Global Market Insights released a new report projecting growth in the industrial safety footwear market to a value of $7.8 billion by 2024.
According to the report, industrial safety footwear will surpass sales of 300 million pairs by the year 2024. The market is expected to rise due to increasingly hazardous workplaces and firm regulatory framework passed by the Occupational Safety and Health administration (OSHA), the International Labor Organization (ILO) at the UN and business standards company BSI.
Global Market Insights predicts increased demand for industrial footwear protection will parallel the industrial growth in various countries around the world. For example, the report indicates the German Industrial safety footwear market will generate around $30 million in sales by 2024, thanks to Germany’s automobile industry.
Brazil is also projected to see growth in its demand for industrial safety footwear by 2024. The food and processing industry is the driving force behind the increase as the country continues to develop modern machinery.
One of the most important factors for industrial safety footwear growth is government policy. Global Market Insights predicted that South Africa, Saudi Arabia, and the United Arab Emirates could see significant growth if their governments enforce workplace safety along with their major industrial projects.
Per the report, waterproof materials are projected to grow by 6 percent with protective footwear, with water and slip resistance as the primary function. The report also says that slips and trips account for 15 percent of industrial accidents. These incidents might be prevented with proper footwear.
See more of the report by Global Market Insights here.