The Global Market for Personal Protective Equipment is Projected to Reach US$45.4 Billion by 2022

Focus on Cultivating a Safe & Sustainable Work Culture Spurs Growth in the Personal Protective Equipment Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Personal Protective Equipment market. The global market for Personal Protective Equipment is projected to reach US$45.4 billion by 2022, driven by the rise in the number of companies investing time and resources into building a robust workplace safety culture.

An organization’s attitude towards safety is vital in building the right safety culture, since it has the potential to correct flaws in behavior-based safety (BBS) and enhance the success of safety initiatives. Two of the biggest benefits of creating a strong safety culture are loss prevention and optimum risk management, both of which carry social, economic and financial benefits. There is growing awareness among companies over the damages and losses caused by improper or negligent implementation of safety protocols. Companies are therefore exhibiting increased commitment to build a robust safety culture by continuous safety measurement, assessment and adaptation. The cost of overlooking safety include losses accruing from disruption of business, production downtime caused by worker absence, disputed work schedules, cost of legal proceedings, litigation, penalties, & compensation, bad publicity, cost of damage and repair to the equipment, medical expenditure and reimbursements, loss of human resources and added cost of retraining, among others. One of the most important business advantages of good occupational safety policies, on the other hand, is the ability to build brand value and goodwill. For large companies, a fastidious safety system can boost the reputation of a company and push up stock prices higher than competitors. This is primarily because modern companies are today operating in a social system and society that is aware of risks and constitutional rights to safety and health. As a result there is greater pressure on companies to meet their corporate social responsibility (CSR) commitments to maintain and promote investor confidence.

Volatility, complexity, uncertainty and change define the current state of the global economy. Companies, however, are unlikely to rationalization on workplace health and safety. A growing number of companies will exercise legal and economic prudence in preserving focus on safety. Despite the continued pressure to operate with resource constraints, focus on worker safety training programs and resources will grow stronger in the coming years, given the changing social and regulatory conditions that have made cutbacks in safety more riskier and financially damaging than any short-term gains that might accrue from spending cuts. As a result of strict penalty driven enforcement of safety regulations, the average penalty per violation has risen significantly over the last few years. Also, healthcare premiums have skyrocketed over the last few years pushing up the cost employer provided healthcare benefits. On grounds of morality, ethics, social responsibility, legal abidance/compliance, and economic and financial benefits, companies will continue to make solid gains in safety compliance, despite the uncertain, tough, and mixed economic climate and outlook. Few of the major factors driving growth in the market include growing popularity disposable PPE supported by convenience benefits; and technology innovations, improvements in product features and quality, and development of innovative, high performance materials that are effective against chemical degradation, penetrability and permeability.  

As stated by the new market research report on Personal Protective Equipment, the United States represents the largest market worldwide. Latin America is forecast to emerge as the fastest growing market with a CAGR of 6.9% over the analysis period, led by the rise in workplace accidents and fatalities, recovery in manufacturing, construction and industrial activity in most developing Asian countries, and improving standards on occupational safety and health and amendments to key labor legislations.

Major players in the market include 3M Company, Alpha Pro Tech Ltd., Ansell Limited, Avon Rubber P.L.C., BartelsRieger Atemschutztechnik GmbH & Co., Bekina NV, Cardinal Health, Inc., Drägerwerk AG & Co. KGaA, DuPont, E.D. Bullard Company, Gateway Safety, Inc., Grolls AB, Hartalega Holdings Berhad, Honeywell International, Inc., Interspiro AB, Jallatte Group, JSP Ltd., Kimberly-Clark Corporation, Kwintet AB, Lakeland Industries, Inc., Lindström Group, Louis M. Gerson Co., Inc., MAPA Spontex, Inc., MCR Safety, Mine Safety Appliances Company, Latchways Plc, Moldex, Polison Corporation, Radians, Inc., Rock Fall (UK) Ltd., Saf-T-Gard International, Inc., Scott Safety, SHOWA, Inc., Top Glove, and Tyco, among others.

The research report titled “Personal Protective Equipment: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa and Latin America. Product segments analyzed in the report include: Protective Clothing, Respiratory Protection Equipment, Eye & Face Protection Equipment, Hearing Protection Equipment, Head Protection Equipment, Fall Protection Equipment, Gloves, and Footwear. End-use sectors analyzed in the report for global market only include: Construction, Manufacturing, Healthcare, Transport, Mining and Others.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

Comments

Popular posts from this blog

The Global Market for Big Data Technologies and Services is Projected to Reach $60 Billion by 2022

The Global Market for Surfing is Projected to Reach US$9.5 Billion by 2022

The Global Market for Private Tutoring Services is Forecast to Reach US$227 Billion by 2022