Footwear Fortification: Examining Growth Drivers in the Industrial Protective Footwear Market

Posted by Pearl Smith on November 29th, 2023

The Industrial Protective Footwear Market is estimated to be valued at US$ 5.71 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Industrial protective footwear includes safety boots, shoes, and sandals made from leather, rubber or other materials that are designed to provide protection against workplace hazards. These shoes are not only comfortable but also provide protection against injuries from falling or rolling objects, sharp materials, electrical hazards, slip and fall accidents, chemicals and many other workplace dangers. The footwear is designed to be oil, acid, and heat resistant as well as electrical hazard-safe.

Market key trends:

One of the major trends that is fueling the growth of the industrial protective footwear market is the implementation of stringent worker safety regulations across various industries. Wearing protective shoes is now mandatory in industries like construction, manufacturing, mining, and oil & gas exploration according to the regulations laid down by occupational safety organizations like OSHA and NIOSH. Non-compliance can lead to heavy penalties. Moreover, employers understand that any injuries can harm productivity and increase insurance and medical costs. This has motivated them to provide high-quality protective shoes to their workforce. Hence, the market is witnessing increasing demand for industrial protective footwear that meet international safety standards like ASTM, EN and AS/NZS.

Porter’s Analysis

Threat of new entrants: The high capital investment required for establishing manufacturing facilities poses a barrier for new players entering this market. However, the low brand loyalty of customers allows new brands to gain market share easily.

Bargaining power of buyers: The presence of many supplier brands gives buyers the bargaining power to negotiate prices downwards. However, stringent safety standards and certifications restrict frequent switching between suppliers.

Bargaining power of suppliers: The presence of many buyer industries like construction, manufacturing, oil & gas etc. means that individual buyers have low bargaining power over suppliers. However, the threat of backward integration tempers the suppliers' bargaining power.

Threat of new substitutes: Substitute products made from lighter materials offer similar usage but have not replaced steel toe boots significantly due to strict safety regulations.

SWOT Analysis

Strengths: Strong brand recognition of market leaders and focus on product innovation & safety.

Weaknesses: Seasonal demand and dependence on economic cycles make demand unpredictable. High R&D and manufacturing costs limit penetration in low-income regions.

Opportunities: Growing construction spending in Asia Pacific and Latin America. Increasing safety regulations worldwide.

Threats: Rising raw material prices and trade policies affect profit margins. Growing popularity of casual & sports shoes for recreational use.

Key Takeaways

The global Industrial Protective Footwear Market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing safety regulations in construction and manufacturing industries globally. The market size is projected to increase from US$ 5.71 Bn in 2023 to US$ 12 Bn by 2030.

Regional analysis - Asia Pacific dominates the global market currently owing to strong growth in China, India and other Southeast Asian countries driven by rising industrialization and infrastructure development. The region is estimated to grow at a CAGR of over 9% during the forecast period. North America and Europe are also sizable markets supported by stringent worker safety laws.

Key players - Key players operating in the Industrial Protective Footwear market are JAL Group, COFRA Holding AG, ELTEN GmbH, Oftenrich Holdings Company Limited (Golden Chang), Honeywell Safety Products, Rahman Group, Rock Fall Ltd., Saina Group Co. Ltd., and VF Corporation. The market is moving towards consolidation as large players acquire regional brands to expand their product portfolio and geographical footprint.

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Pearl Smith

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Pearl Smith
Joined: September 27th, 2022
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