South America Industrial Protective Footwear Market to Expand at a 6.50% CAGR from 2014 to 2020

Transparency Market Research has published a new report on the South America industrial protective footwear market. As per the report, the South America industrial protective footwear market stood at US$856.7 mn in 2013 and is expected to reach US$1.3 bn by 2020. The report, titled ‘Industrial Protective Footwear Market - South America Industry Analysis, Trend, Size, Share and Forecast 2014 - 2020,’ states that the South America industrial protective footwear market is expected to expand at a 6.50% CAGR from 2014 to 2020 owing to the growing incidence of workplace accidents.

The industrial protective footwear market includes safety footwear that is used for workplace safety across numerous industries such as manufacturing, construction, oil and gas, pharmaceuticals, and chemicals. The increasing incidents of workplace accidents, especially in the construction and oil and gas industries, have increased the demand for industrial protective footwear across South America. Considering the increasing incidents of workplace accidents, regulatory authorities and the governments of many countries have made it compulsory to wear protective gear at the workplace. The South America protective footwear market is predicted to experience robust growth in the years to come owing to the impact of stringent government regulations.

The South America industrial protective footwear market is segmented on the basis of country and application. Based on country, the South America industrial protective footwear market is divided into Peru, Brazil, Chile, Colombia, Venezuela, and Uruguay.

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By application, the South America industrial protective footwear market is classified into food, chemicals, oil and gas, transportation, construction, manufacturing, pharmaceuticals, and others. The increasing applications of industrial protective footwear and the advancements in technology used to manufacture workplace protective equipment are predicted to propel the South America industrial protective footwear market. Agriculture is one of the prime segments contributing considerably to the industrial protective footwear market in Brazil. However, the pharmaceuticals segment is expected to increase its contribution in Brazil in the years to come. The manufacturing segment stood at US$21.4 mn in 2013 and is expected to be the largest segment in Colombia in the next few years.

The application of industrial protective footwear in the others segment accounted for the largest share in Venezuela. In the next few years, the growth of the others application segment is expected to be propelled by the increasing awareness and the rising usage of protective gear. However, the oil and gas application segment is expected to progress swiftly in Venezuela. The construction application segment stood at US$3.6 mn in 2013 and is predicted to register healthy growth throughout the forecast period. The others application segment was valued at 0.044 mn pairs in 2013. In terms of volume in million pairs, the others application segment dominated the industrial protective footwear market in Uruguay.

The pharmaceuticals application segment is predicted to grow swiftly, at a 7.30% CAGR during the period between 2014 and 2020. Some of the major participants in the South America industrial protective footwear market are Jal Group (Italy), Elten GmbH (Germany), VF Corporation (U.S.), Cofra Holdings AG (Switzerland), Honeywell Safety Products (U.S.), and Rock Fall Ltd. (England). Factors such as stringent government regulations and new rules and duties are predicted to act as obstacles for new entrants.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia