The global personal protective equipment (PPE) market size is projected to reach USD 92.86 billion by 2027, exhibiting a CAGR of 7.4% during the forecast period. Skyrocketing demand for PPE to protect frontline healthcare personnel from COVID-19 will surge the market growth during the current year, observes Fortune Business Insights™ in its new report, titled “Personal Protective Equipment (PPE) Market Size, Share & Industry Analysis By Product (Head Protection, Eye & Face Protection, Hearing Protection, Protective Clothing, Respiratory Protection, Fall Protection Protective Footwear, Hand Protection, and Others), By Application (Construction, Manufacturing, Oil & Gas, Chemical, Food, Pharmaceutical, Transportation, and Others) and Regional Forecast, 2020-2027”. Extensive medical research into the spread of the infection caused by the coronavirus has revealed that the virus is transmitted through droplets released by respiratory activities. According to the Royal United Hospital NHS Trust in Bath, UK, personal protective equipment is essential is protecting medical staff and patients from COVID-19 cross-infection. In the US, the Centers for Disease Control and Prevention (CDC) is taking various measures to ensure adequate availability of all types of PPE for the health workers to optimally deliver care to coronavirus patients. Thus, the COVID-19 pandemic is expected to prove beneficial for this market in 2020.
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The report states that the market value was at USD 52.43 billion in 2019. It also contains the following:
• Detailed analysis of the factors fueling the market growth;
• Careful research into the challenges facing the market;
• Comprehensive study of all the market segments; and
• In-depth examination of the regional developments and competitive dynamics of the market.
Lucrative Growth in the Global Construction Sector to Brighten Market Prospects
The personal protective equipment market growth is strongly premised on the speedy progress of the construction industry worldwide. As per a research study published by Oxford Economics, the global construction sector will grow by 3.9% per year till 2030. The study forecasts that construction output in terms of volume will reach $15.5 trillion by 2030, soaring at a rate of 85%. Construction sites are hotbeds for workplace accidents, wherein workers get seriously injured or die, either because of malfunctioning machines or faulty or substandard protective equipment or both. As construction activities gather steam worldwide, the demand for PPE to provide sufficient protection for workers is expected to escalate. This trend will be augmented by the growing awareness among workers and employers regarding the importance of personal protective equipment in hazardous working conditions, which will further boost the market.
Strong Workplace Safety Regulations to Propel the Market in North America
Regulations governing workplace safety of workers are being constantly tightened in North America, which is one of the prominent factors enabling the region to dominate the personal protective equipment market share. Organizations such as the Occupational Safety and Health Administration (OSHA) and the National Institute for Occupational Safety and Health (NIOSH) ensure compliance of manufacturers and factory owners in terms of putting in place adequate safeguards for workers. In 2018, the market size in North America stood at USD 34.71 billion.
In Europe as well, regulations such as the EU Directive 2016/425, which effectively monitor the quality standards of PPE sold in the market in Europe. The market in Asia-Pacific is expected to display promising growth on account of surging construction activities and steady expansion of manufacturing sector.
Strategic Takeovers by Top Players to Heat up Market Competition
The highly-charged competitive milieu of the PPE market is characterized by the strategic acquisition activities undertaken by prime players such as Avon and Ansell. These acquisitions are enabling these companies to deepen their footprint in the market and further strengthen their product portfolio.
• August 2019: UK-based Avon Rubber entered into an agreement with US-based 3M to acquire the latter’s ballistic protection business division and rights to its Ceradyne brand. The total value of the takeover is estimated at USD 91 million, with additional cash consideration being in process.
• May 2019: Sweden-based brain protection specialist, MIPS, acquired the Canadian tech major, Fluid Inside, in a bid to expand its product offerings. The main intent behind this move is for MIPS to access Fluid’s R&D to diversify its head safety solutions to include linear and rotational motion protection in its helmets.
List of Companies Profiled in the Personal Protective Equipment Market Report:
• W. L. Gore & Associates, Inc.
• MCR Safety
• Towa Corporation
• TenCate Fabrics
• Rock Fall (UK) Ltd
• Gateway Safety, Inc.
• Blue Eagle
• Mallcom (India) Limited
• COFRA S.r.l.
• Avon Protection
• Ansell Ltd.
• Honeywell International, Inc.
• Lakeland Inc.
• Supermax Corporation Berhad
• Acme Safetywears Limited
• TEIJIN LIMITED
• Radians, Inc.
• Udyogi Plastics Pvt. Ltd
• Uvex Group
• Alpha ProTech
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