Turkey and Russia are neighboring countries that will witness good economic growth in the coming few years. One of the segments that is receiving a lot of attention in these two markets is the industrial protective footwear sector. According to Transparency Market Research (TMR), the large potential of the industrial footwear market in Russia and Turkey is anticipated to attract a lot of investment from several new business utilities from around the world. So, what are the factors that will drive investment projects in this market?
The Russia and Turkey industrial protective footwear markets are experiencing some similar market dynamics in addition to some unique/regional trends. Let us look at how these similar and unique trends will shape the Russia and Turkey industrial footwear market.
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Common Trends in the Russia and Turkey Industrial Protective Footwear Markets
TMR states that the Turkey industrial protective footwear market will expand at a 9.1% CAGR during the forecast period from 2014 to 2020. On the other hand, the Russia industrial protective footwear market will expand at a CAGR of 6.6% during the forecast period.
The common factor driving the Russia and Turkey industrial protective footwear markets is the rising awareness of workplace safety. Moreover, favorable government regulations are also fueling the industrial footwear market in Russia and Turkey. In addition to this, the escalating labor force in these two countries is supporting the demand for industrial protective footwear.
On the other hand, both the Russia and Turkey industrial protective footwear markets will be suppressed by the duties placed on industrial protective footwear products. To sell these products in Russia and Turkey, foreign manufacturing utilities have to abide by the stringent government regulations related to duties in these countries.
Regional Trends in Industrial Protective Footwear Market in Russia and Turkey
Expansion of the major end-use sectors will drive the market for industrial protective footwear in Russia and Turkey. In Russia, the others segment, which includes small scale manufacturing, the unorganized sector, government usage, and agriculture, held the largest share in the industrial protective footwear market. Nevertheless, in the Russia industrial protective footwear market, the manufacturing sector is projected to demonstrate the fastest growth, at an 8.1% CAGR during the forecast period. This growth is attributed to the rapid industrialization along with the upcoming business utilities in this country. Manufacturing is the largest sector in the Russian economy after services, personal, and household goods.
Although, in Russia, the manufacturing sector will show the highest growth in the industrial protective footwear market, this is not the case in Turkey. The manufacturing sector already dominates the Turkey industrial protective footwear market as an end-use sector. On the other hand, the food sector is projected to demonstrate the highest growth, at a 10.3% CAGR during the forecast period in the Turkey industrial protective footwear market. The expanding agriculture sector in Turkey is in turn driving the food industry in the country.
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Several top international companies are operating in the Russia and Turkey industrial protective footwear market. Some of these companies are Jal Group (Italy), Timberland LLC (U.S.), Rahman Group (India.), Oftenrich Holdings Company Limited. (Taiwan), Saina Group Co. Ltd. (China), Cofra Holdings AG. (Switzerland), and Red Wing Shoe Company Inc. (U.S.).