Personal protective equipment consists of various safety gears such as safety helmets, gloves, eye protection equipment, high-visibility clothing, safety footwear and others. It aims to protect the wearer from exposure to hazards that may cause injury or illness. Strict government regulation regarding worker safety are propelling the growth of personal protective equipment market. For instance, Occupational Safety and Health Administration (OSHA) in the US has developed laws that require employers to provide a safe and healthy workplace for their employees. PPE helps preventing workplace injuries like cuts or fractures. It is majorly used across industries like construction, manufacturing, oil and gas, chemicals etc. The global personal protective equipment market is estimated to be valued at US$ 65.08 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising awareness regarding the importance of safety at workplace is expected to propel the growth of personal protective equipment market size over the forecast period. Stringent government regulations across countries mandating the use of protective gears is driving the demand for personal protective equipment. According to ISO 45001, an international standard for occupational health and safety management systems, employers are responsible for providing protective equipment to employees suitable for the nature of work. The COVID-19 pandemic further bolstered the demand for protective equipment such as gloves, masks, face shields etc. to curb the spread of virus. Additionally, increasing accidents at construction, mining and manufacturing sites are prompting organizations to focus on employee safety by providing adequate protective gears. However, availability of low quality and counterfeit protective products in the market may hinder the growth of personal protective equipment market.
Segment Analysis
The personal protective equipment market can be segmented based on type, end-use industry, and region. In the type segment, protective clothing sub-segment dominates the market. This is because protective clothing such as coveralls, coats, suits, and aprons are widely used in industries where there is a significant risk of chemical exposure or high temperatures. Protective footwear segment is expected to grow at the fastest pace on account of the rising safety concerns in manufacturing as well as construction industries.
PEST Analysis
Political: Governments across countries have implemented stringent regulations and standards for workplace safety to curb accidents. Non-compliance can result in penalties and legal actions.
Economic: Economic growth has led to expansion of manufacturing and construction industries which demand the use of personal protective equipment to shield workers from occupational hazards.
Social: Increased awareness about workplace safety coupled with rising incidence of accidents have made employees and employers more conscious about using protective gear.
Technological: Advancements in materials science and manufacturing processes have enabled manufacturers to develop highly durable, lightweight and breathable varieties of PPE. Some equipment also comes integrated with smart connectivity features.
Key Takeaways
The global personal protective equipment market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rapid industrialization and stringent regulatory oversight related to workplace safety across various sectors.
Regional analysis: The Asia Pacific region currently dominates the personal protective equipment market owing to presence of a large manufacturing hub and growing construction industry. China contributes significantly to the Asia Pacific market share on account of widescale local PPE manufacturing units and large industrial workforce. North America is another major regional market led by the United States.
Key players operating in the personal protective equipment market are Arkema Group, DowDuPont Inc., Ensinger GmbH, Evonik Industries AG, UBE Industries Inc., Techmer PM LLC., Invista, EMS-Chemie Holding AG, RTP Company Inc., Toray Industries Inc., Formulated Polymers Limited, and Merck KGaA. These companies offer a broad range of protective clothing, footwear, gloves, eye and face protection equipment.