Industrial Protective Footwear Market Revenue Will Reach 7.01 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Industrial Protective \ Safety Footwear Market By Type (Waterproof, Leather, Rubber, Rubber, Plastic Footwear and Others), By Application (Manufacturing, Construction, Oil & Gas, Chemicals, Chemicals, Food, Pharmaceuticals, Mining, Transportation ), Industry trends, estimation & forecast, 2015 – 2024“, Industrial Protective Footwear Market was valued at $3.93 billion in 2016, and is projected to reach $7.01 billion by 2024, growing at a CAGR of 7.6% from 2017 to 2024.
In 2016, the leather type protective footwear market generated the highest revenue share in the global industrial protective footwear. Among major regions, the North American market was the highest revenue generating market which was valued at $1.206 billion in 2016.
“Increasing population, businesses and power requirements have led to the rapid growth of construction, automobile and manufacturing industries. For the sake of health and safety concerns of workers, stringent safety standards have been set by the authorities, giving a hike to the growth of industrial protective footwear market. Highly populated and emerging countries like China and India will witness a tremendous growth in terms of protective footwear market.”
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Although the global industrial protective footwear market was led by the leather type footwear segment generating a revenue of $3.45 billion, the highest growth is witnessed by the Plastic based protective footwear with a CAGR of 9.6% during the forecast period. This is because of the high resistance against low temperature, crack, UV radiation, and waterproof nature of plastic composites. Leather is less heat resistant and wears & tear resistant as compared to plastic based materials, which are much durable and flexible.
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By application, Construction industry protective footwear market, hold more than 35% market of the global industrial protective footwear market and growing with a CAGR of 6.4% throughout the forecast period
The global construction industry is rapidly growing with the increasing requirement of buildings and structures. For the smooth running, construction industry requires equipment to prevent possible hazards associated with workplaces such as falling objects and moving machines. Usage of protective shoes reduces serious impact from falling objects and cut by sharp objects.
The construction industry footwear market garnered $1.426 billion in 2016. However, the Oil and Gas industry footwear market is supposed to witness the highest CAGR of 8.7% throughout the forecast period as a result of the steep growth of E&P industries, influenced by the increasing energy demand.
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Industrial Protective Footwear Market Key Insights
• North America leads the protective footwear market in 2016, generating a revenue of $1.13 in 2016
• Construction industry protective footwear segment leads the market, generating a revenue of $1.426 billion in 2016 having a CAGR of 6.4% during the forecast period.
• Leather based industrial protective footwear segment lead the market, generating a revenue of $3.45 billion in 2016 and growing with a CAGR of 7.1% during the forecast period.
• Plastic based protective footwear market will witness the highest CAGR of 9.6% throughout the forecast period.
• Europe is supposed to witness the highest CAGR of 9% during the forecast period.
The report features a competitive scenario of the global industrial protective footwear market and provides a comprehensive analysis of key growth strategies adopted by major players. Some of the key market players operating in the industry are Honeywell Safety Products, Oftenrich Holdings Co. Ltd., COFRA Holding AG, Saina Corporation Co. Ltd., Jal Group, ELTEN GmbH ,UVEX Safety Group, VF Corporation, Rock Fall Ltd.