A new research report by Global Market Insights says that the worldwide industrial safety footwear market is set to be worth $7.8 billion by 2024.
The report says that the industrial safety footwear market generated more than $4.8 billion in revenue in 2015 and expects greater than 5 percent annual gains, with market expected to surpass 300 million pairs by 2024.
"Growing workplace hazards, along with strong regulatory framework by OSHA, ILO and BSI to ensure employee safety, should drive product demand," the report states. "Industrial shoes can bear impact of approximately 200 joules and offers electricity and heat resistant characteristics."
Here are some other key market takeaways from the report, for which the full version is available to purchase here:
- Global leather industrial safety footwear market size was valued at over USD 4 billion in 2015. Leather is preferred material of use for making uppers for industrial protective footwear market owing to its key performance properties which includes durability and insulation
- Key raw materials include leather, natural rubber and polyvinyl chloride (PVC)
- Waterproof industrial safety footwear market size should witness highest gains at over 5.5% over the foreseeable period
- Rubber industrial safety footwear market size may witness over 5% gains
- Global industrial safety shoes market size should generate over $6 billion sales by 2024
- Industrial safety boots market size should witness gains at over 4.5%
- Industrial safety footwear market size witnessed highest consumption from construction applications and may register over 110 million pairs by 2024
- Industrial protective footwear market growth from manufacturing application should witness gains at over 5%
- Industrial safety footwear market size from oil & gas may witness significant gains over the foreseeable period
- For the Europe industrial safety footwear market size, Germany should register close to 20 million pairs by 2024. Implementation of worker’s safety standards along with growth in automobile and chemical industry should drive regional growth.
- China industrial protective footwear market size should witness over 5.5% growth. Strong indicators for growth in infrastructure spending along with presence of large scale industries should drive regional industry as regulatory authorities are implementing standards to take workforce security on priority.
- Brazil industrial protective footwear market size expects gains at over 5%. Rapid industrialization along with growing worker safety importance in Brazil, Columbia and Venezuela should drive regional demand. Development of shale gas market in Brazil should pave new opportunities for Latin America industry growth.
- Saudi Arabia, Qatar and UAE expects rapid growth and capacity expansion over the coming years. This factor would increase the personal protective equipment demand and boot industrial safety footwear market size. Oil resistant safety shoes, pipeline construction shoes and anti-impact oilfield shoes should exhibit high product demand in the region.