PPE market to see CAGR of 7.3 per cent in five years

PPE-honeywellThe global personal protective equipment (PPE) market was valued at US$33,952.5mn in 2013 and is expected to reach US$55,509.1mn by 2020, growing at a CAGR of 7.3 per cent from 2014 to 2020, a study has revealed

The PPE refers to a range of items such as goggles, clothing, helmets and such other gear that has been designed to protect the wearer body from injury or a hazardous environment. The application segment includes sub-segments such as transportation, automotive, manufacturing, oil and gas, chemicals, food, mining, construction and pharmaceuticals, etc., Transparency Market Research said in its report.

Depending on type, the personal protective equipment market is composed of head, eye and face protection, protective clothing, hearing protection, respiratory protection, fall protection, hand protection, professional or protective footwear, and others. In the terms of geography, the personal protective equipment market includes regions such as Africa, South America, North America, Middle East, Russia, Europe, Russia and Asia Pacific.

According to the World Health Organization (WHO), the road traffic accidents and injuries totalled to 1.24mn deaths in 2010, indicating a marginal decline from 1.26mn in 2000. With such glaring statistics, safety is one of the prime concerns for most businesses, manufacturing units and governments across the globe. Owing to these reasons, the market has been growing at a rapid pace. WHO added that PPE has to meet safety standards set by the European Union.

Strict government rules and regulations and the urgency to ensure safety at workplace have been the two important factors driving the global personal protective equipment market. In the coming six years, as government across the globe get serious about execution of safety rules, the sentiment is expected to fuel the global personal protective equipment market further. These factors would also be supported by FDIs, which come with international safety rulebooks and rapid industrialisation in emerging economies such as Africa, South America and Asia Pacific.

The PPE market was also being encouraged by foreign investments in developing nations. As manufacturing and construction activities are booming in these markets, there is a huge need for the equipment in these regions. Owing to these reasons many companies are entering the African and Asian market with a hope to make it big. However, these companies have to comply with the respective safety norm while designing products for the local markets.

Amongst the type segment in the global protective equipment market, professional footwear segment was valued at US$7,005.8mn in 2013 and was considered the largest market share holder. However, in the coming six years, the fall protection equipment segment is projected to the fastest growing segment at a CAGR of 8.8 per cent from 2014 to 2020. Factors contributing to the growth in this segment are rapid rate of industrialisation and expanding construction sector.

Some of the major players changing the face of the global personal protective equipment market are 3M, Ansell, JAL Group, Avon Rubber, COFRA Holding AG, Alpha Protech, Honeywell Safety Products, Rock Fall Ltd, Oftenrich Holdings and Uvex Safety Group, among others, the study noted.

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