According to research conducted by Fortune Business Insights™, the global protective clothing market is poised for growth, primarily due to increasing governmental regulations aimed at ensuring workplace safety across various sectors such as manufacturing, food processing, construction, healthcare, and chemicals. Additionally, the rising incidence of accidental injuries and fatalities is expected to drive market expansion. In 2019, the protective clothing market was valued at USD 12.48 billion, with projections indicating it to reach USD 34.31 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 14% during the forecast period.
Regional Analysis:
North America is expected to lead the market, buoyed by stringent regulations implemented by the Occupational Safety and Health Administration (OSHA) to safeguard workers. OSHA has established safety standards addressing industrial disasters like machinery malfunctions and fires. North America recorded USD 4,677.9 million in revenue in 2019, and this dominance is anticipated to persist. Meanwhile, Asia Pacific is poised for rapid growth due to increasing rates of occupational accidents, particularly in countries like South Korea, India, and China.
Segmentation:
Protective clothing finds diverse applications across industries such as oil & gas, firefighting, chemicals, pharmaceuticals, and others. The chemical segment is projected to witness significant growth, driven by the escalating adoption of protective clothing to mitigate injuries caused by hazardous chemicals such as cleaning agents, degreasers, and paints. Moreover, workers across various sectors are increasingly exposed to toxic substances. The oil & gas segment, accounting for 13.5% of the protective clothing market share in 2019, is also expected to experience growth.
Competitive Landscape:
Manufacturers and distributors are prioritizing the development of sustainable and recyclable materials to cater to diverse industry needs while adhering to governmental regulations. Additionally, they are pursuing mergers and acquisitions to expand their product portfolios and enhance consumer service.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/protective-clothing-market-102707
