the construction segment is evaluated to garner the largest market share over the forecast period which can be credited to the huge number of fatal accidents that occur during construction activities and the growing adoption of protective shoes in this sector. However, the segment for oil & gas application is evaluated to grow by the highest CAGR till the end of 2029 owing to the presence of hazardous explosive substances in the workplace environment.
Our in-depth analysis of the global market includes the following segments:
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Material |
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Application |
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Regionally, the industrial protective footwear market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Europe industry is estimated to dominate majority revenue share by 2036, driven by introduction of standards and compliance by government to curb the risks associated with occupational dangers. The growing presence of protective footwear manufacturers is also anticipated to drive growth to the market in this region. Furthermore, the market in Asia Pacific is projected to occupy the largest share in the market during the forecast period owing to the rising demand for industrial safety shoes and the rapid expansion of construction sector, especially in developing nations. For instance, China is the largest market for construction in the world, amounting to more than $ 1 billion in 2020. Growing consciousness of employers to improve working conditions is another factor evaluated to fuel the progress of the market in this region.
Author Credits: Parul Atri
Copyright © 2024 Research Nester. All Rights Reserved
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