WELLESLEY, Mass., Jan. 02, 2018 (GLOBE NEWSWIRE) -- Growing awareness about workplace safety, more stringent government regulations and expanding industries are key factors driving the personal protective equipment (PPE) market. In a new report, Personal Protective Equipment: Global Markets, BCC Research estimates the global market for personal protective equipment will reach $45.1 billion and around $62.0 billion in 2017 and 2022, respectively, indicating a compound annual growth rate (CAGR) of 6.5%.
This comprehensive report details the personal protective equipment industry, and forecasts trends and sales through 2022. The analysis discusses the differentiation between PPE to derive specific market estimates, as well as analyzes the various types of equipment and key advances in the field. Strategies adopted by major players in the market—along with a patent analysis—offer a global snapshot of technological and geographical trends in the market.
Protective equipment finds applications across various industries such as construction, manufacturing, chemicals and mining. Increasing numbers of workplace accidents, along with increasingly stringent rules and regulations in regions such as North America, Europe and other developing countries, are pushing market growth. Developing countries in Asia-Pacific, such as China, India, Japan and Australia, hold huge potential for the market. However, the increasing adoption of automation processes across many industries will hinder market growth.
Research Highlights
- The construction and manufacturing sectors, the top consumers of PPE, are key drivers.
- Transportation represents the fastest-growing segment, while the chemicals segment is expected to have stable growth.
- Potentially hazardous environments, the largest sector with revenues at $8.2 billion in 2016, should reach a 6.4% CAGR during the forecast period.
The availability of low-quality offerings and counterfeit products will limit market growth. However, the increase in stringent regulations for use of protective equipment in various industries should help offset that impediment. For example, the oil and gas and manufacturing sectors are increasingly adopting PPE due to new initiatives by safety administrations globally. Also, demand from small- and mid-size companies and superior growth potential in emerging economies are key growth factors, too.
“The types of PPE equipment on the market include head, eye and face protection, hearing protection, protective clothing, respiratory protection professional footwear, fall protection and hand protection,” said Sinha G. Gaurav, BCC Research analyst and author of the report. “Professional footwear, the biggest category with a market value of $8.8 billion in 2016, should retain its lead and increase to $12.4 billion by 2022. However, the fall protection category is forecast to experience the highest CAGR, at 7.9%.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.