Personal Protective Equipment (PPE) is protective gear that is used in diverse industries for the protection of workers/employees. These are high-quality equipment that can withstand extreme environment/working conditions as per specific job requirements. The PPE can be anything from safety helmets to protective eye-wear, hazmat suits, earplugs/ear protectors, safety harnesses, gas masks, high-visibility clothing, and fire-resistant clothing. PPE does not include working uniforms, food hygiene clothing, automotive safety equipment, and safety equipment related to sports. PPE often restrict the user in some aspects such as mobility or visibility depending on the type of equipment but it also ensures the safety of the user in various hazardous situations. Collectively, PPE is a huge global market and it covers almost every related industry.
Global Personal Protective Equipment Market Trends:
According to the current personal protective equipment market trends, the global PPE market is currently growing at a Compound Annual Growth Rate (CAGR) of 7 percent and it is expected to attain a market value of $65 billion by 2023. Honeywell Life Safety, Ansell, 3M, MSA Safety, Dupont, and Alpha Pro Tech are some of the global-level players in this industry. Regions such as the U.S., U.K., Ireland, Germany, France, Italy, Australia, and Japan are considered highly mature markets. On the other hand, Eastern Europe, India, China, South Africa, Saudi Arabia, Qatar, and the UAE are considered markets with medium maturity. Raw materials and changing economic scenarios can be considered the price drivers in the industry.
⦁ The mining industry is one of the biggest end-user of PPE as the working conditions pose severe risks to the safety and well-being of the workers. A continuous supply of high quality, customized PPE to the mining industry is critical in ensuring workplace safety in the industry. Therefore, the products must meet high-quality standards set by regulatory bodies such as OSHA, CSA, MSHA, ANSE, NFP, and NIOSH. These bodies operate across different global regions.
⦁ Due to globalization and an increase in supply channels, global distributors are now offering new supply solutions. They are opting for online platforms for sales and marketing products through partnerships. The PPE industry has not been untouched by consumerism, and a number of customer loyalty programs can be held responsible for improved industrial relations and growth.
⦁ The industry follows bundled sourcing as its primary sourcing strategy where the contract period is typical of 1 year. This is the standard contract period preferred by small suppliers whereas the global-level suppliers prefer longer contract periods. However, the contract period does not last more than 3 years even for the longer periods and the price is reviewed every year. The industry is dominated by distributors who have high bargaining power over suppliers and end-users (industries).
Personal Protective Equipment Industry – Future Analysis:
The global PPE market is growing parallel to the economic changes all over the world. The global demand for PPE is going to increase due to factors such as increasing industrialization, government regulations, foreign investments, and increasing awareness among workers from respective industries. Technology is going to play an important role in the development of high-tech PPE and the suppliers are all set to partner with the manufacturers. Technological interventions such as Bluetooth can send vital information in critical situations when integrated to other Bluetooth-enabled PPE along with Radio Frequency Identification (RF ID) that can monitor the situation better than ever.
In addition, global giants in wearable devices such as Fitbit may also enter the market with their tracking devices. Devices that can track and measure biological indicators such as heart rate, body temperature, environment temperature, and physical activity can send vital data about the current situation of a worker. The data may come in extremely handy in critical situations where in-hand information can save the lives of many.
The demand for PPE is gradually increasing due to industrialization, foreign investments, government regulations, and increased awareness among workers and employees. Such trends have also dominantly induced technological intervention in the industry where wireless, wearable technology is being incorporated into the equipment. In addition, the demand for more comfortable, lightweight, and fashionable PPE is also rising.
Likewise, the global PPE industry expenditure is also going to increase due to the rising demands in the related industrial sectors such as oil & gas, chemicals, metal manufacturing, healthcare, and automotive. Protective clothing and gloves are expected to be major spending categories in the PPE as these already account for approximately 60 percent of the overall spend.
The global PPE market is directly related to the safety and well-being of the workers who work in extreme environments. The industry has grown a lot in the past decade and it is expected to continue to do so in the upcoming years as well. Improved workplace safety regulations and increased awareness of the workers has triggered high growth rates in the industry. Even markets with medium maturity are now opting for the PPE for their workers to avoid accidents and inefficiencies at the workplace.
3,174 total views, 1 views today