Industrial Protective Footwear Market Size

Industrial Protective Footwear Market Analysis

The industrial protective footwear market is valued at USD 9.07 billion for the current year and is projected to register a CAGR of 4.96% over the forecast period.

• The global industrial protective footwear industry is projected to grow significantly shortly due to increased awareness regarding employee safety in industrial facilities. Manufacturers are focused on the type of material used in making industrial footwear as end-users are keen on the material's efficiency. Thus, players are focused on offering products with multi-functional benefits and standard quality as per government regulations.
• For instance, in October 2022, Xena Workwear launched the Valence SD shoe that was claimed to be dissipative and came with elastic side panels on both sides. One variant was asserted to be made from LWG Certified leather in a chestnut shade, and the second material used for Valence SD shoes was vegan leather in the onyx shade.
• Asia-Pacific holds a significant share of the market. The growth in this region is mainly driven by the introduction of regulations that mandate the usage of safety shoes in the work environment and occupational safety standards. Similarly, Europe is the fastest-growing market in various industries like construction, manufacturing, and pharmaceutical. For instance, according to the Office for National Statistics (UK), in the 2nd quarter of 2022, 2,206 thousand employees were working in the construction industry in the United Kingdom, which increased from 2,113 thousand employees to the previous year's 2nd quarter.
• The market is fragmented, with players offering various industrial footwear products. Product launches and expansions were a few of the competitive strategies adopted by the players in the market. Major players in the market include VF Corporation, Wolverine World Wide, and Honeywell International, among others.