PPE & WORKWEAR
The global personal protective equipment market is expected to reach $68.69 billion by 2024, according to a new report by San Francisco based market research and consultancy Grand View Research, Inc.
The research suggested that rising awareness towards worker health and safety coupled with increasing industrial fatalities in rising economies of India, Vietnam, and China owing to lack of protective gear is set to drive the global PPE market over the forecast period.
Technological innovation in the sector alongside shifting consumer preference towards protective equipment which combines fashion with safety is further estimated to drive market expansion. The survey found executive management in industrial firms have been becoming proactive regarding employee health and safety.
This change in management perception could tie in with stringent regulatory framework in economies such as the U.S. and the UK which has forced companies to follow strict safety norms to avoid occupational hazards.
Europe was pinpointed as a major PPE consumer, accounting for 33.8% of global revenue in 2015. The research estimated this was the case because of the implementation of stricter safety regulations coupled with significant demand in oil, gas, transportation and service industries.
Asia Pacific was found as the area set to witness the highest growth of 7.5% over the forecast period.
The survey reported that the global personal protective equipment demand was valued at $38.38 billion in 2015 and is expected to reach the projected figure of $68.69 billion by 2024, growing at a CAGR of 6.7% from 2016 to 2024.
The survey’s findings show that safety gloves have accounted for over 23% of total PPE revenue in 2015. This isn’t surprising as the USA Occupational Safety & Health Administration state that over 40% of the industrial fatalities and accidents are related to hand injuries. Increasing numbers of hand cuts, arm injuries, and abrasions in the workplace also may be attributed to the high demand of this segment.
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Hand protection products such as durable and 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. With this in mind Grand View found that rising instances of hand injuries including severe abrasions, punctures, chemical and thermal burns, and cuts at the workplace are expected to fuel product demand in near future.
The research also found that the respiratory protection market, which was worth $5.10 billion in 2015, is set to grow exponentially over the next eight years because of increasing need in mining, fire services, emergency response, military and law enforcement and healthcare settings.
Chemical defending garments were the leading protective clothing segment last year. Stringent regulations coupled with growing chemicals and petrochemicals industries particularly in North America and the Middle East have contributed significantly towards product commercialisation.
The findings illustrated that 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 with increasing automobile production in Asia Pacific expected to drive this segment.
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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