Personal Protective Equipment Market Size US$ 59.7 Bn by 2026
LOS ANGELES, Feb. 20, 2020 /PRNewswire/ -- The global personal protective equipment market is anticipated to grow at a CAGR of around 5.8% during the forecast period 2019 to 2026 and to reach the market value of around US$US$ 59.7 Bn by 2026.
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The personal protective equipment market growth is driven by the stringent government regulations regarding worker safety, growing demand for personal protective equipments in various end user industries, growing importance of workplace safety, and increase in number of manufacturing plants and production activities. Furthermore, growing investment by developing counties in construction and manufacturing industries, rising demand for oil and gas across the globe, and increase in demand from application sectors which includes oil & gas, marine, and renewable energy, is estimated to boost the market growth.
Asia-Pacific dominated the global personal protective equipment market in the year 2018. The region has experienced the potential growth owing to the presence of personal protective equipment companies such as E I Dupont De Nemours and Co., 3M, Kimberly-Clark Corporation, and Ansell Limited among others. Growing number of manufacturing plants and rising foreign direct investment in manufacturing and construction sector is additionally accelerating the regional market growth. Moreover, technological advancement and increase in the number of applications, growing production and consumption of personal protective equipment, increase in personal protective equipment production in China, India, and Japan and growing end user industries such as oil & gas, manufacturing, and construction are expected to enhance the market size. The emerging countries of the APAC region offer tremendous opportunities in the personal protective equipment market due to the growing foreign direct investment in manufacturing sectorand government support and subsidies for the development of manufacturing plants.
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The North America region is expected to exhibit a second-largest share in the personal protective equipment market. Stringent government regulations towards safety in organization and rise in awareness of workplace safety in the region rise the demand for personal protective equipmentis expected to contribute to market growth. Additionally, growing demand for personal protective equipment in various end user applications, increase demand for production and consumption of personal protective equipmentin this region further expected to further propel the growth of the market. The US has large research and development hub which increases the innovation and development in personal protective equipment and growing manufacturing base of personal protective equipment propels the market growth. This further grows the demand for personal protective equipment in the region over the forecast the period.
Europe is expected to register highest CAGR during the forecast period. The growing construction industry, high research and development from personal protective equipment manufacturers, growth in production ofpersonal protective equipment further expected to boosts the demand for personal protective equipment in the region during the forecast period.
The manufacturing segment expected to grow at the fastest rate of 7.4% CAGR during the forecast period. Based on end-use industry, the global personal protective equipment market has been segmented into manufacturing, construction, oil & gas, healthcare, and others. Increase in number of manufacturing plants and stringent government regulations towards workplace safety and increase in awareness about worker safety. These factors are further expected to raise segment over the forecast period.
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Hands & arm protection segment dominated the personal protective equipment market on the basis of type in the year 2018. The hands & arm protection segment accounts of the largest share in the market and held for more than 35% of the total market in 2018. The major factors that are driving the growth of this segment are the rising demand safety in manufacturing plants, growing demand for hand & arm protection equipment in construction, manufacturing, and healthcare industries. This expected to enhance the dominance of the hands & arm protection segment in the global market over the forecast period.The manufacturers Honeywell International Inc., 3M, MSA Safety Inc., and Kimberly-Clark Corporation are the mainly investing in the development of knuckle boom crane which expected the lead the market in the coming years.
Some of the leading competitors are MSA Safety Inc., Lakeland Industries, Inc., Alpha Pro Tech, Ltd., Sioen Industries NV, National Safety Apparel, Protective Industrial Products, Inc, Radians, Inc., Honeywell International Inc., E I Dupont De Nemours and Co., 3M, Kimberly-Clark Corporation, and Ansell Limited.
Some of the key observations regarding personal protective equipment industry include:
- In August 2019, Honeywell International Inc. developed single use molded masks which are used in general industrial and construction industries.
- In September 2019, 3M developed its safety gloves portfolio and with the addition of three new gloves. The new products are mainly used in construction and electrics\al industries.
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