Industrial Protective Footwear Market to Reach US$9,460.6 Million by 2020|Transparency Market Research

A new report has been published by Transparency Market Research, titled “Industrial Protective Footwear Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”. TMR, a market intelligence company based in the U.S., states that the global industrial protective footwear market stood at US$6,317.7 million in 2013 and is projected to reach US$9,460.6 million by 2020, expanding at a CAGR of 6.0% between 2014 and 2020.Industrial protective footwear comprises the safety footwear utilized for the safety of workers in various industries. As per this report, health legislations and rising concern for occupational safety across a number of countries have made the use of safety boots to be mandatory due to the rise in the number of accidents on worker locations. Thus, owing to various industries around the world being persistent on enhancing the safety standards, there is a significant rise in demand for safety footwear globally. In addition, there is a rising trend for adoption of products that are environment-friendly, which boosts the market for protective footwear globally. 

 

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On the basis of type, the protective footwear market is segmented into waterproof footwear, leather footwear, plastic footwear, and rubber footwear. Amongst these, the segment for leather footwear stood at US$1,890.8 million in 2013 and is predicted to experience consistent growth during the forecast period. On the other hand, the segment for plastic footwear is anticipated to be the most swiftly developing application segment and is estimated to expand at a 7.8% CAGR between 2014 and 2020.On the basis of application, the protective footwear market is segmented into a number of sectors, namely manufacturing, chemicals, pharmaceuticals, oil and gas, construction, mining, transportation, and food.  Amongst these, construction is one of the key application segments of the industrial protective footwear market owing to the increase in worker accidents, which has raised protective footwear adoption amongst builders, for the safety of workers.