Research Projects Protective Footwear Market to Grow 7.5 Percent Annually Thinkstock

Research Projects Protective Footwear Market to Grow 7.5 Percent Annually

A new report has shown an increase in industrial accidents coupled with workplace safety and rapid global development has increased demand for footwear.

The global industrial protective footwear market is set to increase at a compound annual growth rate (CAGR) of 7.5 percent between 2016 and 2022, according to a new report published by Allied Market Research.

As of 2015, the global market is valued at $3.5 billion, with Europe and North America leading in sales. In 2015, the two countries collectively accounted for more than half of the total industrial protective footwear market size, and are expected to continue this trend during the researchers’ forecast period.

An increase in demand due to a variety of factors, most notably government regulations, will boost market value to nearly $6 billion before 2022, researchers say.

Globally, industrial development is burgeoning, leading to an increase in workplace accidents and, in turn, a greater need for protective equipment and occupational safety measures. Likewise, governmental regulations have brought worker safety to the forefront by requiring the purchase of personal protective equipment.

However, developing economies still lack awareness when it comes to workplace safety and security, especially in small- and mid-sized industries, stifling market growth. Rapid development in various industries has increased workforce globally. However, factory workers face extended work hours, poor working conditions, and job instability, researchers say.

The construction industry contributed more than one-third of the total market revenue in 2015 and is expected to grow at a CAGR of 6.8 percent through 2022, driven by the rising number of accidents at construction sites.

Other key findings of the report include:

  • Rubber footwear segment is projected to show highest growth rate during the forecast period.
  • Europe is projected to maintain its lead, growing at a CAGR of 6.8 percent from 2016 to 2022.
  • The leather footwear segment accounted for more than four-fifths of the total industrial protective footwear market revenue in 2015.
  • Construction dominated the application segment of the market in 2015.
  • LAMEA is expected to grow at the fastest rate, during the forecast period.

A complete summary of the report can be found on the Allied Marketing Research web site.

TAGS: Construction
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