The global personal protective equipment (PPE) market size is projected to reach $85.72 billion by 2026, while exhibiting a CAGR value of 7.3% during the forecast period.
Fortune Business Insights, in its latest report, titled “Personal Protective Equipment (PPE) Market Size, Share & Industry Analysis By Product (Head Protection, Eye & Face Protection, Hearing Protection, Protective Clothing, Respiratory Protection, Fall Protection Protective Footwear, Hand Protection, and Others), By Application (Construction, Manufacturing, Oil & Gas, Chemical, Food, Pharmaceutical, Transportation, and Others) and Regional Forecast, 2019-2026.”, published that the market size was at $48.97 billion in 2018 and is expected to grow considerably during the forecast period.
Personal protection equipment consists of every type of safety gears required for the safety and security of the workers at every workplace. The equipment includes googles, protective helmets and clothing that protect the wearer from any type of injury or infection. The protect the wearer from every health and safety risks that can be faced at the work surroundings. Rising awareness for safety and security of workers from mishaps and hazardous situation is expected to positively impact the growth of the market in the forthcoming years.
What does the Report Include?
The report includes in-depth details about the personal protective equipment market trends, growth opportunities, challenges, growth drivers, and restraints faced by the market during the forecast period. Additionally, it provides analysis of all the segments present in the market. Furthermore, extensive information is given about the competitive landscape that consists of novel product launches, agreements, contracts, investments, mergers and acquisitions, and strategic partnerships. Moreover, it includes the market size, along with the dynamics and changing consumer behavior that will impact the growth of the market between 2019 and 2026.
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Drivers and Restraints:
Increasing Use of Recyclable Materials to Aid Growth
Rapid urbanization and increasing population is expected to generate 3.4 billion tons of waste worldwide by 2030. This is anticipated to cause worldwide problem for waste management. To avoid this, glove manufacturers in U.S. are taking efforts to produce gloves that are environmental friendly and easily disposable. For instance, in recent times, companies introduced bio-degradable nitrile gloves that can be disposed easily. In addition to this, development in glove-manufacturing machines to make them more energy-efficient will contribute to the growth of the market in the forthcoming years. Adoption of greener-solutions for production of safety equipment’s will boost the growth during the projected horizon.
However, the market also consists of companies producing inferior quality products which may restrict the market growth to certain extent.
Regional Analysis:
North America to lead the Market; Increasing Government Expenditure in Health Sector to Aid Growth
Among the region, North America will be at the forefront during the forecast period. This is attributable to factors such as rising fatal accidents and increasing awareness for safety. In addition to this, increasing government expenditure to improve the healthcare and medical sector will bode well for the market in the forthcoming years. On the other hand, Europe is expected to be the second-most leading region during the projected horizon. Factors such as government investments to promote use of renewable energy sources is expected to fuel growth of the market in Europe.
Asia-Pacific is expected to witness significant growth owing to rising infrastructures and rapid industrialization. Rise in construction and building industry in countries such as India, China, and Vietnam will drive the growth of the market in Asia-Pacific.
Competitive Landscape:
Key Players Strive to Boost Sales by Adopting Merger and Acquisition Strategies
The market includes numerous small, medium, and big enterprises that are at present, striving continuously to gain more personal protective equipment market revenue by collaborating with other organizations and introducing new products for their large consumer bases. Below are a couple of the most significant industry developments:
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