Sunday, June 23, 2024

Rising Cases of Workplace Hazards Worldwide to Augment Growth

The rising number of ongoing and planned construction and infrastructure projects, especially in India, China, and the U.S. is anticipated to propel the personal protective equipment market growth in the near future. According to the Occupational Safety and Health Administration (OSHA), in 2019, approximately 5,333 workers died on job. Also, on an average, around 15 deaths took place every day in the same year. Hence, the need to provide construction workers with protective shoes or boots with slip or puncture-resistant soles is set to surge rapidly. At the same time, regulatory bodies of various countries are implementing strict norms to protect workers against falls, electrocution, trench cave-ins, and toxic materials. However, the lack of awareness of workplace hazards may hamper the demand for these equipment’s.

Manufacturing Segment to Lead Stoked by High Demand for Safety Shoes & Earmuffs

Based on the product, the market is categorized into head protection, hearing protection, eye face protection, protective clothing, protective footwear, respiratory protection, hand protection, fall protection, and others. By the end-use industry, it is fragmented into manufacturing, construction, oil & gas, chemical, food, pharmaceutical, transportation, and others. Amongst them, the manufacturing segment generated the largest personal protective equipment market share in 2020. This is attributable to the increasing demand for earplugs, earmuffs, safety shoes, and gloves from workers and employers as these would protect them from fires, heat burns, and electric shocks.

We follow a unique research methodology that contains data triangulation based on bottom-up and top-down approaches. We also conduct extensive primary research to validate the projected market numbers. The information used to estimate the shares of numerous segments at the country, regional, and global levels is gathered through interviews with stakeholders. We derive data from industry journals, SEC filings, paid databases, and other authentic resources. The report includes details, such as drivers, opportunities, restraints, trends, and dynamics of the market.

The global personal protective equipment (PPE) market is set to gain impetus from the persistent efforts by manufacturers operating in the U.S. to make the environment cleaner, safer, and greener. Several glove producers are trying to reduce the energy consumption by enhancing the existing machines or developing new ones. In April 2020, for instance, Mallcom (India) Limited announced its plan to introduce new shoe covers and PPE overalls in addition to its recyclable and disposable face mask, especially for the medical industry. This information is given by Fortune Business Insights™ in a new report, titled, “Personal Protective Equipment (PPE) Market, 2022-2029.” As per the report, the PPE market size was USD 128,675.1 million in 2020 and is projected to reach USD 110.85 Billion by 2029, exhibiting a CAGR of 4.7% during the forecast period.

Increasing Expenditure in Healthcare Sector to Help North America Dominate

Geographically, North America earned USD 42,805.7 million in 2020 in terms of revenue and is likely to remain at the forefront. The rising government expenditure in healthcare and medical sectors is expected to drive growth. Besides, the surging awareness of manufacturers and workers about crucial occupational safety measures is set to aid growth.

In Europe, the market would remain in the second position throughout the forthcoming years because of the favorable government norms, such as the EU Directive 2016/425. The regulation aims to ensure quality standards of PPE available in the European market. Asia Pacific, on the other hand, is likely to showcase significant growth backed by the rapid industrialization in China, Vietnam, and India.

Key Players Aim to Broaden Production Capacities to Meet High Demand amid COVID-19

The global market for personal protective equipment houses numerous manufacturers that are presently striving to keep up with the growing demand from customers worldwide. The outbreak of the COVID-19 has made it compulsory for frontline workers to wear protective clothes and gears to prevent transmission. Hence, most of these manufacturers are expanding their production capacities. Below is one of the latest industry developments:

  • March 2020: Honeywell is planning to accelerate its production of N95 masks in the U.S. to address the rising demand for masks amid the COVID-19 pandemic. The company wants to broaden manufacturing operations in a factory situated in Rhode Island.

A list of renowned personal protective equipment manufacturers presents in the market:

3M (Minnesota, U.S.) Ansell Ltd. (Richmond, Australia) DuPont (Delaware, U.S.) Mallcom (India) Limited (Kolkata, India) Honeywell International, Inc. (North Carolina, U.S.) Alpha ProTech (Markham, Canada) Avon Protection (Maryland, U.S.) COFRA S.r.l. (Barletta Andria Trani, Italy) Uvex Group (Fürth, Germany) MSA (Pennsylvania, U.S.) Radians, Inc. (Tennessee, U.S.) TEIJIN LIMITED (Tokyo, Japan) TenCate Fabrics (Nijverdal, Netherlands) Towa Corporation (Kyoto, Japan) Supermax Corporation Berhad (Kuala Lumpur, Malaysia) MCR Safety (Tennessee, U.S.) Lakeland Inc. (New York, U.S.) L. Gore & Associates, Inc. (Delaware, U.S.) Bullard (Kentucky, U.S.) Other Key Players

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