The global personal protective equipment market is expected
to reach USD 68.69 billion by 2024, according to a new report by Grand View
Research, Inc. Rising awareness towards worker health and safety along with
increasing industrial fatalities in rising economies of India, Vietnam, and
China owing to lack of protective gear is anticipated to drive the global
market over the forecast period.
Technological
innovation, coupled with shifting consumer preference towards protective
equipment which combines fashion with safety is further estimated to drive
market expansion. Executive management in industrial firms has been becoming
proactive regarding employee health & safety. The stringent regulatory
framework in economies such as the U.S. and the UK has been forcing companies
to follow strict safety norms to avoid occupational hazards.
Safety
gloves dominated the global PPE demand accounting for over 23% of total revenue
in 2015. According to OSHA, over 40% of the industrial fatalities and accidents
are related to hand injuries. An increasing number of hand cuts, arm injuries,
and abrasions in the workplace may be attributed to the high demand of this
segment.
Hand
protection products such as durable & disposable gloves find application in
industries such as food, pharmaceuticals, manufacturing, construction, and
chemicals, to safeguard the risk of hand injuries in the shop floor. Rising
instances of hand injuries including severe abrasions, punctures, chemical
& thermal burns, and cuts at the workplace are expected to fuel product
demand in near future.
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Further key findings from the study suggest:
- The global personal protective equipment demand was valued at USD 38.38 billion in 2015 and is expected to reach USD 68.69 billion by 2024, growing at a CAGR of 6.7% from 2016 to 2024
- Respiratory protection market was worth USD 5.10 billion in 2015 and is anticipated to witness notable growth over the next eight years on account of increasing requirement in mining, fire services, and emergency response, military & law enforcement, and healthcare.
- Chemical defending garments were the leading protective clothing segment in 2015. Stringent regulations coupled with growing chemicals and petrochemicals industries particularly in North America and the Middle East have contributed significantly towards the product commercialization.
- Manufacturing was the leading end-use segment and accounted for over 20% of total market revenue in 2015. Transportation is expected to witness the highest growth of 7.1% from 2016 to 2024. Increasing automobile production in Asia Pacific is expected to drive this segment.
- Europe was the major PPE consumer and accounted for 33.8% of global revenue in 2015 owing to stringent safety regulations coupled with significant demand in oil & gas, transportation and service industries. Asia Pacific is expected to witness the highest growth of 7.5% over the forecast period.
- Key companies operating in the global personal protective equipment industry include Ansell Ltd, 3M Company, Honeywell, Alpha Pro Tech Limited, Avon Rubber PLC, COFRA Srl, Oftenrich Holdings Company Ltd., Uvex Safety Group, and Rock Fall Limited.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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