Personal Protective Equipment Market Likely to Grow at 7.3% CAGR due to Government Regulations and Mandates at Workplaces
Industries such as chemicals, manufacturing, construction, pharmaceuticals, oil and gas, transportation, and food and beverages are some of the diverse areas of application of PPE. Other end-use industries across emerging regions are agriculture, service stations, government, the unorganized sector, and small-scale manufacturing utilities. Besides workplaces, personal protective equipment is also used in sports and other recreational activities to minimize the risk to personal health and safety.
The choice of personal protective equipment depends on what the user is exposed to, and the intensity and duration of the exposure. The equipment also comes with safety symbols that indicate the safety levels of the equipment. All these factors make PPE suitable for use in industrial and commercial spaces. Due to these factors, the market is expected to reach US$55,509.1 million by 2020, from a market value of US$33,952.5 million in 2013, growing at a positive 7.3% CAGR between 2014 and 2020, states leading market intelligence company Transparency Market Research.
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Global PPE Market Driven by Rising Mandates and Stringent Regulations
PPEs are monitored by global protection standards. Rapid industrialization and growing occupational safety regulations are the primary factors driving the personal protective equipment market. Increasing awareness regarding workplace safety and rise in stringent regulations imposed by governments are propelling the market, too. Rise in costs associated with workplace accidents have resulted in higher compliance to safety protocols, worldwide. Hence, increasing fatalities and major work accidents underline the significance of protection and prevention at manufacturing plants and other workplaces.
The demand from the personal protective equipment (PPE) market is mainly growing in emerging regions due to the lack of protective gear at workplaces, which leads to accidents and injuries among employees.
Mandated policies set by organizations such as NIOSH, OSHA, and NFPA are encouraging employers to establish stringent regulations and maintain workers’ safety in industries. The regulations require personal protective equipment to be assessed properly in terms of safety, maintenance, and storage. Rising regulatory emphasis on worker safety and general awareness regarding personal protective equipment are key factors propelling the PPE market.
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Among the diverse types of personal protective equipment, the growing demand for fall protection equipment from the energy and utilities sector, particularly in the Nordic region, is fuelling the PPE market. Analysts at TMR predict that the global market for fall protection equipment will register the fastest growth during the 2014-2020 forecast period. The market will rise at an 8.8% CAGR between 2014 and 2020 due to the rise in construction activities and rapid industrialization across the globe.