The report “Personal Protective Equipment Market by Type (Hands & Arm Protection, Protective Clothing, Foot & Leg Protection, Respiratory Protection, Head Protection), End-Use Industry (Manufacturing, Construction, Oil & Gas, Healthcare) – Global Forecast to 2027”, will be USD 64.2 billion by 2027, at a CAGR of -1.3% from USD 68.5 billion in 2022. This growth is primarily triggered by the rising awareness about workplace safety, stringent regulations in developed countries and outbreak of Covid-19 pandemic. According to OSHA, workplace injuries have witnessed an increase each year in the US. OSHA reported that workplace eye injury costs an estimated USD 300 million a year in medical treatment, lost productivity, and worker compensation. Data from the U.S. Bureau of Labor Statistics (BLS) also supports the fact, stating that a majority of the injured workers were not wearing PPE at the time of the accident. A number of losses, both direct and hidden costs, occur when a workplace accident occurs. Direct costs are realized at the time of accidents whereas hidden costs are realized post-accidents. As a result of increasing accidents and injuries at the workplace, the importance of work safety is rising.
Browse
• 220 Market data Tables
• 67 Figures
• 285 Pages and in-depth TOC on “Personal Protective Equipment Market – Global Forecast to 2027”
Some of the prominent key players are:
· Honeywell International Inc. (US)
· DuPont De Nemours, Inc. (US)
· 3M Company (US)
· Lakeland Industries, Inc. (US)
· Alpha Pro Tech, Ltd. (Canada)
· Sioen Industries NV (Belgium)
· Radians Inc. (US)
· Kimberly-Clark Corporation (US)
· Ansell Ltd. (Australia)
· MSA Safety Inc. (US)
Opportunity: Growing healthcare industry in emerging economies
Emerging economies such as India, Brazil, China, and South Africa provide significant opportunities for players in the personal protective equipment market. According to the United Nations World Population Prospects, by 2025, approximately half a billion people in the Asia Pacific region are expected to be aged 65 years or older. The need for improved healthcare services in these economies is mainly driven by the rapidly increasing aging population, high patient numbers, growing per capita income, and rising awareness. A growing middle-class population, coupled with new diseases such as COVID-19, are boosting the demand for healthcare and health insurance coverage. The private sector has benefited significantly from the growth in demand for healthcare. This is an encouraging sign as far as the market for personal protective equipment and the use of face masks, face shields, protective clothing, protective gloves, and others in the hospital industry is concerned.
Hand & Arm is estimated to be the largest type of personal protective equipment market in 2021
Hand & arm protection includes three subcategories, namely, disposable gloves, reusable gloves, and others (wrist cuffs & armlets, elbow protectors, mitts, and barrier creams). Hand & arm protection is not only used to protect an individual from hazards or injuries at workplaces, but also to prevent the spread of COVID-19. The disposable gloves subsegment led the hand & arm protection equipment market in 2020 due to the increased demand from the healthcare industry. Disposable gloves are for single use and need to be disposed immediately, this ensures hygiene and prevention of contamination. The increasing number of hand cuts, abrasions, thermal burns, bruises, punctures, and arm injuries in daily activities is expected to fuel the market for hand & arm protection equipment during the forecast period.
Asia Pacific is projected to be the fastest growing market for personal protective equipment during the forecast period.
The Asia Pacific offers the highest opportunities for personal protective equipment as it is one of the highest affected regions due to COVID-19. Growing awareness of personnel and workplace safety are also fueling the market demand in this region. The rising industrial developments, economic growth, and favorable business practices in the Asia Pacific are driving the demand for personal protective equipment.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.