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A recent report by Hexa Research says that the global personal protective equipment (PPE) market is slated to reach $55.6 billion by 2028. The report says growth will be due in part to the increasing awareness of employee health and safety issues coupled with rising industrial fatalities in emerging economies due to a shortage or lack of protective gear.
Factors expected to drive this growth include:
• Increasing occupational fatalities and the requirement for mechanical wear-resistance and high-utility protective gear in most of the core industries (oil and gas, refining, metal manufacturing and automotive)
• Technological innovation, along with changing consumer needs for protective equipment that is fashionable and appealing at the same time
• Strict safety standards implemented by regulatory agencies to minimize occupational hazards.
• An increase in the use of PPE coupled with rapid industrialization in emerging economies, such as China, India and Brazil
• Increasing construction activities in Asia Pacific, Central and South America, and the Middle East
Europe is projected to emerge as the leading regional market for PPE, accounting for more than 32 percent of the market revenue share over the forecast period.
Growing manufacturing capabilities in Asian countries is anticipated to lessen the quality gap between national brands and private labels. PPE manufacturers are investing heavily in research and development and strengthening engagement to gain consumer confidence and cater to needs across industries and price points, the report states.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to many industries worldwide.