The Personal Protective Equipment Market is Anticipated to Witness High Growth Owing to Increasing Awareness About Industrial Safety
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| Personal Protective Equipment Market |
The personal protective equipment
market comprises products that protect users against health and safety risks at
workplaces. Protective clothing and gear including gloves, safety helmets,
goggles, safety shoes, and breathing masks prevent injuries caused by hazards
like chemicals, extreme temperatures, sharp objects, falling objects,
electricity, and other environmental factors. Factors like mandatory industrial
safety legislations, stringent regulatory standards to ensure worker
protection, increasing workplace hazards in industries like construction,
manufacturing, oil and gas, mining etc. are driving demand for personal
protective equipment.
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
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. The increasing demand for protective gear
from industries dealing with hazardous materials and processes is expected to
propel market growth during the forecast period. Additionally, vendors are
expanding their businesses globally with a focus on emerging economies in Asia
Pacific and Latin America to tap the increasing demand.
The growing demand for personal
protective equipment from industries like construction, manufacturing, oil and
gas, mining etc. is expected to drive the market growth over the forecast
period. Constantly evolving workplace hazards and increased awareness about
worker safety have increased demand for protective clothing, helmets, goggles,
shoes, masks and other gear. Stringent regulatory pushes for mandated
industrial safety gear adoption will further augment market revenues.
Global
Personal Protective Equipment Market Size is expanding with vendors
increasingly focusing on countries in Asia Pacific and Latin America. Emerging
economies like China, India, Brazil, Mexico see a growing industrial and
construction activity resulting in increased demand for safety gear.
Additionally, evolving workplace safety regulations in these regions will boost
procurement of personal protective equipment by both public and private
sectors.
Market drivers
A major market driver is the
growing adoption of stringent worker safety regulations across industries.
Regulatory bodies have mandated extensive use of personal protective gear for
high-risk jobs. Non-compliance can result in hefty penalties driving
organizations to prioritize worker protection. Another key factor is the
increasing awareness about occupational hazards and the role of protective
equipment in preventing accidents. Rising efforts by employers and experts to
educate workers about safety practices are augmenting demand.
The Personal Protective Equipment
market is facing significant impact due to the ongoing geopolitical issues
globally. The trade restrictions and economic sanctions imposed between major
trading partners like USA, China and European Union are negatively impacting
the supply chains and availability of raw materials required for manufacturing
PPEs. The price volatility of crude oil which is a major feedstock is another
challenge.
The pandemic has made the demand
for PPE skyrocket but the supply chain disruptions are creating hindrances.
Significant investments and collaborations between manufacturing countries are
the need of the hour. Developing alternative low-cost sources of raw materials
within the regions can help mitigate over-dependency on global supply routes.
Standardization of quality certifications between trading blocks will help
boost cross-border commerce.
North America is currently the
largest market for PPE in terms of value, accounting for over 30% share.
Stringent safety regulations across industries like oil & gas,
construction, manufacturing etc and high per capita income levels are driving
demand. However, declining oil prices and economic slowdown post COVID-19 may
impact growth in short term.
The Asia Pacific region excluding
Japan is expected to see strongest growth averaging around 6% annually during
the forecast period on back of increasing industrial and construction
activities. Rapidly expanding manufacturing industries, special economic zones
and 'Make in India' campaign are catalysing the PPE adoption. China with its
large population of migrant workers and growing infrastructure remains a volume
driver while India is emerging as a major outsourcing hub.
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