by Personal protective equipment (PPE) includes protective clothing, helmets, goggles, shoes, gloves, face shields, protective clothing, and other devices designed to protect the wearer’s body from injury or infection. PPE clothing, helmets, visors, goggles, respirators, gloves, and footwear are widely used in industries such as food services, manufacturing, oil & gas, chemical, construction, firefighting, mining, and others requiring safety kits and outfits. Strict regulations regarding workplace safety have increased the demand for various protective gears to minimize risks related to hazardous chemicals, extreme temperature, electricity, machinery, workplace accidents, and more.
The global Personal Protective Equipment Market is estimated to be valued at US$ 65.08 Bn 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:
One of the key trends driving the growth of the personal protective equipment market size is the growing demand from construction and manufacturing industries. There is an increased focus on workplace safety in these industries due to risks of injuries from machinery, heavy objects, chemicals, extreme temperatures, and more. Strict safety regulations related to hard hats, safety shoes, gloves, goggles, respirators, and other protective wear have propelled the demand in these industries. Furthermore, rising industrialization and infrastructure development activities in emerging economies are also fueling the need for safety equipment in these regions. Technologies incorporating ergonomics, breathability, lightweight materials while providing high protection are also gaining traction. Innovation in product design, development of standards, enhanced functionality are some others trends propelling the personal protective equipment market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat is moderate due to large capital requirements for manufacturing facility and R&D. However, low brand loyalty and supply network allows new companies to enter easily with innovative products.
Bargaining power of buyers: The bargaining power is high as buyers have a variety of options available from many global and domestic brands. Buyers can negotiate on price and demand value-added services.
Bargaining power of suppliers: The bargaining power of raw material suppliers is moderate as manufacturers depend on a limited number of suppliers for specialty materials and chemicals. Suppliers have moderate pricing power.
Threat of new substitutes: Threat from substitution is low as PPE offers unique characteristics like safety, comfort and protection which are difficult to replicate. However, bio-based and recyclable alternatives pose a potential threat.
Competitive rivalry: The competitive rivalry is high among top players. Players compete based on product innovation, quality, and marketing. mergers and partnerships are common to gain additional capabilities and geographical reach.
Key Takeaways
The global Personal Protective Equipment market is expected to witness high growth.
Regional analysis: Europe is another major market for PPE led by Germany, UK and France. Stringent European Union regulations regarding worker protection are driving the demand. Increasing number of small companies and startups are focusing on specialty materials, lightweight and recyclable products.
Key players: Key players operating in the PPE market are Arkema Group, DowDuPont Inc., Ensinger GmbH, Evonik Industries AG, UBE Industries Inc., Techmer PM LLC., Invista, EMS-Chemie Holding AG, RTP Company Inc., Toray Industries Inc., Formulated Polymers Limited, and Merck KGaA. Players are investing in R&D to develop innovative materials & products with enhanced comfort, durability and heat/chemical resistance. Partnerships with distributors and system integrators are also witnessed in the industry.
