Selbyville, Delaware, Feb. 14, 2020 (GLOBE NEWSWIRE) --
As per the report published by Global Market Insights Inc., the global industrial safety footwear market size was estimated at $9 billion in 2019 and is expected to hit $14 billion by 2026, registering a CAGR of 6% from 2020 to 2026. The report offers a detailed analysis of the industry size & estimations, wavering market trends, top winning strategies, drivers & opportunities, major investment pockets, and competitive scenarios.
Growing regulatory norms to cater to the need of improving safety standards at the workplace for reducing foot injuries is likely to be a key factor augmenting the global industrial safety footwear market share. These footwears are protective gear designed to safeguard the feet from falling objects, fatigue, burns, cutting and electrical hazards.
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Apart from the regulatory pressures, increasing awareness among business owners about the financial cost incurred through the worker’s compensation would possibly open new avenues for industrial safety footwear market. Citing an instance, according to the industry reports, more than 250,000 workers' compensation claims found the mean final settlement regarding a foot injury was about $17,000.
Key factors responsible for industrial safety footwear market growth:
- Increasing government norms regarding worker safety.
- Growing implementation of safety regulations in the construction sector.
- Mounting adoption in Europe.
2026 forecasts anticipate a rise in product adoption across Europe
The industrial safety footwear market in Europe represented more than 30% of the overall industry share in 2018 and is likely to observe massive development through 2026. The industries across Europe are propelled by various factors such as awareness about safety matters, conducive prices of raw materials, transportation costs, and increasing innovations from safety footwear producers.
Distinguished demand for boots
Speaking of the protective footwear gears segment, boots are likely to push the overall segment growth. Boots help protect feet from compression, impact, and puncture. The growing need for ankle protection across several sectors such as construction and the oil and gas industry would provide the crucial impetus for the industrial protective footwear market growth. Likewise, boots are highly preferred by the population living and working in extreme climatic conditions to protect their feet from rain and snow.
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Leading market players
The competitive landscape of the global industrial protective footwear market is inclusive of players such as V.F. Corporation, ACME FABRIK Plastic Co., Hillson Footwear Pvt. Ltd, Sunflower Industrial Group Co, Williamson-Dickie Manufacturing Co., Bata Industrials, WOLVERINE, Simon Corporation, Dunlop Boots, Hewat's Edinburgh, Honeywell International, Inc., Safetyking Industrial Footwear (M) Sdn Bhd, and Esteway Safety Shoes among others.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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