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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