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CO_171915
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Pages: 89
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Feb 2017 | 6067 Views
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Author(s) :
Sheetanshu Upadhayay
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Tables: 64
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Charts: 25
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Industrial Protective Footwear Market is expected to garner $5,981 million by 2022, registering a CAGR of 7.5% during the forecast period. Rapid industrial development, rise in health concerns, and increase in awareness toward workers safety in industrial sector fuelled the growth of industrial protective footwear market.
A wide variety of industrial protective footwear such as rubber, leather, and plastic footwear are used by consumers to protect themselves from injuries due to falling objects, electrical contacts, moving machinery, and others during industrial work.
Players have adopted product launch, agreement & partnership, business expansion, and product innovations as their key strategies to increase their market share. Among these, product launch and partnership are the prominent strategies adopted by the key players to remain competitive in the market.
Market Segmentation
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Segment Review
The global industrial protective footwear market is segmented based on type, application, and geography. The type includes waterproof footwear, rubber footwear, leather footwear, and plastic footwear. By application, the market is categorized into manufacturing, construction, mining, oil & gas, chemicals, food, pharmaceuticals, and transportation.
Market Share by Type, 2015
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Although leather footwear segment accounted for the highest market share in 2015, plastic footwear segment is expected to witness the fastest growth rate during the forecast period. This is attributed to their resistance against low temperature, crack, UV radiation, and waterproof nature.
Geographically, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (France, Germany, Italy, UK, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). The penetration of industrial protective footwear is higher in Europe, followed by North America.
TOP IMPACTING FACTORS
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Introduction of innovative footwear
Protective footwear are designed to provide protection & comfort and avoid foot fatigue, thereby ensuring safety of workers and improving their working efficiency. Features such as improved slip resistance, reduction of foot fatigue, and increased support for the arch & heel are being incorporated in the industrial protective footwear, by the players operating in the market.
Rise in number of worker accidents
Rapid development in various industries has increased workforce globally. However, factory workers face extended work hours, poor working conditions, and job instability. This has a high impact on the growth of the market. Stringent government regulations regarding workplace safety have resulted in increased demand of protective shoes.
TOP WINNING STRATEGIES
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Key market players have implemented various strategies such as product launch, partnership & agreement, business expansion, and product innovation. Product launches accounted for 60% of the overall key strategies, whereas partnerships, business expansion, and product innovation together accounted for around 40%.
Key market players such as Rahman Group, Honeywell Safety Products, Oftenrich Holdings Co. Ltd., COFRA Holding AG, Saina Corporation Co. Ltd., Jal Group, ELTEN GmbH, UVEX Safety Group, VF Corporation, and Rock Fall Ltd. enhance their product portfolios by launching industrial protective footwear with higher quality for different applications. For instance, in 2016, Rock Fall Ltd. launched Melanite, which is designed for uniform services, facility management, and security & patrol services.
The companies profiled in the report are Rahman Group, Honeywell Safety Products, Oftenrich Holdings Co. Ltd., COFRA Holding AG, Saina Corporation Co. Ltd., Jal Group, ELTEN GmbH, UVEX Safety Group, VF Corporation, and Rock Fall Ltd.
KEY BENEFITS
KEY PLAYERS
Europe has emerged as the largest market for industrial protective footwear. Health legislations and occupational safety mandates in countries such as the UK and Germany are the major factors that boost the growth of industrial protective footwear market in the region. Moreover, industrialists focus on improving the safety standards of workers for better working environment. LAMEA is anticipated to be the fastest market over the next 5-6 years due to increase in safety concerns and rise in industrialization.
The penetration of industrial protective footwear is significantly less in the Asia-Pacific region as compared to developed markets, owing to lower awareness regarding safety and security of workers. However, the region is anticipated to show an increased demand in the coming years. Oil & gas segment would exhibit the highest growth rate in Asia-Pacific due to increasing in safety regulations.
The established brands have adopted business expansion, and product innovation as their prominent growth strategies to strengthen their foothold in the market. For instance, in 2016, Rock Fall Ltd. launched Melanite, which is designed for uniform services, facility management, and security & patrol services.
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