Personal Protective Equipment Market Estimated to Witness High Growth Owing to Increasing Stringent Regulations Regarding Worker Safety
Personal protective equipment refers to protective clothing, helmets, goggles, or other garments or equipment designed to protect the wearer's body from injury or infection. Workers in various industries such as manufacturing, oil and gas, construction, food processing, and healthcare routinely employ personal protective equipment to prevent exposure to chemical, radiological, physical, electrical, mechanical, or other workplace hazards. The global personal protective equipment market is estimated to be valued at US$ 65.08 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics: One of the key drivers for the growth of the personal protective equipment market size is the stringent regulations regarding worker safety across various industries. Both national as well as international organizations are introducing new guidelines and standards to ensure maximum protection of workers from workplace hazards. For instance, in the US, the Occupational Safety and Health Administration (OSHA) has developed extensive standards for workplace safety and the types of personal protective equipment required for numerous jobs and industries. Similarly, in the EU, European Commission directives prescribe the minimum health and safety requirements for the use of personal protective equipment at work. The growing awareness about the importance of worker safety and rising number of industrial accidents are expected to further drive the demand for personal protective equipment over the forecast period. The increasing standards and regulations in the construction, manufacturing, chemical and healthcare industries are thus estimated to propel the personal protective equipment market growth.
SWOT Analysis
Strength: The personal protective equipment market has immense growth opportunities owing to favorable regulations mandating the use of protective gears across industries. The strict occupational safety norms have propelled demand for high-quality and standard-compliant protective apparels and accessories. Additionally, rising awareness about workplace safety is anticipated to bolster the market over the next few years.
Weakness: However, availability of low-cost counterfeit products may hamper the sales of established brands. Also, expensive procurement and maintenance costs associated with some premium protective equipment poses challenges, especially for small enterprises.
Opportunity: Product innovation led by advanced material science and customized solutions according to industry type will create new avenues. Furthermore, the increasing per capita income will swell the replacement demand for protective wear. Growing non-residential construction activities in developing nations also present lucrative prospects.
Threats: Slow industrial activity due to macroeconomic headwinds can negatively impact the demand. Also, market disruption by new entrants offering low-budget protective solutions acts as a threat.
Key Takeaways
The global personal protective equipment market is expected to witness high growth over the forecast period. The market size is projected to reach US$ 65.08 Billion by 2024.
Regional analysis: North America presently dominates the global PPE market and will continue its stronghold during the assessment years. This can be majorly attributed to stringent workplace safety regulations and growing manufacturing sector across the US and Canada. Meanwhile, Asia Pacific is identified as the fastest-growing region owing to rapid industrialization and infrastructure development activities underway in various countries.
Key players: Key players operating in the personal protective equipment market are Arkema Group, DowDuPont Inc., Ensinger GmbH, Evonik Industries AG, UBE Industries Inc., Techmer PM LLC., Invista, EMS-Chemie Holding AG, RTP Company Inc., Toray Industries Inc., Formulated Polymers Limited, and Merck KGaA.
Get more insights on this topic: https://www.newswirestats.com/personal-protective-equipment-market-size-and-outlook/
Explore more information, Please visit: https://masstamilan.in/shipbuilding-an-ancient-industry-still-dominating-global-trade/
English
Arabic
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian