Four major trends fostering personal protective equipment market outlook through 2026
With increasing awareness regarding worker safety for preventing severe injuries in high-risk workplaces, the personal protective equipment market is likely to register tremendous gains over the coming years. Using innovative safety aspects and higher comfort as well as durability features, several industry players are focusing on improving their product portfolios. However, some of the more prominent strategies they use to boost revenues quicker include mergers and acquisition, especially given the global spread of the coronavirus, where demand for PPEs is significantly high.
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For instance, in March 2020, Ansell, a leading manufacturer of protective industrial and medical gloves, reportedly announced plans to acquire a 50% stake in Careplus (M) Sdn. Bhd, a renowned glove maker based in Malaysia, for $8.8 million. The new investment will further aid in meeting the rapidly growing demand for gloves.
Meanwhile, rising instances of workplace accidents and the subsequent tightening of workplace safety regulations imposed on industries to ensure the health and safety of workers is also impelling the market growth. In fact, various companies are coming up with special training programs to teach proper and safe ways to handle dangerous equipment and the importance of using PPEs, which boosting product utilization across the graph.
Below are some of the key trends that are likely to influence personal protective equipment market growth:
Increasing adoption of eye & face protection products
In terms of product, eye and face protection segment is projected to grow approximately $5 billion by the end of the analysis timeline. The segment provides equipment that offers protection from mist, splashes, dust, and vapor. It comprises of goggles, face shields, welding helmet, respirators, hybrid eyewear, and safety spectacles.
It is known that serious eye injuries might lead to loss of sight and other severe issues. As a result, employers are taking various steps to prevent such accidents, which will strengthen industry growth.
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Increasing lab research activities
In terms of application, the chemical application segment is anticipated to exceed a valuation of $8.5 billion by the end of the analysis time period.
Chemical exposure might harm individuals in numerous ways through burns, splashes, and fumes inhalation, which warrants the use of high quality protective equipment.
Today, increasing lab research activities has given rise to the number of people working with harmful chemicals, which is likely to stimulate product demand.
Rising product demand across APAC
The Asia-Pacific personal protective equipment market is anticipated to exceed a valuation of approximately $15 billion by the end of the analysis timeline. The ongoing spread of the COVID-19 pandemic in the region has resulted in rising product demand among the population as it tries to achieve protection from the viral infection.
The badly hit countries in the region are India and China. Due to the severity of the pandemic in these countries, the region is facing high product demand, which includes face, body, and hand protection. These above-mentioned factors are expected to encourage regional market growth over the coming years.
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Strict workplace safety regulations across North America
North America personal protective equipment market presently holds a considerable share of the overall market. Industry estimations project that it is further estimated to grow tremendously owing to growing awareness around preventing workplace accidents and the unprecedented spread of the coronavirus.
Stringent regulatory mandates enforced by authorities such as OSHA, which require employers to protect their workers against any on-job hazard will drive the industry growth across North America.
As per AWCBC, Canada, in 2018, there were approximately 1,027 fatalities from workplace accidents in Canada. Given the presence of such regulatory bodies and the conditions created by the rapid spread of the coronavirus, the demand for PPE is anticipated to increase significantly over the coming years.
The key market players analyzed in the personal protective equipment market report include UVEX Safety Group, Gateway Safety, Inc, Alpha Pro Tech, Rock Fall Limited, 3M, DuPont, Honeywell International, and Ansell amongst others.
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