The industrial protective footwear market in the Middle East is competitive in nature and is expected to remain in the similar situation throughout the forecast period, states a new market research study by Transparency Market Research. The leading players in the market are emphasizing on development of new product in order to remain in their leading position across the globe. Some of the leading players operating in the industrial protective footwear market in the Middle East are Jal Group, Rahman Group, Cofra Holdings AG., Oftenrich Holdings Company Limited, and Saina Group Co. Ltd. The rising number of mergers and acquisitions is expected to strengthen the overall competition in the next few years.
According to the research study by Transparency Market Research, in 2013, the Middle East market for industrial protective footwear was worth US$218.7 mn and is likely to reach US$432.4 mn by the end of 2020. Furthermore, the market is anticipated to exhibit a promising 10.40% CAGR between 2014 and 2020.
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Increasing Number of Manufacturing Units to Drive Saudi Arabia Market
The Middle East market has been classified on the basis of geography into the UAE, Kuwait, Saudi Arabia, and Bahrain. Among these, Saudi Arabia is expected to lead the industrial protective footwear market in the next few years. The high growth of this region can be attributed to the rising demand for industrial protective footwear due to the increasing number of manufacturing units. In addition, the strict rules and regulations imposed for the protection of workers is estimated to accelerate the growth of this region in the next few years, states a TMR analyst. Furthermore, a tremendous rise in the new business ventures is expected to accelerate the overall growth of the market throughout the forecast period.
In terms of application, the key segments include food, pharmaceuticals, manufacturing, oil and gas, construction, chemicals, transportation, and others. In the last few years, the oil and gas segment led the Middle East market and is estimated to remain in the leading position throughout the forecast period. On the other hand, with the increasing demand from diverse applications, the chemicals segment is estimated to account for a significant share of the overall market in the next few years. As per the research study, the chemicals segment is projected to register a promising 22.70% CAGR between 2014 and 2020.
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Rising Concerns for Workplace Safety to Encourage Market Growth
Industrial protective footwear is specially used to offer safety to the workers. The footwear comprises of a protective reinforcement, which helps the user in protecting their foot from any falling objects or compressions. In the last few years, the rising awareness among the consumers regarding the benefits of using industrial protective footwear is predicted to encourage the growth of the industrial protective footwear market in the coming few years. In addition to this, the increasing number of workplace accidents and the strict rules and regulations are estimated to accelerate the growth of the market in the near future.