Selbyville, Delaware, Aug. 29, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Industrial Safety Footwear Market size may cross USD 11 billion by 2030, progressing at a CAGR of 2.5% from 2022 to 2030.
The increasing requirement for strict adherence to standards regarding the manufacture of PPE equipment will support industrial safety footwear industry growth, cites the report. Safety footwear is divided into different protection classes depending on individual uses. For example, protection class SB must include footwear that has fulfilled the minimum requirements under the EN ISO 20345 regulations. The implementation of stringent rules and regulations to increase the safety of workers in hazardous environments will elevate the demand for industrial protective footwear.
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Industrial safety boots with lightweight and durable properties to gain popularity
In terms of product, the report segments the industrial safety footwear market into shoes and boots. Of these, the boots segment was valued at over USD 3 billion in 2021, owing to the availability of different product types such as safe toe boots, designed to protect against hazards and injuries. Safety boots are also considered extremely durable, lightweight, and waterproof, making them an ideal choice for varied industrial operations.
High prevalence of workplace hazards to boost market share from the oil and gas segment
With regards to application, the report bifurcates the industrial safety footwear market into oil & gas, construction, fishery, mining, and agriculture. Owing to the high prevalence of workplace hazards, the industrial safety footwear industry size from the oil and gas segment will exceed a valuation of USD 1 billion by 2030. However, in March 2022, employment in the oil and natural gas extraction sector remained 8% below the February 2020 level, according to data from the U.S. Bureau of Labor Statistics. This may result in reduced demand for safety shoes and boots in the oil and gas industry over the coming years.
Favorable material attributes to stimulate demand for industrial PU safety footwear
Industrial safety footwear is manufactured out of PVC, PU, rubber, and leather materials. Of these, the PU segment will depict more than 4% CAGR through 2030. This growth is driven by the shifting preference toward advanced, high-quality polyurethane material for safety shoe manufacturing. Industrial safety shoes made of polyurethane are lightweight and high-temperature resistant. They also protect the users against the impact of heavy weights and are slip-resistant, contributing to their overall popularity.
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LATAM to emerge as a lucrative revenue prospect
From a regional perspective, the Latin American industrial safety footwear market to set to exhibit a CAGR of more than 2% through 2030. The introduction of favorable trade policies in the construction and agriculture sectors, along with favorable foreign direct investments, will create a strong outlook for the industry in the region. Based on data from the Brazilian Ministry of Labor and Employment, the construction sector employs 7.6% of the population, which will further drive regional market expansion.
Product developments and other growth strategies to define industry outlook
The competitive landscape of the industrial safety footwear industry comprises Bata Industrials, Delta Plus, Dunlop Protective Footwear, Pezzol, JAL Group, Uvex Safety Group, and Seiviare, among other companies. These firms are engaging in new product development, mergers, collaborations, acquisitions, and partnerships to retain their foothold in the market. To cite an example, VF Corporation announced a definitive agreement with a subsidiary of Redwood Capital Investments, LLC in April 2021. The purpose of the agreement was for VF to divest the occupational division of its Work segment to the diversified holding company. Through this strategy, the firm took a step further in its ambition to become a retail-centric and consumer-oriented enterprise, with a more simplified operating model and portfolio.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
