Global PPE market size forecast to be $67.6 billion by 2023
The personal protective equipment (PPE) market size is forecast to hit $67.6 billion by 2023; as per a new research report by Global Market Insights, Inc. Rising employee safety and health concerns, along with high numbers of industrial fatalities in unregulated regional industries will drive the global personal protective equipment (PPE) market size.
The U.S PPE market, being one of the most regulated regions, dominated demand, with over $12.5 billion revenue in 2015. Product innovation, with changing needs for protective gear that combines safety with attractiveness in terms of appearance, will augment industry expansion.
Safety guidelines set by OSHA, especially in the U.S., will be a key growth facilitator. Rising fatality rates in core industries, including automotive, refining, metal processing and oil & gas will be a key parameter for demand development.
Hand protection, including industrial safety gloves market, is forecast to grow at a rate of 7%, from $8.7 Billion in 2015. Food manufacturing, heavy chemicals, clinical diagnostics, pharmaceuticals, mining and metals are key application areas for this segment.
Personal protective equipment manufacturers design and supply products for different end-use industries by employing unique and innovative technologies. Most of them either have their own proprietary technology or license it from other industry participants.
Global personal protective equipment market size was over $38 billion 2015, with 7.3% rate growth forecast from 2016 to 2023.
The industrial protective clothing market size, dominated by flame retardant apparel, is forecast to witness 7.4% rate growth, from $8.5 billion in 2015.
The protective footwear market is likely to witness moderate gains, with over $12.5 billion in revenue estimated by 2023.
Strong construction indicators in South East Asia and Africa will likely result in a surge for head, eye and face protection demand over the forecast period.
Hearing protection devices increase communication capabilities for high noise environments where communication is paramount. Positive oil & gas outlook with rising number of shale plays in the region is anticipated to augment hearing protection demand in near future. The Asia-Pacific market (APAC) is expected to be the fastest growing hearing protection market, with 6.7% rate forecast.
U.S. and Europe PPE market share is likely to be stagnant, with most of the industry being regulated with strict safety guidelines and product specifications. APAC should continue being an attractive regional industry, with Japan, China and India personal protective equipment market share being over 86% of regional demand in 2015. India PPE market size is set at 8.2% rate growth from 2016 to 2023.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.