Personal Protective Equipment (PPE) Market size forecast is likely to hit USD 67.66 billion by 2023
Personal Protective Equipment (PPE) market size is forecast to hit USD 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 number of industrial fatalities in unregulated regional industries will drive the global personal protective equipment (PPE) market size.
U.S PPE market, being one of the most regulated regions, dominated demand, with over USD 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 guideline set by OSHA, especially in the U.S. will be a key growth facilitator. Rising fatality rate 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 7% CAGR, from USD 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.
Key insights from the report include:
- Global personal protective equipment market size was over USD 38 billion 2015, with 7.3% CAGR growth forecast from 2016 to 2023.
- Industrial protective clothing market size, dominated by flame retardant apparel, is forecast to witness 7.4% CAGR growth, from USD 8.5 billion in 2015.
- Protective footwear market is likely to witness moderate gains, with over USD 12.5 billion revenue estimate 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. APAC is expected to be the fastest growing hearing protection market with 6.7% CAGR 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 continues being an attractive regional industry, with Japan, China and India personal protective equipment market share being over 86% regional demand in 2015. India PPE market size is set 8.2% CAGR growth from 2016 to 2023.
- Global personal protective equipment market share is moderately concentrated over 60% global demand being met by top 5 participants in 2015. Core PPE manufacturing companies include RockFall Ltd., 3M Co., Alpha Protech, Ltd., Honeywell, JAL Group and DuPont.