Selbyville, Delaware, July 22, 2020 (GLOBE NEWSWIRE) -- As per Global Market Insights Inc., the personal protective equipment market valuation is expected to hit nearly $80 billion by 2026, registering a CAGR of 7% from 2020 to 2026.. The report provides a complete analysis of the market estimations as well as size, competitive scenario, key avenues of investment, wavering industry trends, top winning strategies, and opportunities and drivers.
According to market analysis, strict regulations on industries regarding the health and safety of workers coupled with rising number of industrial accidents is likely to drive market growth. Moreover, using innovative safety aspects and characteristics like comfort and durability are the main factors which are likely to support the personal protective equipment market share.
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In terms of product, eye and face protection segment is estimated to grow over to $5 billion by the end of the analysis time period. The product provides protection from vapor, mist, splashes, and dust. Eye & face protection equipment comprises of welding helmet, face shields, respirators, goggles, hybrid eyewear, and safety spectacles. Serious eye injuries might lead loss of sight and other issues. Numerous steps taken by the employers for preventing such accidents will strengthen personal protective equipment market growth.
Key reasons for PPE market growth:
- Strict government regulations that govern industry work practices.
- Increasing application scope in industries such as transportation, construction, manufacturing, and oil & gas.
- Growing product demand across Europe.
2026 forecasts anticipate the ‘chemical’ application segment showing appreciative growth
Based on the application, the chemical application segment is projected to surpass a valuation of approximately $8.5 billion by the end of the analysis timeframe. Chemical exposure might damage human beings in numerous ways through splashes, burns, and fumes inhalation. Increasing lab research activities has given rise to the number of people working with harmful chemicals, which is likely to encourage PPE market demand.
Asia-Pacific & Europe PPE industry to witness appreciative growth
As per the market analysis, the Asia Pacific PPE market is expected to exceed a valuation of $15 billion by the end of the analysis timeline. The ongoing COVID-19 outbreak in the region has resulted in rising product demand to achieve protection from the virus. The worst-hit countries in the region are India and China. Due to the severity of the pandemic in these countries, the region is creating high product demand, which includes PPEs for the body, face, and hand protection.
As per market forecasts, the personal protective equipment market of Europe is expected to grow approximately $16 billion by the end of the analysis period owing to their growing use in maintaining animal health.
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Leading market players:
The key market players analyzed in the market report include Rock Fall Limited, Alpha Pro Tech, Gateway Safety, Inc., 3M, UVEX Safety Group, DuPont, Honeywell International, and Ansell among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.