Touted as one of the most opportunistic business verticals of personal protective equipment industry space, industrial protective footwear market has generated a substantial momentum in the global business space. Statistics depict – Global personal protective equipment market would carve a profitable roadmap at a CAGR of 7% over 2016-2023. The phenomenally growing PPE industry, as per analysts’ opinion, justifies the growth potential of industrial safety footwear market over the ensuing years. Speaking of that, it is imperative to mention that the latest trend in this particular business sphere revolves around increasing demand for products that not only ensure maximum protection, but also maintain optimal level of productivity at the worksite. Modern days’ protective industrial shoes with high heat and electricity resistant characteristics, for instance, can bear the impact of almost 200 joules of heat. Emergence of new sale outlets, tremendous technological intervention in product designing, and dynamic supply value chain, are some of the crucial growth enhancers influencing the commercialization matrix of industrial safety footwear industry share.
The current regulatory framework structured by international bodies like BSI, ILO, and OSHA with regards to workplace safety and maintenance has much to contribute in the expansion of industrial protective footwear market. As per estimates, workplace fatalities in U.S., was over 5000 in the year 2008. In effect of the stringent regulatory framework, the number was reported to get reduced to 4400 by 2013. Growing implementation of these stringent norms have undoubtedly heightened the importance of safety measures at the workplace, which by extension is impelling industrial protective footwear market share. Cutting or falling objects, electrical hazards, stepping on pointed nails and sharp objects that ultimately lead to lethal foot injury, is very much evident in construction domain. In fact, falls, slips, and trips, together account for a vast majority of the worksite accidents, causing 15% of the total unintentional casualties, claim OSHA.
The report titled “Industrial Safety Footwear Market Size By Material, By Product, By Application, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2024” has been published in January 2017. To understand the industry better, request a sample of this report @ https://www.gminsights.com/request-sample/detail/1101
The ever-growing construction domain has witnessed a slew of changing trends pertaining to industrial protective footwear industry. As per estimates, overall construction spending was almost USD 7 trillion in 2015, and is forecast to surpass USD 13 trillion by 2024. With the humongous growth rises the need to ensure the workplace safety from possible hazards, which in a way is opening up new growth opportunities for industrial protective footwear market share from construction applications. According to norms, construction workers must wear work boots and shoes that have puncture resistant and slip resistant soles to avoid shocks. Safety-toed footwears is worn to avoid crushed toes when working around falling objects and heavy equipment. Having already established a percentage of supremacy, industrial protective footwear market consumption from construction applications is slated to exceed 110 million pairs by 2024. Regionally, China is deemed to procure a major chunk of the overall market share especially from this vertical. Driven by the increasing infrastructural spending in tandem with regional government’s significant efforts in spreading the awareness regarding workplace safety, China industrial protective footwear market size alone from construction domain is expected to cross 30 million pairs by 2024.
While elaborating on the growth prospects, it is imperative to mention that the business space somewhat faces a challenge from availability of inferior quality duplicate substitutes of the products from local manufacturers. Pertaining to its low quality and spurious materials, these products are relatively inexpensive compared to premium brands products, as a result of which competition intensifies, and profit margin shrinks for established industrial protective footwear industry giants. In a bid to encounter this challenge, many companies are bending over backward on product differentiation and quality management as part of their marketing strategy. These tactics have proved to be instrumental in increasing the product penetration and creating a foundation for long term contracts with resellers, agents, and end-use sectors. All in all, ongoing product innovations by renowned giants, coupled with stringent regulatory groundwork is bound to bring a positive change in industrial safety footwear market, which is forecast to exceed USD 7.8 billion by 2024.