Industrial Eye Protection Market subject to the growing emphasis on ensuring the health and safety of the workers/employees across a myriad range of industry verticals, has gained a remarkable traction in the recent years. The testimony of the lucrative profitability landscape of industrial eye protection industry is the valuation of USD 1.92 billion it recorded in the yesteryear. Eye protection has been recognized as one of the key components of the overall PPE industry which is indeed set to surpass a humongous valuation of USD 65 billion by 2023. In fact, the industry players, as well as the government authorities are vigorously engaged in increasing awareness pertaining to the importance of eyewear in maintaining the overall worker safety. One such instance recorded was when 3M India, on Vishwakarma Day celebration, announced the inauguration of two ‘Audhyogik Suraksha Rath’ (Mobile Industrial Safety Van). The renowned industrial eye protection market giant, in collaboration with Directorate General Factory Advice Service & Labour Institutes (DGFASLI), through this initiative, is aiming at creating awareness regarding industrial health & safety, by organizing training programs in various industrial centers of the country.
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Another noticeable initiative in this domain was Honeywell’s donation of USD 400,000 in PPE (Personal protective equipment) as a token to support rescue and relief efforts in Mexico, which is devastated by the recent earthquake. Not only this, the significance of industrial eye protection or rather the overall PPE is further quite vivid with the OSHA (Occupational Safety and Health Administration) levying serious penalties on the companies who are failing to comply with the worker safety standards. Apparently, the roofing contractor, Charles Tucker, is to pay a penalty of USD 19,719 for four safety desecrations, including one repeated violation – workers not using eye protection equipment while using pneumatic nail guns. These developments in the industrial eye protection market are set to add a new dynamism in this space encompassing the application, product, as well as the competitive spectrum.
On the application front, industrial eye protection market size is witnessing a substantial push from a myriad range of sectors including construction, food processing, chemicals, oil & gas, mining, pharmaceutical, and transportation. In terms of revenue, the oil & gas sector held 25% of the overall industrial eye protection market share in 2016, while the construction applications accounted for over USD 300 million in the same year. These sectors are poised to provide a massive boost to the overall industrial eye protection industry in the coming years, owing to the high employee safety & health risks in these sectors. In fact, Asia Pacific industrial eye protection industry, on account of the rapidly expanding construction sector, is estimated to witness a commendable surge in the coming years, with India and China as the key revenue pockets.
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Speaking along similar lines, North America industrial eye protection market size is estimated to register a CAGR of 3.2% over 2017-2024. Rapid industrialization coupled with a strict regulatory environment are the two major factors driving the regional demand. U.S. is estimated to lead North America industry growth, the fact is backed by the statistics claimed by NIOSH (The National Institute for Occupational Safety and Health) – Each day, more than 2000 U.S. workers suffer from a workplace eye injury, that demands medical treatment. In fact, according to the estimates, the eye-related injuries alone are capable of incurring a huge loss in terms of, medical expenditure, production time & efficiency, and worker compensation.
Industrial eye protection market, at present, is fairly consolidated with a strong dominance of multinational players including 3M, Honeywell International, Avon-ISI, MSA Safety, Bolle Safety, Ansell Healthcare Products, and Kimberly Clark. The business fraternity is anticipated to be strongly characterized by M&As and product portfolio expansion in the ensuing years. With the rapid industrialization and the rising awareness regarding workers safety, it is quite overt for industrial eye protection market to draw a commendable growth strategy in the years ahead. Global Market Insights, Inc. estimates industrial eye protection market share to surpass a valuation of USD 2.5 billion by 2024.
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