Industrial Protective Footwear Market

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2. INDUSTRIAL PROTECTIVE FOOTWEAR MARKET ANALYSIS Industrial Protective Footwear Market, By Type (Leather footwear, Waterproof footwear, Rubber footwear, Plastic footwear), By Application (Construction, Manufacturing, Mining, Oil & Gas, Chemicals, Food, Pharmaceuticals, Transportation), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

3. Industrial protective footwear is a form of protective footwear that is intended to wear at the workplace in order to safeguard feet against foot injuries. This safety footwear reduce the impact of hazards by acting as a protective barrier between the individual wearing it and working environment. Industrial protective footwear can be classified into waterproof, rubber, leather, and plastic footwear. They are available in shoes and boot form. • The global industrial protective footwear market is projected to reach around US$ 8,316.2 million by the end of 2027, in terms of revenue, growing at CAGR of 8.5%during the forecast period (2020-2027).

4. Drivers: • 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.

5. Figure 1. Global Industrial Protective Footwear Market Share (%) in terms of Value, By Region, in 2019 Europe region dominated the global industrial protective footwear market in 2019, accounting for 34.6% share in terms of value, followed by North America and Asia Pacific, respectively. Market Restraints: 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.

7. Market Opportunities: The advent of advanced protective footwear due to technological advancement is expected to bring new market opportunities to the market of industrial protective footwear. For instance, in September 2019, Coats, the industrial thread company, has launched a new product targeting the personal protection sector called FlamePro Splash Protect. The new product is lightweight, soft, and flexible while maintaining durability for long-lasting wear. Growth in the fatal accidents in the construction industry is driving demand for personal care protection equipment and this is expected to open new doors of opportunities for the market. This is also attributed to growth in the construction industry due to increasing construction of new and remodeling of infrastructure across developing region. Thus growing demand for personal care protective equipment in the construction industry is expected to foster the market growth of industrial protective footwear.

8. Figure 2. Global Industrial Protective Footwear Market– Opportunity Analysis 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.

9. Figure 3. Global Industrial Protective Footwear Market Share (%) in terms of Value, By Application, in 2019 On the basis of application in 2019, the construction segment has accounted the largest market share of 35.5% in terms of value, followed by manufacturing and mining segment respectively. Global Industrial Protective Footwear Market - Impact of Coronavirus (Covid-19) Pandemic: Coronavirus is expected to have a significant impact on construction sector. Construction sector is expected to vulnerable to delays due to supply chain disruptions and unavailability or shortage of workers. Many countries have slowed or shut down their production sectors which has led to a sharp decrease in production of a wide range of materials ranging from steel to cement.  The slowdown in construction sector is expected to decrease the demand for industrial protective footwear from this sector. The coronavirus is expected to have a short term impact on industrial protective footwear market. According to Coherent Market Insights, industrial protective footwear market is expected to grow at a lower CAGR between 2020 and 2021.

10. Competitive Section: • Company Names  • 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. • VF Corporation

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