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The personal protective equipment market managed to fare well during the recession. Despite lower employment numbers, companies can't skimp on protective gear for employees, as losses due to job-related injuries can amount to much more than the cost of gear.
After staying afloat in 2008 and 2009, revenue started to expand more rapidly, and this trend is expected to continue through 2018, when the market is set to hit a value of US$20.5 billion.
Personal protective equipment refers to protective clothing, helmets, goggles, or other garment or equipment designed to protect the wearer's body from injury. The hazards addressed by protective equipment include physical, electrical, heat, chemicals, biohazards, and airborne particulate matter.
Protective equipment may be worn for job-related occupational safety and health purposes, as well as for sports and other recreational activities. "Protective clothing" is applied to traditional categories of clothing, and "protective gear" applies to items such as pads, guards, shields, or masks, and others.
A growing consumer desire to combine safety with style, and protection with comfort is leading to effervesce in innovation. A staggering array of products and solutions are now being offered, with an option for customisation wherever required.
In 2012, the top four firms will account for roughly 74.7% of industry revenue. This high level of industry concentration is indicative of the scale of the firms operating within the industry. Firms like 3M, Honeywell and Mine Safety Appliances are all large-scale, global conglomerates that operate across a wide variety of industries. These firms are able to leverage their favorable economies of scale to invest heavily in research and development and continually introduce new product lines.
Key factors set to drive growth within the personal protective equipment market include growing employment rates in developing countries, the increasing emphasis placed by organisations on worker health/safety issues, stricter Government legislations and stringent Occupational Health and Safety (OHS) mandates.
In the post recession period, the personal protective equipment market, such as eye, hearing, face and head protection, and respiratory protection, as well as other personal protection products, is expected to fare better. Future growth in this market will be based on the revival of the economy, the cost of accidents, increased insurance costs, and the need for replacements as a result of obsolescence, and wear & tear.
For more information on the personal protective equipment market, see the latest research: Personal Protective Equipment Market
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