|Status : Published||Published On : Apr, 2023||Report Code : VRCH2018||Industry : Chemicals & Materials||Available Format :||Page : 247|
The global personal protective equipment market was valued at USD 62.7 billion in 2022 and is expected to reach USD 92.5 billion by 2030, growing at a CAGR of 8.7% during 2023-2030. The growth of this market is attributed to the escalated need for respiratory equipment that is needed in mining, healthcare, emergency response, military enforcement, and fire services. Moreover, the rapid explosion of COVID-19 disease globally is escalating the demand for personal protective equipment globally this has led to a shortage of supply of these products and manufacturers are emphasizing their efforts towards enhancing its supply at a rapid pace.
The protective equipment comprises garments in order to protect healthcare workers or any other persons from getting infected. This equipment usually comprises masks, gloves, and gowns. In order to protect a person from airborne or blood high infections it will comprise of mask, face protection, goggles, gown, or coverall.
The Occupational Safety and Health Act (OSHA) has come up with several health safety organizations for distinctive ideas to dilute the lack of awareness about safety regarding health hazards among workers. Such an initiative to improve the safety standards among workplaces is escalating the demand for personal safety equipment. Furthermore, glove manufacturers have increased the use of renewable resources for cost-cutting which would further intensify the demand of the global personal protective equipment market.
The adherence to workplace safety regulations in earthquake-prone areas and the growing awareness of precautions meant to be taken post-disasters drive the product demand. The change in consumer trends along with technological advancements have led to a noteworthy change in the techniques of manufacture that is further escalating the growth of the global personal protective equipment market.
Insight by Product Type
Based on product type, the global personal protective equipment market is categorized into hearing protection, head, eye & face protection, respiratory protection, fall protection, protective footwear, protective clothing, hand protection, and others. Of all, the hand protection segment held the largest share in the global market in 2019, owing to the growing awareness pertaining to employee protection and the initiatives taken to reduce injury rates through industrial and commercial sectors.
Respiratory protections such as unpowered respirators are highly demanded by the mining and petrochemical sectors. Furthermore, there has been witnessed advancement in the demand for disposable protective clothing in the healthcare industries which would complement the growth of this segment owing to the outbreak of epidemic globally. This segment is further significantly contributing to the growth of the global personal protective equipment market.
Insight by Application
On the basis of application, the global personal protective equipment market is categorized into oil & gas, construction, chemicals, transportation, manufacturing, pharmaceuticals, food, mining, and others. The oil and gas segment is expected to witness the highest CAGR during the forecast period as the advancement in the deals for natural gas is climbing demand by organizations of petroleum exporting countries.
Increasing requirements related to eyewear as formulated by OSHA regulation and increasing innovations undertaken by key manufacturers of safety equipment are the key trends witnessed in the global personal protective equipment market. Rapid innovations in hand protection are occurring at a massive rate according to ANSI/ISEA 138 impact standard, related to safety gloves that have observed huge momentum.
According to the standard, manufacturing requires strict labeling, test methods, and classification for gloves. This innovation is our most important in the situation where coronavirus is at its peak globally and is further expected to prevail for which vital safety measures are to be implemented.
As a result, of this innovation in hand protection gloves global personal protective equipment market is witnessing significant growth.
The sudden outbreak of coronavirus is the key factor driving the growth of the global personal protective equipment market in the current scenario. The drastic changes occurring due to COVID-19 are impacting every individual globally and as a result to demand for personal protective equipment is increasing rapidly. World Health Organization (WHO) has urged all the manufacturers of personal protective equipment globally to increase the production of these equipment on an immediate basis. According to WHO, as of 13 April 2020, the number of confirmed coronavirus cases was around 16,99,595, and confirmed deaths due to COVID-19 were around 1,06,138 globally.
Furthermore, all these patients along with healthcare workers and people all over the world are required to be provided with personal protective equipment as fast as possible to deal with this global pandemic. Moreover, the organization states that with the emergence of COVID-19, many other repercussions could prevail such as seroepidemiological problems, virological and clinical characteristics along with epidemiological issues of the virus and associated disease. Additionally, in order to combat this situation rapid development of personal protective equipment is extremely vital and is significantly contributing towards the growth of the global personal protective equipment market.
Moreover, the increase in the construction of infrastructure, growth in mining due to rise in demand for natural resources and the escalation of the need for medicines leading to growth in the pharmaceutical industry are the key factors observed in the growth of the global personal protective equipment market. The increase in the construction of infrastructure is highly witnessed in the growing economies such as India, China, and Iran. The awareness of the infrastructure industry to provide personal protective equipment to reduce the injury rate is further bolstering the growth of the global personal protective equipment market.
However, the manufacturing process is highly cost-intensive with various complexities that are difficult for the shop-floor workers to comprehend. This is a key factor that acts as a hurdle for the growth of the personal protective equipment market.
Geographically, Europe is the largest revenue contributor in the global personal protective equipment market due to the rapid growth of the pandemic massively in the region. The demand for personal protective equipment has been exceeded by the European Union in order to fight coronavirus. The demand for personal protective equipment from this region is 10 times more as compared to that of what is available in stock. According to a report published by the European Union, approximately 1,563,857 cases of COVID-19 till the first week of April and the total number of deaths registered in the region has been reported as 95,044.
Additionally, countries such as Spain, Italy, Germany, France, and the United Kingdom (UK) are estimated to register the largest number of coronavirus cases. Moreover, doctors are threatening to quit their jobs in Europe due to the inaccessibility of types of equipment. As a result, to government is estimated to spend USD 265 million on personal protective equipment which is expected to bolster the growth of the personal protective equipment market in the region.
Furthermore, the prevalence of key players manufacturing personal protective equipment in North America along with the aim of these companies to enhance their solution offers is the key factor driving the growth of personal protective equipment in this region. Additionally, providing improved personal protective equipment to the end-users is another factor pertaining towards the growth of the PPE market in North America. The number of COVID-19 cases in North America is also increasing rapidly with registered cases of almost 5,04,780 and 18,763 deaths as registered in the first week of April. Furthermore, the massive explosion of coronavirus along with sufficient accessibility to personal protective equipment to healthcare workers is increasing in the region that is further bolstering the growth of the personal protective equipment market in this region.
Moreover, Asia-Pacific is expected to witness substantial growth in the personal protective equipment market. COVID-19 disease escalated in China as a result which Chinese suppliers have contracted a supply of personal protective equipment that was almost 80% previously to the U.S. Furthermore, pandemic outbreaks led to the worst hit in China although the country is recovering and has started exporting the medical supplies to the U.S. and other affected countries. Additionally, a country such as India is witnessing an increasing number of coronavirus cases and the demand for personal protective equipment will enhance at a significant rate.
Key players operating in the global personal protective equipment market are emphasizing their efforts upon strategic acquisitions in order to strengthen capabilities of research & development that support them in providing innovative solutions to the users and thus gain competitive advantage.
Some of the major players operating the global personal protective equipment market are The 3M Company, Ansell Limited, Honeywell International Inc., Sioen Industries NV, Kimberly-Clark Corporation, E I DuPont de Nemours and Co., MSA Safety Inc., Lakeland Industries, Alpha Pro Tech, Ltd., Radians Inc., Delta Plus Group, Uvex Safety, Avon Rubber, and Metric AG.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data, and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research