by The global Industrial Protective Footwear Market is estimated to be valued at US$ 5.71 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial protective footwear refers to sturdy boots or shoes that are designed to protect workers’ feet from injuries or hazards in industrial work environments. These shoes are made from durable, oil and slip-resistant materials to withstand impact, abrasions and punctures. They are commonly used in industries such as manufacturing, construction, mining, oil and gas, food processing among others. Protective footwear offers ankle support, steel or composite toes, electrical hazard protection, slip resistance and waterproofing depending on the industry and work environment. Such features play a vital role in preventing serious injuries to feet and maintaining workforce safety.
Market key trends:
Stringent workplace safety regulations mandated by governments worldwide regarding use of protective gears are expected to drive the industrial protective footwear market growth over the forecast period. For instance, in the U.S. Occupational Safety and Health Administration (OSHA) requires workers in industries such as manufacturing, construction, mining etc. to wear protective footwear that protect against electrical hazards, slipping and injuries from falling or rolling objects. Additionally, rising awareness about importance of work safety, growing industrialization and construction activities are some other factors fueling the demand for industrial protective footwear. Furthermore, development of advanced lightweight, slip and chemical resistant footwear with features like anti-static, anti-puncture protection is anticipated to boost market expansion during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the presence of established brands, high capital requirements for production and stringent worker safety regulations.
Bargaining power of buyers: The bargaining power of buyers is high as there are numerous established brands that provide customized safety footwear according to buyer needs and specifications.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for manufacturing protective footwear such as leather, rubber and plastics have numerous global suppliers.
Threat of new substitutes: The threat of new substitutes is low as protective footwear made from new material substitutes may not meet all regulatory compliance and worker safety standards.
Competitive rivalry: High due to presence of numerous international and domestic brands.
Key Takeaways
The global industrial protective footwear market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing safety regulations in manufacturing, construction and oil & gas industries.
Regional analysis: North America region dominates the global industrial protective footwear market, with the highest share. However, Asia Pacific region is expected to witness fastest growth over the forecast period due to rapid industrialization and growing manufacturing sector in China, India and other developing countries of the region.
Key players operating in the industrial protective footwear 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. Key players are focusing on development of innovative protective footwear designs with advanced material and features to improve worker comfort and safety.
