Product Innovation and Technological Advancements to Drive Global Industrial Protective Footwear Market
The global industrial protective footwear market is expected to see speedy growth with the ever-changing dynamics. For instance, JAL Group recently signed an agreement with Simon Corporation Japan. The agreement refers to an exchange of knowledge regarding both manufacturing and technical processes. Such partnerships aimed at enhancing the product offerings to the clients are likely to create a new wave in this market and create a few niches as well.
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According to a research report published by Transparency Market Research, the industrial protective footwear market was valued at US$6,317.7 million in 2013 and is expected to be worth US$9,460.6 million by 2020, growing at a CAGR of 6.0% from 2014 to 2020.
This sturdy growth rate can be attributed to a high demand for safety shoes in emerging economies that are focusing on manufacturing activities. Some of the regions majorly contributing to the growth of the global industrial protective footwear market are Europe, North America, and the Middle East. However, analysts predict Asia Pacific will lead the global industrial protective footwear market with robust demand from countries such as India, China, and Japan. The industrial protective footwear market is especially drawing its strength from stringent regulatory actions regarding safety and unrelenting support from the International Labour Organization (ILO).
The global industrial protective footwear market has been segmented on the basis of geography, type, and applications. The application segmentation is inclusive of transportation, pharmaceuticals, food, chemicals, oil and gas, mining, construction, and manufacturing. The type segments include waterproof footwear, rubber footwear, leather footwear, and plastic footwear. Geographically, the global industrial protective footwear market is inclusive of regions such as Europe, Asia Pacific, North America, and Rest of the World.
Europe to Dominate Global Industrial Protective Footwear Market
Studies show that Europe dominated the global industrial protective footwear market in 2013, with North America following closely. Europe will remain the leader in this market due to the large number of shoemakers in regions such as France, Italy, Germany, the UK, and Spain. Italy is known for its shoe engineering techniques from world-renowned manufacturers such as Siili Safety Giasco, Safetal, Jal Group and Sofra. Growth of niche markets will be the prime reason for the augmenting industrial protective footwear market in North America.
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Some of the key players in the global industrial protective footwear market are Rahman Group, Jal Group, ELTEN GmbH, Honeywell Safety Products, Oftenrich Holdings Co. Ltd. (Golden Chang), Saina Corporation Co. Ltd., UVEX Safety Group, VF Corporation, Rock Fall Ltd., and COFRA Holding AG.