Protective Footwear Market

Protective Footwear Market Size and Forecast (2023-2028):

The Global Protective Footwear Market share value is expected to grow at a CAGR of 4.8% during the forecast period 2023–2028 to reach USD 5585.49 million by 2028 from USD 4419.73 million in 2022.

Market Overview:

Protective footwear is an important component of personal protective equipment (PPE); it is used in various industries by workers and laborers to protect themselves from potential hazards, Such as falling objects, heavy machinery, sharp objects, chemical spills, electrical shocks, extreme temperatures, and more. There are many different types of protective footwear available, according to the specific hazard. Some of the common types of protective footwear include steel-toe boots, which are designed to protect the foot from falling objects. Composite toe boots are made up of fiberglass or plastic; other protective footwear include puncture-resistant boots, Electrical hazard boots, slip-resistant boots, and waterproof boots. In addition, protective footwear consists of various features, such as being made up of breathable materials with shock-absorbing insoles. It also added metatarsal guards and anti-static materials. Therefore, it becomes imperative to consider various factors, such as the type of hazards and protection needed when selecting protective footwear.

Recent Developments in Protective Footwear Industry:

• In February 2022, OneSolution, a US sales and marketing agency, collaborated with Dunlop Protective Footwear to expand customer-facing capabilities and solutions to increase its market share growth in US Industrial markets.

REPORT COVERAGE:

Drivers:

In recent years, there has been an upsurge in the adoption of occupational health and safety across various industries. This heightened awareness has led to an increase in the demand for protective footwear as a pivotal element for safeguarding workers and laborers from potential hazards, such as falling objects, heavy machinery, sharp objects, chemical spills, electrical shocks, and extreme temperatures. This increasing awareness of occupational health and safety caused many industries to mandate the use of protective footwear, which therefore caused regulatory bodies and industry standards to provide appropriate protective gear, including footwear, to lower the risk of workplace injury. As a result, employers are proactively seeking ways to enhance workplace safety by investing in high-quality protective footwear that aligns with the industry standards. Thus, the increasing awareness and enthusiastic adoption of protective footwear led to an increase in the protective footwear market share.

Moreover, governments around the world are increasingly implementing stringent safety regulations to protect workers from injury. These regulations mandate employers to provide their employees with protective footwear that meets certain standards. For example, the European Union has enacted a law requiring all safety shoes to be certified to EN ISO 20345 standards to protect workers from compression, penetration, and electrical and chemical hazards.

Enacted a directive that requires all new safety shoes to be certified to EN ISO 20345 standards. Also, the United States Occupational Safety and Health Administration (OSHA) laid down regulations that require employers to provide their employees with protective footwear in high-risk workplaces. This implementation of these stringent safety regulations is therefore driving the demand for protective footwear market and leading to an increase in its market size.

In addition, the growth of the construction industry is one major driver for the rise in the expansion of the protective footwear market. Due to urbanization and growth in economic conditions it has caused an exponential increase in construction activities such as housing societies, malls, and office buildings, and with construction projects rising globally, workers are increasingly exposed to a spectrum of potential hazards, including falling debris, heavy machinery, and uneven terrain. Therefore, it has become imperative to make use of durable, impact-resistant, and puncture-proof footwear. This industry's rapid growth causes manufacturers to develop innovative protective footwear solutions for addressing the challenges faced by construction workers, and hence, it led to the protective footwear market growth.

Another important factor causing the demand for protective footwear was the popularity of sports and outdoor activities. Athletes and outdoor enthusiasts require footwear that enhances performance but also safeguards their feet from potential injuries. As many sports playgrounds have rough terrain, the need for protective footwear becomes important to safeguard players from fractures and injuries. Therefore, the increasing number of sports activities has caused the protective footwear market growth.

Restraints:

One of the significant factors restricting the growth of the protective footwear market is the cost of production involved in manufacturing high-quality protective footwear, as it involves advanced materials, technologies, and manufacturing processes. These factors cause elevated production costs, which pose a challenge for budget-conscious consumers and small-budget industries such as steel-toe shoes, which are more expensive than non-steel-toe shoes because of the use of stronger materials and more complex manufacturing processes. Similarly, electrical hazard shoes are typically more expensive than non-electrical hazard shoes because they require the use of special materials that protect the wearer from electrical shock. Therefore, the cost of production of protective footwear limits the demand and sales and causes a decrease in the market size.

Opportunities:

Manufacturers have recognized the importance of safeguarding workers and laborers from foot injuries in industrial settings. Therefore, as an initiative, the manufacturer developed safety protection programs that involve a wide range of aspects, including machine maintenance, training, inspection, selection, and fit testing. These programs cause manufacturers to adhere to stringent safety standards. The implementation of these foot-related safety programs has advantages for organizations. By sincerely adhering to these programs, manufacturers can prevent potentially life-threatening foot injuries, which would lead to life-saving for both employers and workers. The reduction of production time, medical expenses, and worker compensation from foot injuries reduces the finances of organizations and also ensures the well-being of their laborers. As industries are increasingly prioritizing workers' well-being and safety, it has created an opportunity for protective footwear market expansion.

Impact of COVID-19 on the Protective Footwear Market:

The outbreak of COVID-19 negatively impacted the protective footwear market since the implementation of lockdown and social distancing to restrict the spread of the virus led to the closing down of factories, industries, and manufacturing units, and therefore, caused a decrease in the demand for protective footwear, and hence led to the decrease in the protective footwear market share. Along with this, due to economic uncertainties, many construction projects and activities were put on hold, and this directly led to a decrease in the sales of protective footwear and, therefore, led to a decline in the protective footwear market share. Also, with remote work being prevalent in various industries, the need for protective footwear in certain work environments decreased, affecting the demand for protective footwear and leading to a decrease in the market share.

Protective Footwear Market Segmentation Analysis:

By Material:

• Waterproof
• Rubber
• Leather
• Plastic
• Polyurethane

Based on the material type, the protective footwear market is classified into waterproof, rubber, leather, plastic, and polyurethane. The leather segment dominated the market share as leather is a strong and durable material and is well-suited for protective footwear. It is also breathable and comfortable, which makes it an ideal option for workers who need to wear protective footwear for a long duration. The rubber segment has the largest market share following the waterproof segment, as rubber is a flexible and waterproof material that is resistant to chemicals, which makes it a good choice for workers who need protection from wet and slippery surfaces, as well as from chemicals. The plastic segment has significant growth in the forecasted period because plastic is a lightweight and affordable material that is resistant to chemicals. Polyurethane has steady market growth; it is usually used in construction, as it is abrasion-resistant. The waterproof segment has the lowest market share; it is designed to protect from water and moisture.

By Type:

• Shoes
• Boots

The boots segment is leading with the dominant shares of the market. Boots provide more protection than shoes as they typically have a higher toecap, which can protect the toes from injury. They also have a thicker sole, which can protect the feet from punctures and abrasion. Boots are also more comfortable than shoes, especially for cold weather, as they typically have thicker insulation, which keeps the feet warm. It is more durable than shoes and can easily withstand wear and tear. At the same time, shoes are more lightweight and are available in different styles, which makes them appealing to consumers. Along with this, it is more affordable than leather shoes.

By Applications:

• Manufacturing
• Construction
• Mining
• Oil &Gas
• Chemicals
• Food
• Pharmaceutical
• Transportation

The construction segment is ruling with the largest shares of the market due to the high risk of foot injuries in the construction industry. Workers in the construction industry are exposed to a variety of hazards, such as falling objects, sharp objects, and electrical hazards, and protective footwear helps prevent these injuries. The manufacturing segment is next in leading the prominent shares of the market as many manufacturing processes involve the use of machinery and tools that pose a risk to the feet of the workers. The mining segment has significant growth in the forecasted period due to an increase in the mining activities globally for the extraction of rare ores and minerals, and workers in the mining are exposed to a variety of hazards, such as falling rocks and sharp objects. The pharmaceutical segment is also seen to have exponential growth due to increasing research activities and the production of drugs, which increases the risk of chemical spills. The other segments, such as oil & gas, chemicals, food, and transportation, have a steady market share over the period.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

By Region Analysis:

The European segment dominated the market shares due to the implementation of strict laws and regulations that mandate workers to comply with safety rules. The Asia Pacific segment has the highest CAGR because of growing construction activities due to urbanization, which has led to an increase in the demand for protective footwear, especially in countries like India, Japan, and China, which are experiencing economic growth and leading to the expansion of various industries. North America is forecasted to have a significant growth rate during the forecast period due to the large presence of large pharmaceutical manufacturing units and other industries in the United States and Canada. Latin America has steady market growth, as there is an increasing awareness of occupational health and safety. Middle East and Africa have low market share as compared to other regions.

Key Players in the Market:

Major Key Players in the Global Protective Footwear Market are

• Bata Brand (India)
• Honeywell International Inc. (U.S.)
• Wolverine World Wide Inc. (U.S.)
• Rahman Group (India)
• Dunlop Protective Footwear (Portugal)
• VF Corporation (U.S.)
• Uvex group (Germany)
• Hewat's Edinburgh (U.K.)
• ELTEN GmbH (Germany)
• COFRA Holding (Switzerland)
• Rock Fall Ltd. (U.K.)
• Oftenrich Holdings Co. Ltd. (U.S.)