KUALA LUMPUR, Malaysia
Oct. 8, 2012
/PRNewswire/ -- Increasing labour and production costs have forced many manufacturing giants to relocate their production bases to Asian countries. As multinational companies with better safety programs continue to enter the region, the number of employees using protective footwear is increasing steadily, thereby presenting significant opportunities for the
protective footwear market.
New analysis from Frost & Sullivan (
Analysis of the Asia-Pacific Protective Footwear Market
, finds that the market earned revenues of
in 2011 and estimates this to reach
The market is at various stages of development in different regions. While the Southeast Asian market is driven by improved legislation, enforcement and awareness among end users, the
market is more mature, highly penetrated and slow growing, driven by customer demand for quality, comfort and style.
"Countries such as
, with expanding industrial sectors like manufacturing, construction and mining, are fertile markets for protective footwear," said
Frost & Sullivan Research Analyst
. "As Southeast Asian end users accord lower priority to style than their western counterparts, manufacturers need to supply competitively priced, basic footwear with more support and protection than style."
The majority of the market demand is met by domestic participants that dominate the Asian markets and are currently focused on producing low-priced goods. The import of Chinese products is further driving down prices, restraining the sale of higher priced products.
Promoting awareness among end users about the right product for the right task is important. With greater awareness and stricter regulations, manufacturers are expected to improve the quality of their products.