Chicago, Oct. 26, 2022 (GLOBE NEWSWIRE) -- The global Personal Protective Equipment Market 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 most of the injured workers were not wearing PPE at the time of the accident. Several 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.
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Browse In-Depth TOC On "Personal Protective Equipment Market
220 - Market Data Tables
67 - Figures
285 - Pages
List of Key Players in Personal Protective Equipment Market:
- 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)
Drivers, Restraints, Opportunities and Challenges in Personal Protective Equipment Market:
- Driver: Stringent regulations in developed economies
- Restraint: Reduced demand due to decreasing Covid-19 cases
- Opportunity: Growing healthcare industry in emerging economies
- Challenge: Increased comfort along with functionality
Key Findings of the Study:
- Hand & Arm is estimated to be the largest type of personal protective equipment market in 2021
- Healthcare is estimated to be the largest end-use industry of personal protective equipment market in 2021
- Asia Pacific is projected to be the fastest growing market for personal protective equipment during the forecast period.
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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.
Healthcare is estimated to be the largest end-use industry of personal protective equipment market in 2021
The rising prevalence of COVID-19 was a key contributor to the increase in the use of personal protective equipment globally. Factors such as the increasing demand for hospital beds and ICUs in countries with increasing incidences of COVID-19 and an increasing number of temporary hospitals are driving the demand for personal protective equipment in hospitals while treating patients. Infrastructural expansion was evident on a global scale as governments made efforts to combat the virus and care for an increasing number of patients. All these factors increased the demand for personal protective equipment in 2020 and 2021 from the healthcare industry. However, demand is expected to decrease in the coming years, as the spread of COVID-19 is decreasing in most countries and governments too have lifted the mandates for the use of face masks in public places.
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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 fuelling 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.
Stringent government policies mandate the use of personal protective equipment in many workplaces. Various multinational companies are developing their markets for personal protective equipment in Asian countries. This leads to higher safety standards and policies in the region. The Asia Pacific offers significant opportunities, and this trend is expected to continue soon. Global manufacturers are shifting their production facilities to the Asia Pacific to take advantage of the low cost of labor and cater the local market.
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