Latest Trends in Industrial Protective Footwear Market Future Analysis and Research By 2020
Industrial protective footwear is used across different application segments such as construction, manufacturing, oil and gas, chemicals, and pharmaceuticals among others. These safety footwear used for worker’s safety across the above mentioned industries. The implementation of strict regulations focusing on worker safety coupled with rise in the number of worker accidents are major factors driving the market currently. The market is expected to experience robust growth during the forecast period.
This report has been segmented by application and by country. The study highlights current market trends and provides the forecast from 2014 to 2020. We have also covered the current market scenario for industrial protective footwear and highlighted future trends that will have an impact on demand. By country, the market has been segmented into Bahrain, Kuwait, UAE and Saudi Arabia. The present market size and forecast until 2020 has been provided in the report. The report also analyzes macro economic factors influencing and inhibiting growth of the industrial protective footwear market. In addition, the report also covers the barriers to entry (tariff and non-tariff) for new entrants in the industrial protective footwear market in Middle East.
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Oil and gas is the major sector for export in the various countries in the Middle East. The oil and gas segment held the largest market share for industrial protective footwear in UAE. The growth in this segment is attributed to the large portion of labor force being employed in the oil fields. Moreover, the increasing awareness of workplace safety is also boosting the demand for industrial protective footwear in UAE. However, the chemicals segment is the fastest growing segment in UAE. The chemicals segment was valued at USD 1.3 million in 2013 and is expected to see robust growth in the forecast period.
Oil and gas is the largest application segment for industrial protective footwear in Saudi Arabia. The oil and gas segment was valued at USD 36.2 million in 2013 and is expected to see robust growth in the forecast period. In addition, the average selling prices in Saudi Arabia are lower as compared to other countries at the global level owing to lower tax rates and duties. However, there are certain mandatory regulations covering the materials used and documentations which are to be followed by foreign manufacturers in order to enter the local market.
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The application of industrial protective footwear in oil and gas segment in Bahrain held the largest market share valued at USD 3.4 million in 2013. Furthermore, pharmaceutical is the fastest growing application segments for industrial protective footwear in Bahrain; growing at a CAGR of 14.8% from 2014 to 2020.
In terms of volume in million pairs, the oil and gas segment held the largest share for industrial protective footwear in Kuwait. The oil and gas segment was valued at 0.277 million pairs in 2013. The growth in this segment is attributed to the rising demand for industrial protective footwear in the oil and gas segment owing to increasing awareness about workplace safety. The oil and gas sector is one of the major industries contributing to the Gross Domestic Product (GDP) of Kuwait.
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Apart from this, government regulations are present in these countries which act as restraining forces for the new entrants. In addition, there are most favored nation (MFN) rates and sales tax and other duties which are to be followed compulsorily by foreign manufacturers.
Major industry participants include Jal Group (Italy), Rahman Group (India.), Saina Group Co. Ltd. (China) and Oftenrich Holdings Company Limited (Taiwan) among others.
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