Four Personal Protective Equipment Market that would take its valuation beyond $80 billion by 2026
Selbyville, Delaware, United States, September 8 2020 (Wiredrelease) Global Market Insights, Inc –:With increasing awareness regarding worker safety for preventing severe injuries in high-risk workplaces, the personal protective equipment market is likely to register tremendous gains over the coming years. Using innovative safety aspects and higher comfort as well as durability features, several industry players are focusing on improving their product portfolios. However, some of the more prominent strategies they use to boost revenues quicker include mergers and acquisition, especially given the global spread of the coronavirus, where demand for PPEs is significantly high. For instance, in March 2020, Ansell, a leading manufacturer of protective industrial and medical gloves, reportedly announced plans to acquire a 50% stake in Careplus (M) Sdn. Bhd, a renowned glove maker based in Malaysia, for $8.8 million. The new investment will further aid in meeting the rapidly growing demand for gloves.
As per a research report by Global Market Insights, Inc., personal protective equipment market is estimated to surpass a $80 billion valuation by 2026.
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Meanwhile, rising instances of workplace accidents and the subsequent tightening of workplace safety regulations imposed on industries to ensure the health and safety of workers is also impelling the market growth. In fact, various companies are coming up with special training programs to teach proper and safe ways to handle dangerous equipment and the importance of using PPEs, which boosting product utilization across the graph.
Below are some of the key trends that are likely to influence personal protective equipment market growth:
Increasing adoption of eye & face protection products
In terms of product, eye and face protection segment is projected to grow approximately $5 billion by the end of the analysis timeline. The segment provides equipment that offers protection from mist, splashes, dust, and vapor. It comprises of goggles, face shields, welding helmet, respirators, hybrid eyewear, and safety spectacles.
It is known that serious eye injuries might lead to loss of sight and other severe issues. As a result, employers are taking various steps to prevent such accidents, which will strengthen industry growth.
Strict workplace safety regulations across North America
North America personal protective equipment market presently holds a considerable share of the overall market. Industry estimations project that it is further estimated to grow tremendously owing to growing awareness around preventing workplace accidents and the unprecedented spread of the coronavirus.
Stringent regulatory mandates enforced by authorities such as OSHA, which require employers to protect their workers against any on-job hazard will drive the industry growth across North America. As per AWCBC, Canada, in 2018, there were approximately 1,027 fatalities from workplace accidents in Canada. Given the presence of such regulatory bodies and the conditions created by the rapid spread of the coronavirus, the demand for PPE is anticipated to increase significantly over the coming years.
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The key industry players analyzed in the personal protective equipment market report include UVEX Safety Group, Gateway Safety, Inc, Alpha Pro Tech, Rock Fall Limited, 3M, DuPont, Honeywell International, and Ansell amongst others.
Overall, the market is likely to be driven by increasing focus towards worker safety and the growing demand for effective PPEs due to the ongoing pandemic. Additionally, the industry is also likely to record remunerative growth as manufacturers are focusing on product innovation to develop advanced as well as comfortable protective solutions for workers in various end-use industries like oil & gas, electrical, and healthcare.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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