Personal Protective Equipment Market size forecast likely to hit USD 67.66 billion by 2023, at a CAGR of 7.3% from 2016 to 2023: Global Market Insights Inc.
With significant regulatory deviation across regions, personal protective equipment market share is moderately consolidated, with high price sensitivity being key purchase criteria. However, some global participants have managed to overcome regional barriers, with Honeywell leading the industry interns of market share, estimated at over 27% in 2015.
Personal Protective Equipment (PPE) Market Size By Product (Head, Hearing Protection, Hand Protection, Protective Clothing, Eye & Face Protection, Protective Footwear, Respiratory Protection, Fall Protection), By Application (Construction, Oil & Gas, Manufacturing, Chemicals, Pharmaceuticals, Food, Transportation), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023
Global Personal Protective Equipment (PPE) Market size is predicted to touch $67.66 billion by end of 2023 and register a CAGR of 7.3% during forecast timeframe. Growing consciousness about employee safety & health along with high accident rate owing to unavailability of protective gear is predicted to promote personal protective equipment (PPE) industry growth during forecast timeframe.
OSHA (Occupational Safety and Health Administration) security guidelines across U.S. and Europe will fuel the industry growth. Technological breakthroughs, highlighted on low priced and durable materials, is predicted to play a vital role to assure a stable personal protective equipment(PPE) market price trend and continue industry penetration.
Healthy economic and infrastructure indicators in countries like India and China are predicted to drive the industry growth in future. Government investments in infrastructure projects in India amounted to $155 billion for 2014 and this gives an implication about the kind of business opportunities existing in these regions for PPE suppliers & distributors.
Industrial production in China expanded by 7.7% in 2014 with more growth recorded in automotive sector, mining industry, chemical fibre industry, industrial machinery segment, gas distribution sector, metal fabrication industry and electrical equipment segment.
Industry is segmented into various kinds of products like hand protection, fall protection, industrial protective clothing, protective footwear and others.
Hand protection segment size was valued at $8.7 billion for 2015 and predicted to record more than $14.9 billion of revenue by end of forecast timeframe. Chemical industry, food industry, production sector, pharmaceutical sector and construction sector are key industries contributing major share in demand & growth of this segment.
Fall protection segment is predicted to register CAGR of 7.9% by 2023. Oil & gas industry, power & energy sector and defence sector are the key applications of this segment.
Industrial protective clothing segment size is predicted to surpass $15 billion by end of forecast period. Strong regulations towards reducing injury & fatality from fire, nuclear or chemical risks are predicted to play a significant part in segment growth. It is projected to register more than 18% revenue by end of forecast timeframe.
Other products include hearing, head, respiratory protection and face.
Manufacturing applications contributed to about more than 20% of industry revenue for 2015 and is predicted to contribute substantial portion to personal protective equipment market share.
Transportation applications are predicted to offer significant industry growth avenues and contributed about $5 billion revenue for 2015. Construction application is yet another highly expanding application segment with CAGR prediction of about 7.5% by end of 2023. Overhead expenses related to workplace casualties are predicted to enhance the product penetration in the segment in coming years.
Oil & gas application was evaluated at more than $6 million for 2015 in terms of size and is predicted to surpass revenue of $11 billion by end of 2023.
Pharmaceuticals, chemical processing and food technology are few of the other key areas of applications.
Read full market research report “Personal Protective Equipment (PPE) Market Size By Product (Head, Hearing Protection, Hand Protection, Protective Clothing, Eye & Face Protection, Protective Footwear, Respiratory Protection, Fall Protection), By Application (Construction, Oil & Gas, Manufacturing, Chemicals, Pharmaceuticals, Food, Transportation), Industry Analysis Report, Regional Outlook (U.S., Germany, UK, France, Russia, China, India, Japan, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023”, please click on the link below:
U.S. personal protective equipment (PPE) market size was projected to be more than $ 12 billion for 2015 and is predicted to expand strongly during forecast period. Growing occupational fatality rate along with increasing requirement for highly robust involuntary wear resistant & utility protective gears across main industries are predicted to drive the industry growth in the region.
Europe is predicted to witness sluggish industry growth in future due to weak economic drivers and slow production index across European Union.
APAC personal protective equipment (PPE) market is predicted to surpass revenue of $13 billion by end of forecast period. Countries like China and India are predicted to contribute to the industry growth of the region.
MEA and Latin America personal protective equipment industry size is predicted to expand more than 7% during the forecast timeframe.
Key industry players profiled in the report include MSA Company, 3M Company, Cigweld, Radians, Uvex Safety Group, JAL Group Italia Srl, DuPont, Honeywell, Ansell Limited, Oftenrich Holdings Company Limited, Alpha Pro Tech Limited, Avon Rubber p.l.c, COFRA Srl, Rock Fall Limited, BartelsRiegerAtemschutztechnik GmbH & Co. KG, Mallcom, Polison and Gateway Safety Incorporation.
Honeywell was the global industry leader for 2015 contributing about more than 27% of the industry share.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.