The Personal Protective Equipment Market will grow at highest pace owing to increased workplace safety regulations
Market Overview
The personal protective equipment market comprises products such as head protection, eye and face protection, hearing protection, protective clothing and protective footwear. These safety equipment find widespread application in construction, manufacturing, oil and gas, chemicals, food, pharmaceuticals and mining industries. Growing awareness about workplace safety and stringent regulatory standards regarding use of personal protective equipment have boosted demand in recent years.
The global personal protective equipment market is estimated to be valued at US$ 74.98 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Global Personal Protective Equipment Market Size 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. These companies have been focusing on new product launches and geographical expansion to gain more market share. The growing industrialization in emerging economies provides numerous opportunities in the form of rising demand for industrial safety equipment from manufacturing and construction industries. The key players are expanding their global footprint by strengthening distribution networks in high growth regional markets like Asia Pacific and Middle East & Africa.
The growing awareness about importance of workplace safety and enforcement of stringent regulations across industries like oil & gas, construction, manufacturing is driving demand for personal protective equipment. Implementation of international quality and certification standards along with safety standards set by organizations like Occupational Safety and Health Administration (OSHA) and National Institute for Occupational Safety and Health (NIOSH) have boosted adoption of protective equipment. However, availability of low cost counterfeit products is a major challenge faced by leading brands. Fluctuations in raw material prices also poses a threat to stable profit margins for manufacturers.
Market Drivers
Increasing industrialization and construction activities in emerging economies: Rapid infrastructure development and growth of manufacturing sector in Asia Pacific and Middle East is driving demand for safety equipment from high risk industries.
Stringent workplace safety regulations: Implementation of regulations mandating use of specific protective gears across industries has boosted adoption of certified protective equipment.
Market Restrains
Threat from counterfeit products: Piracy and availability of low cost imitation products impacts sales of established brands.
Volatility in raw material prices: Fluctuations in prices of materials like polymers and fabrics used in manufacturing increases uncertainty.
Segment Analysis
The Personal Protective Equipment market is dominated by head, eye, and face sub segment constituting over 30% share. This is primarily because head, eye and face injuries are most common in manufacturing, construction and healthcare industries where PPE is widely used. The demand for head, eye and face protective equipment such as safety helmets, goggles and face shields is increasing at a faster pace due to implementation of stringent worker safety regulations across industries globally.
Global Analysis
North America accounts for over 35% share of the global Personal Protective Equipment market owing to stringent implementation of workplace safety standards in countries like United States and Canada. Presence of major players and availability of technologically advanced products further augment the market growth in the region. Asia Pacific is poised to be the fastest growing market during the forecast period attributed to rapidly expanding manufacturing and construction industries in emerging nations such as China and India. Increasing foreign direct investments coupled with growing awareness about workplace safety and workers rights is anticipated to drive the demand for PPE in Asia Pacific region.
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https://www.ukwebwire.com/personal-protective-equipment-market-size-share-growth-outlook-2023/
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