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Advanced Protective Gear and Armor Market 2019 Dominated by 3M, Kimberly-Clark Corporation, BAE Systems, Bolle Safety, MSA Safety, Eagle Industries

03-14-2019 03:06 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Prognosis

The global advanced protective gear and armor market was estimated at USD 13.93 billion in 2017. The market is expected to reach USD 18.40 billion by the end of 2023, registering a CAGR of 4.75% during the forecast period (2018 - 2023).

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The advanced protective gear and armor market is expected to witness steady growth across the world, owing to the high frequency of terrorist activities and related geopolitical events. Though protective gear remains an integral part of the defense industry, it is not reflected in the expenditure and only a small amount is allocated for the purchase of protective gear. Emphasis on mobility and comfort has been a widely-accepted trend across different manufacturing verticals, as ease of movement is very critical in intense situations.
The evolution of wearable technology is further expected to boost the industry demand for advanced protective gears that are integrated with sensors and other assisting technologies, which can help report any vital stress signals and other information to signal the safety state of the employee. Leading manufacturers in the market have entered the developing economies to fuel the growth of brands, take advantage of the large untapped potential, and exploit the opportunity to enhance their hold on the global protective gear and armor market.

Major key players include
3M, Kimberly-Clark Corporation, BAE Systems, Bolle Safety, MSA Safety, Eagle Industries.

RECENT DEVELOPMENTS
• July 2017: MSA Safety Incorporated announced that it completed its acquisition of Globe Holding Company LLC. Globe is a leading innovator and manufacturer of firefighter protective clothing and boots, with approximately 420 employees across four US locations.
• January 2017: BAE systems and Turkish aerospace Industry signed a heads of agreement to collaborate on the first development phase of an indigenous fifth-generation fighter jet for the Turkish Air Force- TF-X.

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INCREASING SAFETY AWARENESS ACROSS THE INDUSTRIES TO DRIVE THE MARKET GROWTH
Countries have been making safety regulations more stringent than before. The enforcement of these stringent regulations helped to increase the levels of awareness among both employers and workers across the industries. Labelling products is aimed at informing the workers regarding the hazards from which these products offer protection. This initiative has resulted in significant increase in awareness among the industry workers, particularly within the construction industry. Considering the direct and indirect monetary losses, organizations that involve in physical risks are persistently insisting their employees on using the correct personal protective equipment to avoid accidental damage. Replacing skilled workforce is not an easy task, which further prompts the organizations to stress on the importance of their employees using protective equipment. These organizations often conduct safety awareness drives and training sessions to educate their respective workforce regarding the safety and related precautionary measures, which hold a critical importance in ensuring the safety of the employees.

INDUSTRIAL SECTOR TO DOMINATE THE MARKET
The Government of China has recommended the use of advanced protective gears and armors across industrial hubs for improving safety measures. Moreover, most of the developing countries in APAC and Europe are undertaking the policy-level initiatives for the use of protective gears and fiscal measures for funding requisite technological safety upgrades. Chemical industry is also one of the most unsafe workplaces, as most of the workers work with hazardous chemicals. Hence, they need protective gloves, helmets, and aprons to cover their bodies, even from radiation. These dynamics are driving the market for protective gears in the industrial sector. With rapid advances in technologies, automobiles currently are becoming more complex. In addition, the automobile industry, globally, is flourishing and it is expected that the total number of vehicles worldwide could double to 2.5 billion by 2050.

ASIA-PACIFIC TO WITNESS HIGH GROWTH RATE
Asia-Pacific is one of the fastest-growing markets in the global advanced protective gear and armor market. The region is expected to witness the highest CAGR in the global markets, with China, Japan, and India leading the growth over the forecast period. The markets in China and India are expected to be driven by the high demand from the military & defense and law enforcement sectors. Growing budgets for defense and military operations and the presence of a large number of individuals working in these segments are the primary factors expected to influence the demand for protective gear in the military & defense sector. Local law enforcement is also witnessing growing importance, in turn, driving the demand for personal protection equipment for these personnel. Growing innovations in materials and decreasing costs are also expected to help boost the growth of these products in Asia-Pacific.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

Contact us:
ProgMarkPvt Ltd,
Thane - 421501
India.
Contact No: +1 973 241 5193
Email: sales@marketprognosis.com

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