Global Personal Protective Equipment Market: Swift Pace of Industrialization to Contribute toward Market Growth, says TMR
The global personal protective equipment market is highly competitive and fragmented in nature with the presence of a large number of players operating in it, states a new research report by Transparency Market Research (TMR). The leading players in the market, namely JAL Group, Honeywell Safety Products, Alpha Pro. Tech, Ltd., Rock Fall Ltd., and Avon Rubber p.l.c. are collectively expected to account for a massive share of the market until 2020. These players are focusing on mergers and acquisitions and collaborations to increase their market penetration across the globe. The favorable regulatory framework is expected to attract the participation of new players in the coming years, thus strengthening the competitive landscape of the global market.
According to the TMR study, the global market for personal protective equipment is projected to reach a value of US$55.5 bn by the end of 2020. The market is likely to register a healthy 7.30% CAGR between 2014 and 2020.
Asia Pacific to Offer Potential Opportunities to Market Players
Among the key geographical segments, Asia Pacific is expected to witness robust growth throughout the forecast period, thanks to the increasing number of industries, especially in the construction and manufacturing sectors. This region is estimated to register a healthy growth rate with favorable rules and regulations imposed by governments. The increasing number of accidents occurring at workplaces has forced the government organizations to impose strict rules regarding the use of essential personal protective equipment. China, India, Indonesia, and Vietnam are estimated to contribute substantially towards the development of the Asia Pacific market in the coming years.
In terms of application, the manufacturing segment is leading the global personal protective equipment market at present. The increasing number of manufacturing units across the globe is one of the primary reasons boosting the demand for such equipment. On the other hand, the transportation and construction segment are anticipated to witness significant growth in the next few years.
Growing Concerns Related to Workplace Safety to Bolster Global Personal Protective Equipment Market
The increasing number of industries across the globe is one of the primary factors driving the demand for different personal protective equipment. In addition, the rising concerns related to the safety of workers at workplace and the strict occupational safety regulations are expected to encourage the growth of the overall market throughout the forecast period. The untapped markets in developing countries are expected to generate potential opportunities for market players.
Furthermore, the rising demand for personal protective equipment from oil and gas, petrochemical, construction and manufacturing industries is projected to accelerate the growth of the global market. The key focus of market players on product innovation in order to expand their application is estimated to encourage the market growth.
Automation of Manufacturing Processes to Curtail Market Growth
On the flip side, the easy availability of inexpensive and low quality products is estimated to restrict the growth of the global personal protective equipment market. Moreover, the automation of manufacturing process is estimated to curtail the growth of the overall market in the near future. Nevertheless, the multiple uses of these products is anticipated to generate potential opportunities and encourage players to invest more in developing new products.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Personal Protective Equipment Market - Global Industry Analysis, Trend, Size, Share and Forecast 2016-2024.”
The global personal protective equipment market has been segmented as below:
Global Personal Protective Equipment Market, by Application
- Oil and Gas
Global Personal Protective Equipment Market, by Type
- Head, eye and face protection
- Hearing protection
- Protective clothing
- Respiratory protection
- Professional footwear
- Fall protection
- Hand protection
Global Personal Protective Equipment Market, by Geography:
- North America
- Middle East
- Asia Pacific
- South America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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