Personal Protective Equipment Market Worth $131.18 Billion By 2030

industryinsights

344
views

The global personal protective equipment market size was estimated at USD 78.30 billion in 2022 and is anticipated to grow at a compounded annual growth rate (CAGR) of 6.7% from 2023 to 2030.

The global Personal Protective Equipment Market size is expected to reach USD 131.18 billion by 2030, registering a CAGR of 6.7% according to a new report by Grand View Research, Inc. The increasing investments in worker protection and safety products paired with the growing awareness about the strict safety rules and regulations significantly drive the market.

The COVID-19 outbreak positively impacted the market demand for personal protective equipment. This is significantly attributed to the proliferating demand for worker safety essentials to safeguard against COVID-19 infection. During the forecast period, the market growth is projected to witness steady growth owing to the increasing adoption in diverse industries.

The growing awareness among industry stakeholders about the crucial role of worker security at workplaces in the wake of the rigorous regulations and enormous costs associated with workplace hazards is expected to strengthen the market growth. Particularly, the increasing worker safety awareness and new rules & regulations in the Asia Pacific region are likely to fuel the market growth during the forecast period.

The increasing rate of workplace fatalities has imposed workers to deploy personal protective equipment for ensuring the safety of the workers. Additionally, the growth in the number of blue-collar workforces across several R&D establishments and production factories is anticipated to fuel the demand for PPE in the forthcoming years.

Government regulations coerce the use of protective equipment for workers in several industries including mining, oil and gas, and construction, among others. Work safety regulations play a vital role in driving the demand for personal protective equipment. The stringent policy mandates by agencies for businesses to maintain worker safety in the workplace are anticipated to fuel the market growth of personal protective equipment.

Companies including DuPont and 3M are undergoing strategic business expansions to strengthen their market shares and product portfolios. In May 2022, 3M announced the expansion of its production of personal protective equipment including respiratory and hearing protection products. This expansion was planned to enable 3M to increase investments to cater to the unmet demand for PPE.

Related Press Release @ Emerging Trends in Personal Protective Equipment (PPE) Industry

Personal Protective Equipment Market Report Highlights

Based on product, the head protection equipment is projected to witness the fastest CAGR of 7.6% owing to the increasing demand in end-use sectors such as manufacturing, construction, oil & gas, mining, and others, to protect the workers from head injuries
In 2022, Europe accounted for the largest market share of 30.8%. This is attributable to the developed industrial platform paired with the increased adoption of safety products in varied sectors.
Asia Pacific is anticipated to expand at the fastest growth rate in the global market, garnering a CAGR of 7.8% from 2023 to 2030. This can be credited to the momentous industrialization and economic development throughout the region.
Key players are proactively focusing on various business strategies including product innovation, mergers & acquisitions, and joint ventures among, others. Innovations in materials, designing, and manufacturing processes that boost product quality led to heightened demand for PPE.

List of Key Players in the Personal Protective Equipment Market