According to a new market report published by Transparency Market Research “Industrial Protective Footwear Market – Turkey and Russia Industry Analysis, Trend, Size, Share and Forecast, 2014 – 2020,” the turkey industrial protective footwear market was valued at USD 282.6 million in 2013, which is expected to reach USD 518.2 million by 2020; growing at a CAGR of 9.1% from 2014 to 2020. The industrial protective footwear market in Russia was valued at USD 356.7 million in 2013, and is expected to reach USD 556.1 million by 2020; growing at a CAGR of 6.6% from 2014 to 2020.
Increasing awareness of workplace safety and government regulations are the major factors driving the demand for industrial protective footwear market in Russia and Turkey. In addition, the increasing industrialization and increasing labor force is also fuelling the demand for industrial protective footwear. These government regulations are expected to have an impact over the demand for industrial protective footwear during the forecast period.
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The large potential of industrial protective footwear market in Russia and Turkey is expected to attract new business utilities to enter these markets. However, the duties and regulations are expected to act as barriers for new entrants. In order to sell the products in these regions it is mandatory for foreign manufacturing utilities to abide by these government regulations.
The others segment including government usage, unorganized sector, small scale manufacturing utilities and agriculture, held the largest share for industrial protective footwear in Russia. However, the manufacturing segment is expected to be the fastest growing segment growing at a CAGR of 8.1% from 2014 to 2020. The growth in this segment is attributed to the rapid industrialization and upcoming business utilities in Russia.
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Among the major application segments manufacturing held the largest share in Turkey. However, food segment is expected to be the fastest growing application segment for industrial protective footwear in Turkey; growing at a CAGR of 10.3% from 2014 to 2020. The increasing awareness about workplace safety and government regulations are the major factors fuelling the growth in this region.
Major industry participants include Jal Group (Italy), Rahman Group (India.), Saina Group Co. Ltd. (China), Oftenrich Holdings Company Limited. (Taiwan), Cofra Holdings AG. (Switzerland), Red Wing Shoe Company Inc. (U.S.) and Timberland LLC (U.S.) among others. The report studies the industrial protective footwear market, and provides estimates in terms of revenue (USD Million) from 2014 to 2020. Market estimates on the basis of application have also been provided for Turkey and Russia. The market has been segmented as follows:
Turkey and Russia Protective Footwear Market, by application
Oil and gas
Turkey and Russia Industrial Protective Footwear Market, by Country:
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