The global personal protective equipment market is expected to reach USD 68.69 billion by 2024, according to a new report by Grand View Research, Inc. Rising awareness towards worker health and safety along with increasing industrial fatalities in rising economies of India, Vietnam, and China owing to lack of protective gear is anticipated to drive the global market over the forecast period.
Technological innovation, coupled with shifting consumer preference towards protective equipment which combines fashion with safety is further estimated to drive market expansion. Executive management in industrial firms has been becoming proactive regarding employee health & safety. The stringent regulatory framework in economies such as the U.S. and the UK has been forcing companies to follow strict safety norms to avoid occupational hazards.
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Safety gloves dominated the global PPE demand accounting for over 23% of total revenue in 2015. According to OSHA, over 40% of the industrial fatalities and accidents are related to hand injuries. An increasing number of hand cuts, arm injuries, and abrasions in the workplace may be attributed to the high demand of this segment.
Hand protection products such as durable & disposable gloves find application in industries such as food, pharmaceuticals, manufacturing, construction, and chemicals, to safeguard the risk of hand injuries in the shop floor. Rising instances of hand injuries including severe abrasions, punctures, chemical & thermal burns, and cuts at the workplace are expected to fuel product demand in near future.
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Further key findings from the report suggest:
· The global personal protective equipment demand was valued at USD 38.38 billion in 2015 and is expected to reach USD 68.69 billion by 2024, growing at a CAGR of 6.7% from 2016 to 2024
· Respiratory protection market was worth USD 5.10 billion in 2015 and is anticipated to witness notable growth over the next eight years on account of increasing requirement in mining, fire services, and emergency response, military & law enforcement, and healthcare.
· Chemical defending garments were the leading protective clothing segment in 2015. Stringent regulations coupled with growing chemicals and petrochemicals industries particularly in North America and the Middle East have contributed significantly towards the product commercialization.
· Manufacturing was the leading end-use segment and accounted for over 20% of total market revenue in 2015. Transportation is expected to witness the highest growth of 7.1% from 2016 to 2024. Increasing automobile production in Asia Pacific is expected to drive this segment.
· Europe was the major PPE consumer and accounted for 33.8% of global revenue in 2015 owing to stringent safety regulations coupled with significant demand in oil & gas, transportation and service industries. Asia Pacific is expected to witness the highest growth of 7.5% over the forecast period.
· Key companies operating in the global personal protective equipment industry include Ansell Ltd, 3M Company, Honeywell, Alpha Pro Tech Limited, Avon Rubber PLC, COFRA Srl, Oftenrich Holdings Company Ltd., Uvex Safety Group, and Rock Fall Limited.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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