by Personal protective equipment (PPE) refers to protective clothing, helmets, goggles, or other garments or equipment designed to protect the wearer’s body from injury or infection. PPE is widely used in multiple industry verticals such as construction, manufacturing, oil and gas, chemicals, food processing and medical to shield workers from health hazards. Protective equipment like gloves, foot & leg protection, respiratory protection and fall protection play a crucial role in preventing injuries on the job. With growing awareness about safety standards and stringent government regulations, use of protective wear is being encouraged across all workplaces.
The global Personal Protective Equipment Market is estimated to be valued at US$ 93 billion in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The PPE market is transforming with new technologies and product development focused on improving protection levels and comfort for workers. One of the key trends gaining traction is the incorporation of smart features in protective gear like embedded sensors to monitor worker vitals and locations. Smart PPE helps increase situational awareness, enabling timely response in emergencies. Furthermore, growing demand from the healthcare industry is driving innovations in lightweight and breathable fabric-based safety wear. The COVID-19 pandemic has also boosted sales of premium safety products with anti-microbial coatings and easy-clean properties. Going forward, the market will witness increased demand for customized and industry-specific PPE kits with enhanced protection, flexibility and durability for diverse job requirements.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the personal protective equipment industry requires large capital investments and compliance with stringent industry standards and regulations.
Bargaining power of buyers: The bargaining power of buyers is high as personal protective equipment are commoditized goods and buyers have many suppliers to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous raw material suppliers that supply components and parts for personal protective equipment manufacturing.
Threat of new substitutes: The threat of new substitutes is low as personal protective equipment have well-established applications in various end-use industries.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players competing on product pricing and quality.
Key Takeaways
The Global Personal Protective Equipment Market Size is expected to witness high growth over the forecast period. The global Personal Protective Equipment Market is estimated to be valued at US$ 93 billion in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
The Asia Pacific region is dominating the market and expected to witness fastest growth owing to the growing industrialization and construction activities in the emerging economies of China and India. The Asia Pacific region held the largest share of the global personal protective equipment market in 2023 and is estimated to continue leading the market during the forecast period. Rising awareness regarding worker safety and stringent regulatory standards are driving the demand for personal protective equipment in Asia Pacific countries.
Key players: Key players operating in the personal protective equipment market are 3M Co., Honeywell International Inc., DuPont, MSA Safety Inc., Lakeland Industries, and Ansell Ltd. 3M Co. is one of the largest manufacturers and suppliers of personal protective equipment globally. The company offers an extensive range of safety products including respiratory protection equipment, protective clothing, head protection, and others.
