Industrial Safety Footwear Market Latest Innovations, Drivers...

Industrial Safety Footwear Market Latest Innovations, Drivers And Industry Key Events By 2033

Posted 2024-07-08 16:19:24

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The industrial safety footwear market is poised for significant expansion, driven by a robust Compound Annual Growth Rate (CAGR) of 7.4% projected over the forecast period. By the year 2023, the market was anticipated to reach a substantial value of USD 11.6 billion, with estimations indicating a doubling in worth to USD 23.6 billion by 2033.

Several compelling factors contribute to the notable growth observed in the industrial safety footwear market. Chief among these is the ongoing revitalization and expansion of industrial infrastructure. As industrial spaces undergo renovation or new constructions, there arises an essential need for stringent safety measures. The heightened focus on ensuring the welfare and safety of industrial personnel emerges as a key driver, stimulating demand for industrial safety footwear in accordance with evolving safety protocols and standards.

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Key Takeaways:

Rising awareness around workers’ safety, advanced protective gear, and increased construction and industrial operation fuels the sales of industrial safety footwear.
The expanding agricultural and industrial operations in urban settings, along with the building infrastructure of emerging economies like China and India, are consuming a big chunk of the industrial safety footwear market.
The government’s compliance policies around applications of protective gear for workers are making organizations and industries liable for making their workforce work in a safer environment.
The expanding mining industry enables fatal injuries to the workers to require a long range of protective gear. From gloves, and masks to footwear, the demand for industrial safety footwear market’s future looks promising with the restoration of certain industries.

Key Points:

The United States market leads the space in terms of market share and CAGR. The market is expected to cross a value of USD 8.4 billion by 2033. The regional market is expected to thrive at a CAGR of 7.2% between 2023 and 2033.
The China industrial safety footwear market is another significant market. It thrives at a steady CAGR of 6.8% during the forecast period. The market is likely to reach a value of USD 1.7 billion by 2033. Developing economies like India and China are indulging in huge construction, making these spaces highly potential markets.
Leather is likely to thrive in the material type category due to better fitting, durability, climate control, and skin-friendly properties. It is expected to thrive at a CAGR of 7.2% during the forecast period.
The construction tops the application tally with a CAGR of 6.9% between 2023 and 2033. The growth is attributed to the big construction project and the importance of industrial safety footwear for construction workers.

Competitive Landscape:

The key players focus on making durable, flexible, and safe footwear for the end users. The industry-specific approach, along with the adoption of advanced sole technology, is the key to becoming prominent in the competitor’s tally. Key competitors also merge, acquire, and partner with other companies to increase the supply chain and distribution channel. The key players in the market are JAL Group France SAS, Dunlop Boots, COFRA S.r.l., Honeywell International, Inc, and Hewats Edinburgh.

For instance:

Dunlop Boots has added new sole technology in safety footwear, such as purofort and Acifort. These are manufactured with PVC, nitrile rubber, and polymers. The company claims to deliver global safety standards to various end-user industries.
An Italian footwear brand, Cofra SFI has launched a long range of workwear footwear such as shellwear, ergowear, slim work, and casual safety. The company uses different grades of PVC and rubber to produce protective footwear.

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Key Segments:

By Material: