According to a report by Grand View Research, Inc., global personal protective equipment (PPE) market is projected to touch a valuation of USD 68.69 billion by 2024. Growing requirement for quality safety equipment owing to increasing number of workplace accidents are anticipated to propel demand for personal protective equipment. These equipment are likely to protect employees from possible injuries while doing work in industries such as manufacturing, construction, and chemicals.
Stringent health regulations regarding safety of employees are expected to influence growth of market during the forecast period. Increasing number of accidents during industrial operations owing to lack of safety equipment can augment market growth. Shifting consumer preference towards on-field safety and continuous technological advancement in safety equipment can fuel growth of market. Rising adoption of essential safety standards among employers to minimize workplace accidents is expected to stimulate market growth during the forecast period (2014 to 2024).
The personal protective equipment (PPE) market can be segregated on the basis of product, end-use, and region.
Based on product, the market can be categorized into hearing protection, protective clothing, respiratory protection, hand protection, fall protection, protective footwear, head, eye, & face protection, and others. In 2015, the hand protection equipment segment dominated the market and accounted for maximum market share. It can grow at a CAGR of 6.4% during the forecast period. Risks associated with handling corrosive chemicals, heavy duty equipment, and warm objects can spur demand for protective gloves.
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In addition, the fall protection equipment segment is anticipated to display phenomenal growth during the forecast period. It can account for market share worth USD 3653.1 million by 2024. Increasing number of infrastructural projects in the Middle East and Asia Pacific are likely to fuel demand for fall protection equipment in the forthcoming years.
Moreover, respiratory protective equipment can grow well at CAGR of 7% from 2016 to 2024. Rising cases of communicable disorders such as bird flu, H1N1, and other respiratory problems can augment product demand.
Based on end-use, the market can be classified into manufacturing, chemicals, food, pharmaceuticals, transportation, mining, construction, oil & gas, and others. In 2015, manufacturing segment dominated the market and accounted for largest market share. It is expected to grow at CAGR of 6.7% during the forecast period. Growing number of manufacturing activities in countries such as India, Japan, China, Indonesia, and the United Kingdom.
In addition, the construction segment is anticipated to generate revenue in the forthcoming years owing to increasing number of fatalities attributed to faulty machines, electrocution, and fall from heights. High demand for safety equipment related in commercial projects in Asia Pacific and the Middle East can spur market growth.
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Moreover, the food segment can witness substantial growth in the forthcoming years owing to numerous possibilities of employees getting injured during activities such as cutting, cleaning, and warehousing. In addition, growing adoption of safety and health standards by employers can fuel growth of the market.
Regional segmentation includes North America, Asia Pacific, Europe, Central & South America, Middle East, and Africa. In 2015, Europe dominated the market and accounted for maximum market share. It is expected to grow at CAGR of 6% from 2016 to 2024. High demand for protective gears owing to growing concerns towards occupational accidents can fuel market growth in the region.
In North America, the market is anticipated to grow well and account for 29% market share by 2024. Stringent regulations towards occupational health and safety issues by regulatory bodies can influence growth of the market. In addition, growing adoption of personal protective equipment by various industries such as healthcare, mining, and military forces attributed to standard safety regulations can further augment market growth in the region.
The Asia Pacific market is predicted to witness highest growth attributed to rising demand for PPE equipment in construction and manufacturing industries. In addition, supportive initiatives such as tax rebates and incentives for local manufacturers and construction companies can stimulate growth of market in this region. Rising concerns towards compensation costs attributed to increasing number of on-work injuries in industries such as chemical, manufacturing, and transportation can stimulate growth.
Some of the leading companies offering personal protective equipment are DuPont, MSA Safety, 3M, Ansell, and Alpha Pro Tech Limited. Most companies are likely to get involved in R&D activities to develop new and innovative products.
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