- The Covid-19 pandemic is predicted to positively impact the personal protective equipment market. The pharmaceutical segment will likely create growth opportunities and major players of the industry are strategizing to strengthen the market position
PUNE, India, May 18, 2020 /PRNewswire/ -- According to a report by Research Dive, COVID-19 Impact on Personal Protective Equipment Market, the novel Coronavirus has impacted the global personal protective equipment market positively. The market is anticipated to generate a revenue of $93.5 million by 2026, rising at a CAGR of 10.0% throughout the forecast from 2019 to 2026. The report segments the global market depending on the product, application, and region. This report offers comprehensive analysis on opportunities, restraints, drivers, key segments, and prominent players of the market. As per the report, substantial use of PPE during the COVID-19 pandemic period is estimated to fuel the growth of the global personal protective equipment market. Conversely, high costs associated with these equipment and an increase in automation of the industrial processes is expected to impede the market growth during the forecast period.
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Witnessing Growth Despite the COVID-19 Pandemic
The abrupt rise of the COVID-19 pandemic has imposed significant impact on the growth of personal protective equipment market globally. The increasing implementation of strict rules related to the safety of employees in the workspace is greatly heading towards the growth of the overall market during these unprecedented times. Furthermore, PPE companies are involved into manufacturing of personal protective products to help people prevent this lethal disease. These factors are estimated to propel the demand for PPEs across the globe, all through this pandemic period.
Eye & Face Protection Segment to Grow at a Significant CAGR
Based on the product, the report bifurcates the global market for personal protective equipment into fall protection, head protection, eye & face protection, hand protection, hearing protection, protective footwear, respiratory protection, protective clothing, and others. Of these, the eye & face protection segment is anticipated to surpass $16.0 million in 2026 and expand at a CAGR of 11.0% in the period of forecast. This significant growth is majorly owing to an increase in demand for these products due to the pandemic phase and the safety that they offer. In addition, various industries including petrochemical, manufacturing, pharmaceutical, laboratory, and forestry are benefiting from the usage of eye & face protection products.
Pharmaceutical Segment to Create Lucrative Opportunities
On the basis of application, the report segments the global personal protective equipment market into manufacturing, construction, transportation, pharmaceutical, oil & gas, chemical, and food. The pharmaceutical segment is anticipated to exhibit a revenue of $17.5 million by 2026 and rise at a CAGR of 10.6% in the projected timeframe. The growing importance to provide safe and secure workplaces for the pharmaceutical companies' employees is a major factor fueling the segmental market growth.
Asia Pacific Region to Witness Exponential Growth
Regionally, the global industry is divided across North America, LAMEA, Asia Pacific, and Europe. Among these, the Asia-Pacific market for personal protective equipment is expected to generate $23.8 million and expand at a CAGR of 10.9% by the end of 2026. This is mainly owing to the rise in number of the blue-collar workers, growing consumer needs, substantially rising transportation & manufacturing industries, and increasing focus on technical advances for PPE that offer safety.
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Top Players of the PPE Industry
Some of the leading players of the global personal protective equipment industry include
- ANSELL LTD.,
- Sioen Industries NV
- Honeywell International Inc
- Lakeland Industries, Inc.
- Radians, Inc.
- Alpha Pro Tech.
These players are concentrating on strategies such as collaborations & partnerships, novel product developments, and mergers & acquisitions to gain a strong position in the global industry.
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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