Europe dominates PPE sales; North America is number two
The global personal protective equipment market is expected to reach $68.69 billion by 2024, according to a new report by Grand View Research, Inc. Rising awareness toward worker health and safety along with increasing industrial fatalities in the 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 and 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.
Glove sales dominate
Safety gloves dominated global PPE demand, accounting for more than 23 percent of total revenue in 2015. According to OSHA, more than 40 percent 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, according to the report.
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 severe abrasions, punctures, chemical & thermal burns, and cuts are expected to fuel product demand in near future.
M The global personal protective equipment demand was valued at $38.38 billion in 2015 and is expected to reach $68.69 billion by 2024, growing at a 6.7 percent rate from 2016 to 2024
L The Respiratory protection market was worth $5.10 billion in 2015 and is anticipated to witness notable growth over the next eight years on account of increasing requirements in mining, fire services, and emergency response, military and law enforcement, and healthcare.
J 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.
K Manufacturing was the leading end-use segment and accounted for more than 20 percent of total market revenue in 2015. Transportation is expected to witness the highest growth -- 7.1 percent from 2016 to 2024. Increasing automobile production in Asia Pacific is expected to drive this segment.
I Europe was the major PPE consumer and accounted for 33.8 percent of global revenue in 2015, owing to stringent safety regulations coupled with significant demand in oil and gas, transportation and service industries. Asia Pacific is expected to witness the highest growth -- 7.5 percent over the forecast period.
N 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., and Rock Fall Limited.
Hand protection dominated the global demand accounting for more than 23 percent of the overall personal protective equipment revenue in 2015. High demand from various end-use industries including pharmaceuticals, food, chemicals, manufacturing and construction may be attributed to the high market penetration.
Fall protection is anticipated to witness rapid growth in terms of demand over the forecast period and is expected to reach a net worth exceeding $3.6 billion by 2024. Growing construction industry in Asia Pacific and the Middle East is anticipated to remain a key factor driving the fall protection equipment demand over the forecast period.
Protective clothing is anticipated to witness substantial growth over the forecast period. Stringent government regulations regarding the safety of employees are forcing employers to comply with the industry standards, increasing protective clothing demand. Growing awareness toward employee’s health and safety coupled with increasing industrial fatalities owing to lack of protective gear is anticipated to drive market growth over the next eight years.
Chemical defending garments emerged as a leading protective clothing application, accounting for more than 30 percent of the total demand in 2015. EPA categorized different level for chemical industrial protective clothing under occupational health and safety regulations, which made it mandatory for organizations to provide their workers with outfits per these regulations. This is anticipated to raise product demand over the next eight years.
Respiratory protective equipment (RPE) is anticipated to grow at an estimated 7.0 percent rate during the next eight years. High demand may be attributed to increasing prevalence of respiratory and communicable diseases such as H1N1 and bird flu. This is further supported by surging RPE demand from various end-use industries including health care, mining, fire services and emergency response, and military forces to protect personnel against toxic vapors, hazardous gasses, chemical agents, particulates, radiological particles, and biological contaminants.
The air-purifying respirator was the leading respiratory protective equipment product segment and was valued at $2.8 billion in 2015. APRs are used to protect employees against vapors and gasses that are at atmospheric concentrations less than that which are dangerous for health and life. Growing pharmaceutical and construction industry, mainly in Asia Pacific, is expected to drive demand in near future.
Manufacturing was the largest end-use segment in 2015 and is projected to remain the dominant segment in next eight years. The segment is estimated to witness significant growth rates on account of growing manufacturing industry in economies such as China and India. Favorable government initiatives such as “Make in India” are anticipated to fuel PPE demand from the particular end-use industry.
Construction is expected to witness significant growth over the forecast period on account of increasing infrastructure spending in emerging economies such as India and China. Additionally, escalating PPE demand in the Middle East, especially in oil and gas and construction industries, is anticipated to impact market growth in the region positively. Transportation is anticipated to witness the highest growth over the next seven years on account of significant growth in emerging economies such as India, China, and Brazil.
PPE demand in transportation is anticipated to grow at a 7.1 percent rate in the next eight years. Growing transportation sectors in emerging economies such as India and China coupled with rising workforce capacities is expected to augment product demand in future.
Europe dominated the global personal protective equipment market in 2015 and is expected to remain the largest regional market over the forecast period. Increasing occupational fatalities coupled with the requirement for high durable mechanical wear resistance and high utility protective gear in most of the core industries such as refining, metal manufacturing, oil and gas, and automotive is anticipated to augment penetration of the segment over the forecast period.
Europe is expected to witness moderate growth rates in near future on account of rising automated manufacturing industry in the region. North America accounted for more than 29 percent of the global PPE demand in 2015. The North American market is characterized by stringent norms regarding occupational health and safety by regulatory bodies such as OSHA, ANSI, and CSA. These stringent norms are enforcing employers in the region to adopt personal protective equipment to ensure personnel health and safety.
High demand from various end-use industries as oil and gas, chemicals and manufacturing, particularly in Canada, is anticipated to augment product demand due to rising workforce capacities. Product developments are aimed to serve various end-use industries to cater their safety requirements.
Asia Pacific is anticipated to witness highest growth over the foreseeable future owing to increasing product demand in construction and manufacturing industries, especially in emerging economies including China, Indonesia, Vietnam, and India.
The global personal protective equipment market is highly fragmented. The top five players accounted for just above 50 percent of the market share in 2015, according to the report. Honeywell was the market leader with a total share of 24.5 percent of the global revenue in 2015. Other companies having a notable stake in the global PPE industry include Ansell, 3M, DuPont, MSA Safety, Lindstrom and Alpha Pro Tech Ltd. The majority of the companies were involved in product launches and development of innovative products.