The global Personal Protective Equipment market is expected to reach USD 62.45 billion by 2022, according to a new study by Grand View Research, Inc. Increasing awareness towards employee health and safety coupled with rising industrial fatalities in emerging economies due to lack of protective gear is expected to drive market growth over the forecast period. Technological innovation, along with changing consumer need for protective equipment which combines safety with fashion and attractiveness is further estimated to augment market expansion.
Hand protection was the leading product segment and accounted for 22.6% of total market revenue in 2014. Rising number of hand cuts, arm injuries and abrasions in workplace are expected to fuel market demand over the forecast period. Fall protection was the fastest growing product segment at an estimated CAGR of 7.7%. Increasing occupational fatalities coupled with rising protective clothing requirement in most of the core industries such as oil & gas, refining, metal manufacturing and automotive is expected to augment market growth of the protective clothing segment over the forecast period.
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Further key findings from the study suggest:
- Global personal protective equipment market was valued at USD 35,942.5 million in 2014 and is expected to reach USD 62,450.8 million by 2022, growing at a CAGR of 7.2% from 2015 to 2022.
- Manufacturing was the most dominant end-use industry for personal protective equipment market and accounted for 20.5% of total market revenue in 2014. Rapid industrialization in emerging economies of Asia Pacific and Middle East is expected to drive this segment over the forecast period. Construction is anticipated to be one of the fastest growing end-use industries for personal protective equipment over the forecast period.
- North America emerged as the leading regional market and accounted for 41.2% of total revenue in 2014. Favorable regulations regarding the use of PPE particularly in the U.S. can be attributed to large market size of the region. Asia Pacific is expected to witness the highest growth of 7.9% from 2015 to 2022. Growing manufacturing and construction industries particularly in China, India and Indonesia is expected to fuel the regional demand over the next seven years.
- Global PPE market is fragmented on account of presence of both large multinational corporations and small regional companies. Some key companies operating in the global PPE market include Honeywell Life Safety, 3M Company, Jallatte Group, Wells Lamont Industry Group, Z &V Group, Eurodress GmbH, Gateway Safety Inc., Avon-ISI, Ansell Healthcare Products LLC, Bekina NV and Alpha Pro Tech Ltd.
For the purpose of this study, Grand View Research has segmented the personal protective equipment (PPE) market on the basis of product, end-use and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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