Untapped Opportunities in Emerging Economies to Open New Growth Avenues for Personal Protective Equipment Manufacturers
With ample availability of untapped opportunities in emerging economies, the global market for personal protective equipment is likely to gain significant momentum in the near future. According to Transparency Market Research (TMR), the market, which offered an opportunity worth US$33.9 bn in 2013, is likely to progress at a CAGR of 7.30% during the period 2014 to 2020 and increase to US$55.5 bn by the end of 2020.
Predominantly, personal protective equipment finds a widespread application in the construction, oil and gas, manufacturing, chemicals, pharmaceuticals, food, and transportation sectors. Currently, the most prominent demand for these personal safety products is from the manufacturing sector. However, over the coming years, the transportation sector may emerge as the key consumer of personal protective equipment, thanks to the continued growth of the logistics industry across the world.
In this blog post, researchers at TMR answers crucial queries about the global market for personal equipment market:
Q. What are the factors that will shape the future of the global personal protective equipment market?
The growing concerns over the safety of employees at offices, production sites, or other workstations has been fueling the demand for personal protective equipment significantly. With the rising implementation of various rules and regulations, mandating occupational safety, this factor is likely to continue as the key driving force behind the growth of this market across the world over the next few years.
Apart from this, the upswing in construction activities, propelled by the rising urbanization, is also expected to reflect positively on the sales of personal protective equipment in the years to come. However, the global market is projected to face a serious challenge from the increasing automation of production processes, which is likely to limit manual interference, reducing the need for personal protective equipment in the near future.
Q. Which of the regional markets is likely to present lucrative opportunities for the market’s growth in the coming years?
Of all the regional markets, i.e. Europe, South America, North America, the Middle East, Asia Pacific, Africa, and Russia, Asia Pacific is likely to offer the most attractive opportunities for the market’s growth in the years to come.
The rise in infrastructural development in Asian countries, specifically in India and China, has propelled the construction industry in this region, which, as a result, is anticipated to fuel the demand for personal protective equipment, such as protective clothing, professional footwear, and fall protection equipment, tremendously in Asia Pacific over the forthcoming years.
Q. What is the most favored strategy among players in this market?
The leading players in this market, such as Alpha Pro Tech, Avon Rubber, 3M Co., and Ansell Ltd., mostly rely on product innovation for business development. Most recently, Ansell Ltd. introduced Microflex® 93-260, labeling it as the thinnest chemical resistant disposable glove in the world. With this, the company hopes to strengthen its position among competitors.
Read Full Press Release @ http://www.transparencymarketresearch.com/pressrelease/personal-protective-equipment.htm
Other prominent market participants are Oftenrich, COFRA, Rock Fall, JAL, Honeywell Safety Products, and Uvex Safety.